The Real Cost of Skimping on Security Solutions for Your Business

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Almost 9 percent of small businesses had a burglary or theft last year, according to a report in Small Business Trends in 2017. What do you think about the odds that it will be your business next year? If you think you are at risk you might like to consider some simple security solutions.

If those odds don’t concern you imagine being in a meeting of small business managers. The likelihood is that every tenth person will have experienced a theft or burglary from their business in the last year.

More than the likelihood of these incidents you should be concerned about the impact on your business. Read on to learn about the real cost of skimping on security solutions for your business.

What Security Solutions?

Before we look at the real costs of skimping on security, what kind of security solutions are we talking about?

The security solutions required for your business depend on your circumstances. You may need physical security solutions such as security grilles, gates, doors, and shutters. Other solutions include security lighting, cameras, safes and digital security solutions.

The Real Cost of Skimping

You might think that the cost of a theft is the item or items that are actually stolen. Actually, the costs are much higher than this.

Replacing Locks

If you do experience a break-in, not only will you have to stand the loss of whatever has been stolen but you may also have to replace damaged doors, thus causing you to have to get new locks and keys.

Often people decide at this point to invest in additional protection such as security grilles or gates, to add an additional layer of protection.

Fixing Broken Items

Thieves are seldom the professionals working with the surgeon-like precision you see in movies. They leave a mess, they break things and they don’t care about the damage they casue.

Initially, you will need to secure your premises which may involve a temporary repair. Later you will have the cost of other repairs to put right the damage made by the thieves. Some items may need complete replacement.

Cleaning Up

Broken glass, damaged fixtures, and fittings and things spread all over the place might be the signs of a search for valuables. Some thieves leave such a mess that special cleaning services may be needed such as carpet cleaners.

Insurance Premiums

When you have an unexpected event such as a burglary it is some comfort to know that you have insurance in place. That gets your business through the initial impact of the losses. Later you find out the real costs.

When you come to renew your insurance you will invariably find that premiums rise. The insurance company seeks to mitigate the cost and protect themselves. They now perceive your business as a greater risk.

Hasty Security System Decisions

Following a burglary or theft, you are under pressure to secure your premises. This time pressure means you may not invest enough time and effort into selecting the right solutions for your business. Because you don’t research the options and consider your long-term needs you could be making costly mistakes.

Your Time

All the above takes time. Your time that could be spent on serving customers and growing the business is diverted to picking up the pieces.

Next Steps

In the famous words of John F. Kennedy “The time to repair the roof is when the sun is shining.” Don’t wait until you’ve had a burglary to consider your security needs. Don’t skimp or you may face unexpected costs.

To learn more about security solutions for your business, click here.

 

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