Should Businesses be Concerned About the Rising Levels of Theft?

If you’re running a business, you have to trust your employees to carry out their work and adhere to workplace policies. While the vast majority of people on the payroll are likely to have integrity, be honest and hardworking, there are a few bad apples in every bunch. In the current financial climate where high inflation, rising prices and a cost of living crisis have reduced real disposable incomes, your business could be more vulnerable to potential theft than ever. With increasing rates of theft reported from a range of businesses, how can you go about protecting your company from theft and other crimes in the workplace?

Levels of reported vehicle theft

While higher rates of theft and crime are to be expected to a degree due to the recession and cost of living crisis, instances of reported vehicle theft have skyrocketed in the last two years. In 2021, there were more than 101,000 vehicle thefts reported across England and Wales, more than double the amount listed in the preceding DVLA report. This wave of vehicle theft has had a knock-on effect for a range of people as well as businesses including supermarkets and auto rental or leasing companies – it also means that if you drive for a living, you’ll have to take better care of your car than ever.

Ways of protecting your property

In the unfortunate event that you are a victim of theft, the easiest way to protect your business and property from this is by ensuring that your workplace equipment and sites are covered with the relevant insurance. As an example, with increasing levels of auto theft, consider going for a comprehensive car insurance policy and procuring car finance gap insurance, which will ensure that you recoup the full value of your stolen vehicle regardless of cost depreciation. This could come in especially handy if you are in a business where you need to run and maintain a fleet of vehicles for your business and your cars are lost due to theft.

Take security measures

In the same way that seeking out the necessary insurance coverage for your business and vehicles is an essential pre-emptive step to reduce the financial implications of theft, you should also take physical security measures to protect your place of business. While it’s your responsibility to ensure that your business is safe and secure, you may also seek professional consultation and help by signing up for a business crime reduction partnership with your local police force. Carry out a thorough risk assessment of your workplace and operations and try to close any potential gaps that could be exploited by criminals. Effective and relatively cheap options to protect the workplace include security cameras, alarm systems and floodlights – if your site is particularly high-risk or is used to store valuable goods and equipment, consider hiring security staff to maintain the premises and make it less attractive for opportunist thieves to take advantage.