When you own a retail store, loss prevention means more than installing a fewsecurity cameras and making sure you lock the doors at night. Shoplifting,employee theft, fraud, and organized retail crime resulted in more than $45billion dollars[https://www.facefirst.com/blog/retail-loss-prevention-and-violent-crime-statistics/] in inventory loss in 2019 alone.So what can you do to protect your business? A loss prevention plan for your retail store will prevent you from becominganother statistic. But what’s included? Having a thorough plan in place protects you in the event of theft, fraud, andmore. And no matter what kind of retail store you operate, an effective retailplan will limit your losses and help your business stay profitable. Here are afew tips on creating an efficient retail loss prevention plan.Invest in a comprehensive security systemA security system with cameras, anti-theft technology, signage, and supervisionwill go a long way in preventing shoplifting from your store. Train youremployees to look for signs of shoplifting, and develop an internal procedure onhow to monitor potential shoplifters. The biggest key in a security system ismaking sure someone is monitoring it — consider hiring a dedicated employee forsecurity, or invest in a system with push notification technology so you can bealerted of motion, broken windows, and more when the store is closed for theday. Audit hiring and training processesHiring the right people can make or break your business. During the hiringprocess, carefully vet who you’re bringing on — even if it’s just a part-time orseasonal employee. Check references, conduct background checks, and do simpleonline research to weed out people who might cause problems on the job. For new and current employees, make sure your training processes are constantlyup to date. Some of those training policies should include: * Highlighting what security systems are in place * How to manage a potential shoplifting situation * An emergency response plan * How to properly open and close the store Use a cash safeRetail locations with cash on hand have a higher risk of theft and robbery.Install in a cash safe to protect your business from employee or customer theft— keep your money locked away and protected. Closely monitor your inventory and cash drawersAccountability is a huge portion of managing a successful store. Your employeesshould know that you or a store manager are closely monitoring inventory and thecash drawer daily. This is an extra step in installing a security system andmaking sure you’re on top of exactly how much cash and inventory your store has. Other options to include when monitoring inventory and cash drawers: * Should I invest in an inventory management system? * How often should I do a physical inventory? * Who should have access to inventory management? * Who can I trust to accurately track inventory and money in the cash drawer?Create an emergency response planWhat should you do in the event of an armed robbery or a violent event? Makesure all employees are trained in your emergency response plan. After everyonegoes through training, rehearse the plan to make sure everyone is on the samepage.Find the right insurance to protect youMost businesses are required to have a Businessowners' Policy (BOP), which isspecifically designed for small businesses. It includes business property andgeneral liability coverages and offers broad coverage for a low premium. In aBusinessowners’ Policy, you can customize your specific coverage based on whatyou specifically need for your business — like coverages for your employees,your physical property, and more.