In 2022, retail losses amounted to nearly 100 billion dollars, of which organized retail crime is a top perpetrator. External theft, like shoplifting, accounts for almost 40% of all retail losses. With crime stats increasing, it is always better to be prepared and keep your retail business as secure as possible.

If your business isn’t as well-protected as it should be, don’t panic – there is always time to make the necessary improvements to reduce your losses and boost profits. As a business owner or manager, you are responsible for protecting the store and the employees.

One of the most effective ways to make your business safer is to implement video security systems throughout the store. Below are five ways that your business can benefit from implementing a high-tech system:

1. Monitoring Capabilities

Security cameras allow you or your security company to monitor your business premises 24 hours a day and 7 days a week. Professional monitoring is highly recommended for businesses with valuable stock or high foot traffic – such as a grocery store.

Self-monitoring options cost less, but you are responsible for keeping an eye on everything. That option typically requires hiring an in-house security person or team to do the monitoring, which often works out at a similar cost to the professionally monitored systems.

Both systems have a recording function, meaning you will have access to saved footage should you need to review it after an incident.

2. Reduce Insurance Costs

When a video security system is professionally installed by a reputable company, your new business will likely qualify for a reduction in insurance premiums. Insurance companies are well aware of the benefits of such a system, and they value them for their ability to help solve and prevent crimes.

Check with your insurance company to see what benefits and discounts your business would get. The value of these systems reaches far beyond the realms of crime and helps your potential and existing customers feel safe – changing your brand’s customer perception.

3. Increased Productivity

A common problem for businesses is decreased staff productivity. Sometimes, after working for a company for a while, some employees take chances and show up late for their shifts or take their time to perform their daily duties.

Video security systems can help weed out those bad apples, allowing you to make better decisions for staffing. You will also gain invaluable knowledge of your team’s dynamics, and may soon discover that instead of firing people, all you need to do is separate them from working the same area or shift. Video security systems will provide you with the insights you need to make better business decisions.

4. Reduce False Claims

Slip and fall injuries account for multiple work and customer-related injuries. These are often costly for businesses and their insurance providers. 

Not all of these claims are submitted honestly and by implementing a video security system, you can deter customers and employees from making potentially fraudulent claims.

5. Deter Theft and Vandalism

Perhaps the most prolific reason to implement security camera systems in your business or home is to reduce the risk of theft, break-ins, and vandalism. These issues don’t only affect your bottom line, they also pose serious risks for your employees’ safety.

Those things aren’t worth risking when you have a company and brand to grow, so install your system today – better late than never!