How to Protect Business Property Against Theft

There is no secret or magical way to protect your business property against theft. It takes a little planning and diligence, especially if you take business trips frequently. A prudent businessperson must ensure his business property both at home and away.

Difficulty: Moderate

Instructions

1. Take an inventory of your business property. Part of protecting your property is knowing what you have to protect. It is difficult to file a theft claim if you cannot prove that you actually owned the equipment. Be sure to include the serial numbers and purchase value of the business property. File the inventory away in a secure location.

2. Lock your premises. This is especially important during off hours. If you are not the last person to leave for the night, make sure you designate a trusted employee to close down shop at the end of the day.

3. Install an alarm system. In addition to locking the premises, an alarm system adds an additional layer of protection and provides peace of mind for the business owner.

4. Keep your cash register in a secure, yet visible, location. If you have a retail operation that requires a cash register, make sure it is visible at all times, yet placed in an area that will make it difficult for would-be burglars to access it. Additionally, keep it locked when it is not in use.

Tips & Warnings

• Be sure to have your insurance up to date. No matter how prudent you are in protecting your business property, thefts do occur. Having the proper insurance will help you to mitigate the down time and return your business back to the pre-loss state.

[scribebob]

on 8/21/2009 A friend of mine, retired, restless and eager to do something useful, came up with an idea to open a small store in the downtown business district of his community. His specialty is leather goods.

My friend, Jim, had traveled a lot during his business career and during those travels had befriended a man in Taiwan who was in the leather goods business. They hit it off and Jim and his Taiwan friend met up for dinner every time Jim was in that country, which was fairly often.

During one of their dinners, Jim’s friend made the offer to supply him with a nice line of leather goods if he ever had the hankering to go into retail sales in the U.S. While appreciating the offer, Jim never dreamed he would take advantage of it.

Things change. Jim remembered that offer and had kept in touch with his friend in Taiwan and decided to give the leather goods business a try. So he went ...