“The Cost of UK Retail Crime Has Risen by 31%, Are You Covered?” Asks Bolton’s aba Group
According to a study published by the British Retail Consortium, the overall cost of retail crime surged in 2011 to £1.4 Billion.
The figures account for a number of costs, including the value of the goods stolen, the resulting damage to the property as well as money spent on measures to tackle opportunistic crime. Mr Graham Webster, the Managing Director of the aba Group stated that:
“Times for the high street are tough. The calamity that was the recession led to many store closures, with Woolworths and most Recently GAME among them; whilst online sales have soared amidst a very price conscious public, to the detriment of many traditional retailers. The last thing retail stores need is increasing crime. I suspect the figures mentioned by the BRC will have been skewed somewhat by the London riots, but it paints a frightening picture for the ‘bricks and mortar’ stores that already have much to compete with”.
The report goes on to cite more worrying insights, despite an increased crime expenditure of 1.4%, the risk posed by organized criminals grew, with a robbery increase of 20% where the average costs of these incidents was thought to be 17% greater than in 2010. Other studies on theft have outlined the increasing value of single items as a key cause; where smaller raids of high value items have become more common. The release of ultrabooks, the new iPad and other gadgets makes theft particularly easy where the goods are particularly portable. The same is true of mobile phones and e-readers.
“Some retailers are lucky, many have been in the business long enough to know about these risks and many of these retailers have spoken to a Commercial Insurance Broker about putting a risk management policy in place to guard against such acts. So in the event of a robbery or store damage, the retailer can continue trading in many cases, knowing they’ll be reimbursed for their trouble. The key however is in ensuring that the policy pays out. In the case of the London riots, unless the retailer had Business Interruption Insurance as well as cover against theft, they may find themselves wanting. Of course, it’s the uninsured who suffer most, as many are unable to sustain themselves whilst making reparations in these extreme cases” States Mr Webster.
Having the right kind of insurance cover then, is key; and ensuring that it pays out is equally critical. One of the best ways to cover both bases is to consult with an experienced Commercial Insurance Broker. They can take the time to ascertain your needs and propose a policy that will cover your exact business needs so that should the worst happen, you will have a greater chance of making a successful claim.
To see how a Commercial Insurance Broker can help you, contact the aba Group for a consultation today.
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About aba Group:
aba Group has been operating in Bolton for years, headed by Managing Director Graham Webster and fellow Director Lynne Eckersley, they have 70 years’ experience in the industry between them. Their specialist insurance coverage spans schools and academies, directors, officers, contractors, engineers, landlords and a whole host of other professional roles and activities; which has seen them become the go-to business insurance brokers locally.
For further information contact:
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- Graham Webster
- aba Group
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