Liquor stores market in desirable commodities. The value and cost of alcohol mean that liquor stores deal with significant amounts of cash.
So, should a liquor store experience theft, it stands a chance to lose a considerable amount of money. The proper business insurance can often help reduce the amounts of losses from theft.
However, business insurance shouldn’t be a sole line of defense against losses from theft. Take steps as a liquor store owner to reduce the risks of and potential losses from theft in the first place.
Why you should take steps to reduce the risk of theft
A theft is perhaps one of the scariest and costliest risks a business owner can face. It could result in property damage, loss of inventory and personal injuries.
Many business insurance policies consider theft a covered peril. But, you should do everything you can to never let theft happen.
First, if a business doesn’t guard against theft, insurance could deny a theft claim. That’s because insurance could say the business was negligent in guarding against risks.
Second, you may have strong coverage limits, but they still might not cover the value of all losses. The payout the insurance company decides to issue you may even be lower than the coverage limit. That means you may have to meet more of the damage payments yourself.
How you can reduce theft risks
For these and other reasons, take steps to reduce theft risks in your liquor store:
- Install sensitive and efficient alarm systems. These systems should detect theft easily and give you fast or automatic ways to alert the authorities.
- Invest in noticeable security barriers like barred doors and anti-theft detectors.
- Keep expensive, top-shelf liquor under lock and key. It is often best to separate this inventory from other mainline inventory.
- Don’t leave any excess inventory unsecured. Put it in an inventory safe or locked area if you have that option.
- Keep limited cash on hand and don’t leave profits in the store overnight. Money is safer in a bank.
- If you have a safe, keep it locked and don’t keep it overstocked with cash.
- Be on your guard for suspicious activity. Every customer is technically a suspect. But, don’t assume that any customer is in your business to commit theft. Learn to pick up on warning signs like loitering.
Take steps to keep reduce theft risks in your liquor store. You could lessen the potential for an expensive business insurance claim.
Exceed Insurance Agency is here to help you get the coverage you need for your store. Explore our website or start an online quote today. Call us at (855) 539-2333 for more information.