Crime Insurance · Insurance

Tips to Combat Commercial Crime Insurance

With the cash registers ringing in good cheer during the holiday season, now is a great time to review some safety tips that will help reduce the likelihood of needing to call on your commercial crime insurance policy, which is designed to help you recover from the loss of your cash and assets in the event of a theft.

Limit the amount of cash that anyone can grab. Make the rounds several times a day to reduce the amount of cash to just what’s needed to make change; especially at this time of year, large amounts of cash can accumulate quickly.

Head to the bank. Don’t let cash and checks accumulate–make a habit of going to the bank and depositing funds every day, yet make sure you don’t establish a pattern; go at different times of the day (but early enough so it’s light out), and via different routes.

Put it in safekeeping. Keep a well-hidden safe onsite to secure the overflow of cash, as well as other valuables and miscellaneous important documents. Change the combination periodically, particularly when an employee who had access to the safe leaves your employ.

Check those checks. If you receive any checks from customers for payment, immediately stamp them or write on them For Deposit Only.

Tally your figures. Compare the cash register receipts each day against deposit totals to help minimize the opportunity for dishonest employees to misdirect funds.

Lock up. At the end of the business day, do a sweep of the location to ensure there aren’t any people lingering in hidden spaces, alcoves, dressing or storage rooms, etc., and lock the doors securely.

Have an eye in the sky. Install security cameras, trained on the cash registers, entrances and exits, and the perimeter in general. Install signage warning that the premises are protected, which in and of itself is a deterrent to would-be thieves.

A key part of an overall comprehensive risk management program for your business, commercial crime insurance can help keep your operation viable, even if you’re hit by a sticky-fingered Grinch. Talk to your professional insurance agent to learn more.