Lock Your Doors and Windows Business Owners, The British Summertime Is Nigh

It’s just as well, according to analysis, the British Summer brings with it a crime wave of increased theft; whilst the continuing improvement of technology means that these thefts will cost their victims substantially more than in previous years.

After much analysis, Aviva states that theft from outdoor buildings and outdoor areas increases by over 25% when the clocks go forward, up to more than 40% when the days reach their longest in July/August. This analysis hinges on ten year’s worth of insurance claims data and the trend is startlingly significant. So for businesses that keep storage yards or out buildings, Commercial Insurance Brokers everywhere are likely be advising their clients to invest in increased security measures as well as getting them to alert their own staff to the dangers of theft and burglary.

Further research conducted by the Co-Operative also points out the average cost of a claim has also increased, and they cite that the increasing value of single items such as iPads and other IT equipment is to blame. Where smaller, more valuable items are available, the business is at greater risk as thieves can acquire more, for less effort.

Of those businesses that are at risk, smaller businesses and any business that keeps out buildings or storage yards are most vulnerable. As such Commercial Insurance Brokers advise that these business explore tailored policy wordings that will ensure that should work-critical equipment be stolen, their underwriter will be able to recompense them or provide them with the means to work in the event of a successful claim. Larger businesses on the other hand may be able to replace such equipment from stored funds whilst waiting for the Insurance to come through.

To understand which cover is best suited to you, it is advisable to speak to a Business Insurance Broker where they can examine your business and assess where the greatest risks lie, whilst advising you on how to best avoid them, or to at least guard against them when they do occur.

An experienced Insurance Broker will be able to determine the best balance of cost and cover so as to maximise your protection whilst keeping your costs down; as they have the experience and market knowledge to gain access to cover that you cannot directly.

In addition to the above, a good insurance broker will serve as a single point of contact should disaster strike, liaising with the underwriter to ensure that your claim is processed quickly and effectively. In the mean time, they can advise you on how best to act to maximise your chances of a successful claim whilst also getting your business back on track.

As the adage goes however, prevention is better than cure. So this summer, ensure that you and your staff are vigilant; lock all doors and windows when the property is vacant, and be sure to regularly change passwords, lock codes and other security access codes/numbers to prevent any easy break-ins. Don’t make this a summer to remember for the wrong reasons.