In our blog discussions related to business insurance, we have covered a variety of topics around loss prevention and the protection of the interests of businesses and their stakeholders. (If you’re interested in more on this topic, check out the archives here).

We’ve got plenty of posts with recommendations that can apply to any business, such as cyber security and crime prevention. In this post let’s take a look at retail businesses and some tips for preventing losses. So, if you’re a retail business owner, read on! If not, stay tuned for more posts discussing commercial insurance.

Tips for preventing losses as a retail business

– Make sure that all of your stock is kept off of the floor. Store it on skids, shelves or racks.

– Combustible material, like paper or cardboard, should never be stored near heaters or electrical equipment. Any combustible waste you have on hand should be frequently removed from the premises (don’t let it pile up!).

– Speaking of electrical equipment, ensure that your electrical outlets are not overloaded. This is especially important if you run your business out of an older building that is equipped with fuses rather than circuit breakers.

– If your building uses sprinklers, ensure that your stock is kept more that 18” below any sprinkler heads. If it’s too close to the heads, this can mess with the system’s effectiveness, definitely not something you want in the event of a fire!

– Lighting your business is very important! Ensure that the front, back and inside of your store and premises are well lit. This is especially crucial at night when you’re closed for business.

– If your retail operation has long operating hours, it’s a good idea to consider installing hold-up alarms and closed circuit television cameras for extra protection.

– Make sure that there is not ever too much cash in the till at any one time. Use a safe or a money-limiting device.

– On the topic of tills, make sure that you’ve laid out your store in such a way that the till area can be seen clearly from the outside of the building.

– It is recommended that you make bank deposits regularly. However, it’s best to avoid always doing so at the same time following the same route. Change things up.

– Any store owner has shoplifting on their radar. Anti-shoplifting devices and surveillance equipment can help mitigate theft. If you sell high priced merchandise, consider putting it under lock and key in a display case.

– All exit doors should be unlocked during your store hours. Make sure that there is no stock or equipment in the way of or otherwise blocking your exits.

– Any life and safety features (like exit signs, fire alarms and emergency lights) must be properly serviced and maintained to ensure that they are always operational. Follow those fire code specifications!

– Use an end of day checklist to ensure that all steps have been taken to safeguard your business when you close up shop for the day. 

Want more advice and recommendations? Click here for more commercial insurance and business protection tips.

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Image source: FreeDigitalPhotos.net | Stuart Miles