It is critical for all jewellery store owners to review their insurance cover before the festive season, especially if they are planning to increase stock levels. Depending on the level of stock involved, it may be necessary to inform the insurer of the change in stock levels and update the stated value to ensure appropriate additional cover is provided during the festive season.
As a rule, the increase in incidents of shoplifting from jewellery stores during the festive season can be directly related to the increase in foot traffic, generally in malls, during the period. Even when the shop is closed there is still a real risk of burglary, however, as opportunistic thieves are aware of the increase in stock at this time.
Even though there is an increase in security in malls in general over the festive season, the risk of armed robbery is always there. Crime syndicates know that there are many innocent customers and staff in stores, which reduces the likelihood of a retaliation by the security or staff in a specific store, for fear of innocent bystanders being harmed.
Implementing some form of access control at a store can be a very effective risk-management measure. In fact, sometimes an access control system is a necessity for an insurer even to consider insuring the risk, particularly if the shop is located in what is perceived to be a high risk area. However, this is not always the case and installing an access control system is not a factor used in determining the premium, so it cannot be used as a bargaining tool.
It is advisable for any jewellery retailer to consider some easy safety and risk-management tips, such as ensuring that sufficient trained staff are on duty at all times. Given that retailers also take on extra staff during busy periods, it is vital that students and inexperienced temporary staff are under supervision at all times.
Other easy-to-implement advice includes keeping the number of items shown to any customer to a minimum at one time. It is also important to be aware and vigilant when potential customers arrive in large groups or are joined during the visit by other people. If any suspicion arises, the store should have an action plan in place. For example, the panic button is to be activated in certain agreed circumstances, even prior to an adverse event occurring. Ideally the panic button should be linked to the centre security to ensure a quick response.
You can implement appropriate security measures yet you can never really determine when, where or how a theft may occur, so the best safety measure any jewellery store can have in place is a comprehensive insurance policy to cover against any loss.
