We have all suffered or witnessed some kind of robbery or theft in a shop, in fact, according to the latest crime balance of the Ministry of the Interior in the first quarter of 2023 there were 31,984 robberies in Spain with force in both homes and establishments and more than 160,000 thefts, both have increased compared to 2022 (6 and 12% approximately), that said the chances of suffering a robbery for shops in the Balearic Islands are 7% lower than the Spanish average.
One theft can be the difference between a good quarter and a lousy one, so security is always a good investment.
Although in some cases these thefts/burglaries and their consequences are unavoidable, in others they are not, or at least we could have reduced their damage by following some security guidelines and protecting ourselves with good anti-theft insurance.
How does business insurance protect you against theft?
Before clarifying the theft and robbery coverage of the business insurance, it is convenient to know how to distinguish between robbery, which is the theft of insured objects using force to gain access to them, from robbery, which is when intimidation or violence is used against the people guarding or watching over the objects, and from theft, which is when objects are stolen without intimidation or violence or without using force against things either (for example, theft by stealing by mistake).
The anti-theft insurance indemnifies the disappearance, destruction, deterioration or damage of the insured goods, as a consequence of theft, attempted theft, robbery and plunder up to the amount contracted for the building (generally the material damage caused by theft) and the content (generally the goods or products).
This is why we should always contract an adequate amount for both building and contents, as it is not only the goods that are important, but also the damage to doors, windows, walls, etc. of the property that may be even greater.
So if your premises are rented, confirm with the landlord that he has insured the building or take it out under the theft of contents cover, so you will save yourself a lot of trouble.
Theft and robbery of cash is also covered, as well as the robbery of the insured person and his employees when they transport cash from the insured company, always within the limits contracted in the policy.
Within the limits of the robbery, customers and employees are also covered, within the business premises, including their health care, with limits established in the insurance policy.
As a piece of advice, remember to always have all the security measures active, as well as having them updated in your insurance policy, as this is usually an exclusion in the theft cover. If you no longer have an alarm, inform your insurance company and if you do have one, connect it together with the rest of the protection measures.
What types of businesses are most likely to be burgled?
Primarily businesses that may have a considerable volume of cash, or where the products on display are small and high priced, for example:
- Jewellers
- Mobile phone shops
- Service businesses where cash may be involved (law firms, consultancies, travel agencies, real estate agencies).
- Construction companies
Some tips on how to prevent theft in your shop or at least reduce damage.
First and foremost, take out theft cover in your business insurance, for the price it is worth it, even more so if you have already suffered an attempted theft before, bearing in mind that as well as compensating you for the stolen goods, it also covers you for the damage caused by the theft.
If you can afford to install an alarm connected to a security centre, do so, and tell your insurance agent, as it lowers the price of the policy if you have coverage for theft, it is an anti-theft security measure.
If you have a hard disk alarm installed, it is best if it cannot be easily located, as well as having a protected telephone line for it.
Be extremely cautious of unexpected visits from technicians (telephone, electricity, etc.), check with the company to verify their identity if you do not know them and if necessary do not allow them to enter the shop.
Do not inform unknown persons about security systems, holiday periods or closures.
Closing and balancing the till after each shift, avoiding money out of the till or the till remaining open, thus avoiding unintentional thefts.
All employees should be aware of the high number of thefts that are reported each year and internalise that security is one of the priorities of the business, always activating all security measures available to us.
How much does an insurance with theft cover cost in Mallorca?
This is a difficult question to answer without any information about the situation of the shop, square meters, goods you have, activity, anti-theft measures… I mean, insurance for a jewellery shop of 300 square metres in the centre of Palma is not the same as insurance for a small restaurant in the centre of Palma.
However, a basic insurance with theft is a small investment, for a small business, it can start at 140 euros/year, and the peace of mind it provides is much higher than the price paid. If you would like us to give you a price for your business without any obligation, write us an email or a wasap and we will be happy to help you.