Vandalism is something no business owner should go through or have to think about, but it happens and at a cost. Aside from being a dangerous occurrence, according to the U.S. small Business Administration, one incident of vandalism costs on average $3,370.00. To combat this, some companies avoid establishing themselves in areas where the rate of theft is high. This can also cause low levels of available jobs and goods in areas with high theft and vandalism rates.
Repair and Replacement
For a lot of business owners, being able to choose a safe location to establish business may not be an option and being without insurance to protect against theft and vandalism will leave business owners responsible to pay for all expenses associated with an incident.
If you have a home-based business, you cannot expect that you are covered unless coverage is explicitly expressed in your policy by amendment, endorsement, ride along policy, or a completely separate business policy is in place.
Business interruption coverage protects your loss of profits and covers additional expenses to maintain business operations in the event of a loss, only being able to assist to the limits of the policy. Often times, businesses don't realize until after an incident that they are underinsured for business interruption. Examples of lost expenses are: rent, property replacement costs, and expenses to keep the business running.
How to Protect Your Business Against Theft and Vandalism
- Use good lighting in and around your business.
- Use unbreakable fixtures or glass when possible.
- Invest in an alarm system and or security service.
- Use locks or pad locks on any gates, garages and external doors around your business to prevent unauthorized access.
- Clean up any signs of vandalism after reporting the incident to the proper authorities.
- Most importantly, get involved! Contact your local police department for information on town watches in your area. Town watches consist of neighbors and friends who help plan preventive measures against vandalism and other crimes by watching each other's property, patrolling, and reporting suspicious activities. There are many town watches already in effect across the United States.
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