With searches for ‘business crime’ soaring over the past month – totalling 9,000 – a new study has revealed that the wholesale and retail industry suffers the most, with over 40% in the sector affected.
According to the latest government statistics, more than a quarter (26%) of all businesses in England and Wales were the victim of some form of crime in the last year.
Some industries are targeted by criminals more often than others, and as a result, are at an even greater risk of lost profits and need for protection strategies.
The experts at money.co.uk business insurance have analysed the data to reveal the industries targeted by criminals most often and offered tips on how to protect your enterprise, including the necessary business insurance coverage.
The industries that experienced the most crime:
Rank | Industry | Proportion of business premises that experienced crime in the previous 12 months (2023) |
1 | Wholesale and retail | 41% |
2 | Transport, accommodation, and food | 32% |
2 | Primary and utilities | 32% |
4 | Other services | 28% |
5 | Construction | 26% |
6 | Manufacturing | 22% |
7 | Business services | 17% |
8 | Information and financial services | 15% |
Wholesale and retail businesses were in first place, with over two-fifths (41%) of businesses in this industry experiencing crime in the last 12 months.
Despite a minute decrease of 1% compared to 2022, this is the second year running that the sector has been the worst affected by crime.
Reasons for the industry’s high crime rate include the accessibility of its premises to the public and the high value or demand of stocked items.
Kyle Eaton, money.co.uk business insurance expert, offers his advice on how to protect your business:
Prevention measures
“Securing the premises with locks, limiting access to management staff you can trust, and installing alarms and bright lighting are some of the basic methods you can easily put in place to deter criminals.
Buy business insurance
“Business insurance can help mitigate the financial losses associated with being a victim of crime. To protect your company against financial losses, you should look to get a policy that covers the specific risks your business might face. This may mean bundling several business insurance policies together.
Keep data secure
“Invest in commercial firewall software, install antivirus security software on company computers, and educate your employees to reduce the threat of cybercrime.
Prevent employee theft
“To reduce the threat of employee theft, you should keep a careful record of business finances, put in place clear policies on employee crime, and educate your employees on what to do if they see something suspicious.
“If your business is a victim of crime, make sure you report it to the police – as well as Action Fraud for any fraud incidents – and your insurance company, who can support you in handling the situation. You should provide as much detail as possible to help catch the criminals and support your claim, such as taking pictures of any damage and supplying inventory documentation for any stolen items or money.”
