Dealing with theft is no picnic. As a small business owner, much of managing that process will fall squarely in your lap. Depending on what was stolen, you may also be looking at some downtime if you’re unable to operate. Many small business owners also don’t have the budget for backups, so you could be looking at significant out-of-pocket costs or time off from work while the theft is being investigated and claims are being processed. This happens all too frequently for workers such as contractors and lawn maintenance staff when vital tools or equipment are stolen.

Want to avoid the unnecessary hassle of small business theft? Here’s what you do.

Safety First

Before you can do anything, you need to ensure your safety and the safety of others. (Think of this as that whole “secure your own mask before helping others,” kind of thing.) If ithere is any indication that your personal safety is at risk or that of others, leave immediately and contact authorities.

It’s also a good idea not to move things around or touch items unnecessarily. Although, it is a good idea to take photographs to document damage. This can be helpful if an investigation is needed or as part of the claims process.

Notify Authorities

Now it’s time to get the legal wheels moving. Call the authorities and notify them of the incident. Consider including the following when authorities arrive.

• Make a list of all missing items, including descriptions.
• Provide any information from witnesses.
• Identify and supply any security footage.
• Make sure an official police report is filed as it will be necessary for processing your insurance claim.
• Ask for a copy of the police report to provide to insurance.

Call Your Insurance Agent

Call your insurance agent after you speak with authorities. This will get your claim moving quickly and hopefully help with a swift resolution. Make sure to follow any instructions provided by your agent. Here are other items you’ll need.

• Send your insurance a copy of the police report.
• Provide an inventory or items with descriptions that are missing.
• File a claim according to the instructions of your insurance agent.
• Provide any pictures of damage.

Not sure if the damage is covered? This is what you can expect with a Business Owner’s Policy.

Lock Things Down

You’ll want to prevent further damage and loss. Frontpoint security reports that 50-75% of offenders have admitted to robbing a specific place more than once. If you leave the area unprotected, there is a chance that the offender, or a different opportunist, will return to finish the job. It’s a good idea to fix any broken locks, doors or windows. If the items were stolen from a vehicle, consider installing a locked box for storage. You may also want to add more security if there were uncovered areas or lack of existing security.

Communicate

If the theft will impact your operations, it’s time to sit down your team and tell them what’s going on. Let them know what they can expect in the coming days and when you anticipate you’ll be able to resume business as usual.

You also need to be transparent with customers. If the theft is going to cause interruptions in your service, make sure you let them know as soon as possible to limit inconvenience and be open with next steps. Assure customers that you’ll resolve the issue as soon as possible and you’ll prioritize them upon returning.

Have a Replacement Plan

You can help to eliminate delays by being prepared with a replacement plan. If your equipment isn’t easily purchased at a local store, identify where you can purchase replacements. If it is, price everything out so that you know what you can buy immediately and what will take longer to replace.

After the Incident

After the incident, it’s a good idea to take a look around and figure out how you can prevent theft from happening again. Here’s what we recommend.

Assess and Prevent

Find a way to improve your security. This might mean adding locks, security cameras, or even improving lighting. If items were stolen from a vehicle, figure out how you can lock down your equipment on a regular basis. You don’t have to have perfect security, your job is just to make it so that your equipment is difficult to steal.

Also, make sure you’ve vetted your employees and only give them access to critical items and necessary areas.

Train Your Team

Often, theft happens due to a lack of awareness. Make sure you educate all those on your team so they fully understand what you expect when it comes to security measures and expectations. You should also document those policies for easy reference.

Consider Business Interruption Insurance

One of the biggest complaints after a theft is the loss of revenue due to stolen tools and equipment. You may want to consider Business Interruption Insurance which can protect you in the event of lost wages.

Don’t make life harder than it needs to be. Prevent when possible, and be prepared when that’s not an option.