Businesses sometimes record losses of their goods and other property due to theft, fire incidents, deliberate destruction of company assets by staff, flooding, etc.
Where nothing is done to prevent such cases, business owners end up counting their losses in huge amount. It is, therefore, imperative that one protects oneself against irreparable losses.
This piece provides useful suggestions business owners need to consider to guard against total losses.
INSURE YOUR BUSINESS
It is often said that “In case you can’t be there to catch them, make sure you leave a safety net.” Depending on the likelihood of incurring losses due to circumstances beyond your control, it is savvy to embrace insurance. Insurance hedges against some form of losses from looting/theft, arson, fire accident, flood, etc.
Insuring your inventory, building or vital business assets puts you in a good position to count some recoveries instead of total losses.
In the words of Lailah Gifty, ‘Historical gap is created due to missing written records.’ When you do not keep records of what your business is worth in inventory and other assets, you leave a gap that is difficult, if not impossible, to fill. Business records make you able to tell what you have lost if there is a break-in, for instance.
In cases where the government intend to compensate businesses for their losses to looters and arsonists, records make you able to rightly estimate your figure with a degree of certainty. You will be better than a business owner who just calls a figure from the sky without much certainty.
INVEST IN SECURITY APPARATUS
Investing in security apparati such as Closed-Circuit Television cannot prevent some losses but it can provide an unquestionable evidence in pursuit of claims from insurance companies. It is also capable of making you know what measures to improve on in the future to secure your premises from external parties whose aim is to steal and destroy.
The lessons from the looting and destruction of businesses are a lot. What other one(s) can you add to the above?
Share with us in the comment section below.