Liquor stores are one of the most notorious areas for theft. Why that is may surprise you. Generally, these locations tend to have less than ideal security systems in place and that often translates into complications for the companies. If you have liquor store insurance, you have one component to protect your company from this type of risk, but that really may not be enough. It’s also important to take a proactive approach in reducing claims and increasing opportunities for protection.
How Can You Reduce Business Insurance Claims?
Having a comprehensive liquor store insurance policy is a good place to start when it comes to protecting your company. It helps to cover losses you experience from theft (as well as much more). However, you can also take steps to further reduce your risks and, therefore, reducing the number of business insurance claims you have. In the long term, this can lead to a drop in your business insurance costs.
Where can you focus your efforts? Here are some tips to help you.
- Implement a higher level of inventory control. Often, employee theft is a big problem. To combat this, have a count-in-and count-out policy in place. This ensures inventory is always in check and missing product is easier to track down.
- Utilize a security system that’s high tech. You may be able to benefit from a monitoring system that triggers police attention faster when your establishment is closed. Though these cost more to install and use, they reduce risks significantly.
- Consider the benefit of higher controls within your location as well. This may include better software to manage purchases (consider hand-held tablet systems, for example) as well as more visibility and lighting to ensure less risk of theft.
When you work alongside your insurance provider, you’ll be able to find the liquor store insurance plan that is right for your location. And, when you implement steps to reduce high claims for theft (as well as for other risks such as liability) you can improve your location’s reputation while also potentially reducing your business insurance premiums. That can be a very powerful tool for any up and coming or even well-established location.
We’ve got you covered. Call Exceed Insurance at (855) 539-2333 for more information on the liquor store insurance policies we offer.