Theft related claims are on the increase for SMEs
July 30, 2019
Theft against businesses is on the rise - it's time to make sure your organisation has the right insurance to protect your assets.
Theft is a serious concern for any organisation, regardless of size or industry. What’s more, recent research revealed that theft against businesses is on the rise. In fact, the Crime Survey for England and Wales discovered an 8 per cent increase in theft offences between 2017 and 2018—totalling over 3.5 million reported cases over the course of just one year. Between physical burglaries and cyber-attacks, the following organisational theft trends have emerged:
- Motor theft—Insurance experts found that the cost of motor theft claims increased by over 30 per cent from 2017 to 2018. Further, many car thieves have utilised technology to steal keyless entry cars. By using a relay device to intercept the signal from a vehicle’s key fob, thieves can now steal a car in less than a minute.
- Metal and tool theft—Especially in the manufacturing and construction sectors, metal and tool theft are significant issues. Metal theft costs the UK economy nearly £770 million every year, and over 50 per cent of builders were victims of tool theft in 2018.
- Cyber-crime—More than 30 per cent of UK businesses experienced a cyber-attack in the past year. Although cyber-crime doesn’t necessarily result in physical damages, the costs of stolen data—and steep GDPR non-compliance fines, for that matter—are high.
- Retail theft—The cost of retail crime jumped by 12 per cent in 2018, with organisations suffering a total loss of £700 million in customer theft alone, a 30 per cent rise from last year.
Such startling statistics highlight the importance of purchasing robust insurance.
We would be more than happy to help you review your current arrangements and ensure your business has the protection it needs. To find out more, simply get in touch.