How to Protect Your Business in Cullman, AL

Loss is a huge problem for small business owners. A typical small business can lose as much as 5 percent of their revenue to internal fraud and that’s not including inventory lost due to theft or natural disasters, such as hurricanes, fires, and floods. If you think you won’t be affected by these things, think again. Astoundingly, more than 60 percent of businesses lose inventory to theft each year. Following are a few ways you can protect your business from loss in Cullman, AL. 

Pay Attention

Some small business owners rarely look at their numbers, leaving the specifics to their managers and accountants. While it’s less work to leave everything in someone else’s hands, it’s horrible for your bottom line. If you want to spot and stop fraud before you lose a lot of money, you have to be on top of your books. You should know what every transaction is and be able to account for every penny your business earns. 

Install Security

Theft costs businesses billions of dollars annually. To prevent theft, beef up your security system. Install mirrors, cameras, and alarm gates. Establish a dress code that makes it more difficult for your employees to smuggle out merchandise. For example, many companies don’t let employees carry bags unless they are transparent. If you run a retail store, think about hiring a loss-prevention officer. The key is to make theft more difficult and capture more likely. 

Purchase Insurance

Make sure your entire business, including your building, equipment, and inventory, is fully insured against loss. Keep in mind that all insurance policies are not created equal. To make sure you’re covered in every instance, you need to comb through your policy and really understand what will be covered and what won’t. If you need more coverage or have questions about coverage available to you contact Insurance Solutions Inc. today.