How small businesses can recover from break-ins and theft

abcnews.go.com:

Break-ins and thefts can happen at any small business, no matter how tight the security

Break-ins and thefts can happen at any small business, no matter how tight the security.

In the retail sector alone, more than half of small businesses said they had been victims of shoplifting in the prior year, according to a 2022 survey by the U.S. Chamber of Commerce. And break-ins and thefts occur across all sectors.

So, it is important for small business owners to prepare in advance and have a plan for dealing with a break-in or theft, to minimize damage.

Roxie Lubanovic, co-founder of Frostbeard Studio in Minneapolis, which makes candles, had her studio broken into in 2016 over a holiday weekend. Thieves stole equipment and supplies, then damaged locks and doors getting in and out. Insurance covered the losses, but it was still difficult recovering.

“The hardest part was feeling violated in a space we had put so much work into,” she said.

There are several steps small business owners should take after a theft or break-in occurs.

First, don't wait to notify the police and file a police report. You can take inventory of stolen or damaged items after the police have finished their investigation.

Once you've inventoried and documented the damage, file an insurance claim. You'll need photos or receipts for items stolen. Call your bank and notify them of what has occurred.

Have a transparent conversation with your employees about what happened. Analyze what went wrong and enhance security where needed. Once you have an updated business security plan, inform your employees about how the break-in has been addressed.

Lubanovic reviewed her security plan and upgraded her security system and installed cameras, new locks and an alarm.

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