Retail Risk Management: Knowing the Top Threats

a retail store

Take steps to protect your retail business from common retail risks.

 

Owning any type of business comes with its own set of risks, whatever the industry or location. Operating a retail store or an e-commerce website is no different. Whether it’s a store visitor slipping on the wet floor or digital thieves launching a phishing attack, retail risks can have a significant impact on your business. To protect your company, take a look at these major risks and how to avoid them.

 

  • Theft of physical items

One way retailers can stay ahead of thieves is to install physical security systems, such as video-monitoring equipment, sensor-based product tags, and locked displays cases for items easily stolen. Even posting signs warning that shoplifters will be prosecuted can deter some thieves. It’s also smart to train employees on how to keep an eye on guests and to greet every customer personally.

 

  • Data breaches

If you operate online, there is every chance that a hacker will try to steal information. Whether a hacker tries to steal credit card information from an online purchase or to steal information about employees and your business’s bank accounts, data attacks can leave your company crippled. Be sure to prevent data breaches by using security software, changing passwords regularly, and hiring a cybersecurity specialist to audit your system.

 

  • Customer injuries

Customers who are visiting a physical store can become injured in a variety of ways – regardless of how many wet floor or construction signs you put up. General liability insurance works to protect your business if a customer sues you for their injuries they sustained while on your premises.

 

Be sure you have the right insurance in hand to protect your business. Contact the professionals at Lloyd S. Berkett Insurance Agency for quality business insurance. We serve Los Angeles, CA and surrounding cities with reliable coverage.

Give us your questions, feedback and opinions on this topic.

Lloyd Berkett Insurance

11150 W. Olympic Blvd.
Suite 610
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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