Orlando Retailer Insurance: Preventing Holiday Losses

Newman Crane

It’s that time of year, the holiday shopping season is nearly upon us and retailers all over the country are revving up their holiday displays and slashing prices to attract hordes of shoppers over the next few months. It all starts next week. According to the National Retailers Federation’s Thanksgiving Weekend Expectations survey over sixty percent of consumers surveyed said that will definitely be or expect to be shopping over the Thanksgiving holiday weekend. The equals out to over 140 million shoppers across America, most of whom will be looking for deals and gifts for the holidays.

With hundreds of shoppers crowding Orlando retails stores it’s no wonder that the risk of inventory shrink and losses increases during the holidays. Statistics show that retail crime rates increase by 30 percent over the holidays, including employee and customer theft. The National Retail Federation (NRF) reports that 95% of stores have been victimized by retail crime over past holiday seasons.

So how can Orlando retailers protect their inventory and operation from losses?

Start by making sure that you have a strong trustworthy staff. Make sure to preform criminal background, work history, reference, and drug screenings on all seasonal hires, this will help ensure that your hiring workers who are less likely to adversely affect the company. It’s also important to pay and treat employees well to instill loyalty and trust, many retailers offer employee discounts to workers including seasonal hires as a further deterrent. Strong staffing is the first step in deterring shoplifting as well.

Discouraging shoplifting and customer theft can be a little trickier, especially when stores are packed and lines are long. In addition to having a door greater that can monitor customer comings and goings, make sure that your operation is well staffed and available to assist customers and monitor the retail floor. Additionally, lock up or secure smaller or more valuable items behind the counter of in locations where employee assistance is necessary. Check security cameras to ensure that displays do not create any blind spots and ensure that all entrances and exits are properly attended. With a little extra planning and staffing, there is a greater likelihood of reducing your shop’s vulnerability to theft, broken items, lost goods, and other inventory shrinks.

Inventory shrinkage is not the only increased risk exposure Orlando retailers face. There is also an increased likelihood of workplace injury, patron injury, property damage, and even lawsuits. As such, it is important that Orlando retailers assess their risks and secure the comprehensive business insurance coverage.

At Newman Crane, we offer Orlando Retailer Insurance plans to protect your retail operation from a number of potential losses, including liability and property damage. We offer complete and affordable business insurance in Orlando and throughout Central Florida so that our clients are able to receive the quality coverage they can count on. To learn more about our operation and Orlando Retailer Insurance programs, speak with one of our specialists today at (407) 859-3691. 

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