Two Sydney hotels have recently suffered losses at the hands of burglars this February.
Last week, masked men entered the Earlwood Hotel in Sydney, threatening staff and patrons and forcing a staff member to open the safe before fleeing with cash. This attack came just one week after a similar robbery in Sydney’s West. Luckily no one was injured in either attack, and in both cases the thieves left with only cash from the premises.
These cases do however highlight a risk that many business owners are exposed to.
Burglary a Significant Risk to Businesses
If you keep expensive goods or equipment on your premises, then unfortunately your business could be the next target for thieves. If a burglary does occur on your premises, costs can accumulate quickly as a result of damage to the building and assets, loss of stock and/or cash, and disruption to the business while it is trying to get back on track.
There are certain steps that your business can take in order to secure your business and prevent break-ins.
Take Steps to Secure Your Business
Depending on the size and location of your business, there are many options to consider for planning your security strategy, for example:
General Security
Locks and safes are vital for expensive items, stock, on-site cash and other important documents that are of significant value. Additionally, motion-sensitive alarms, security lights and window screens can help strengthen the security on your business premises.
Protect Your Windows
Windows are one of the most obvious points of entry for thieves, especially if the business has valuable inventory on show after closing time. There are a number of ways to ensure your windows are secure, such as adding alarms, or installing security bars or security film. Don’t skimp on window instalment, and ensure that the glass, frames and accompanying lock mechanisms are as secure as possible.
Control Your Keys
Most business premises are secured with locks for doors, windows and safes. It’s crucial that the keys for these locks don’t end up in the wrong hands. There are certain steps that you should take to reduce the risk of criminals getting access to your keys. For example, don’t issue out multiple keys, and keep a detailed record of each key that has been issued, borrowed, or duplicated. Never use a single master key to unlock multiple locks; instead keep them separate to increase the overall security and certainly don’t make the obvious mistake of using a keychain or tag with your company’s logo or address on it.
Take out Burglary / Theft Insurance
Burglary and Theft Insurance is designed to cover you against loss or damage as a result of theft or any attempted theft. Burglary and Theft Insurance will usually cover theft of property whilst the property is held within the premises, as well as damages made to the property as a result of the theft. Depending on the policy, Burglary and Theft insurance may also cover you for the following:
- The cost of temporary protection of your premises.
- Personal property of employees.
- The theft of external fixtures and fittings attached to the premises.
- The cost to replace or modify locks in the event of stolen keys.
- The cost of clerical labour and other charges incurred in replacing or restoring business books or records
Speak to a PSC Insurance Broker for more information about Burglary / Theft Insurance.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.
