Retail Theft Insurance and Black Friday

COSTA MESA, Calif. - Nov. 17, 2022 - PRLog -- Theft accounts for 40% of retail shrink, and experts call these large thefts organized retail crime (ORC). ORC is a significant and growing area of concern for retailers of all sizes. In fact, of the businesses surveyed by the National Retail Federation, 52.9% reported that theft had increased in their shops.

The National Retail Federation's 2022 Retail Security Survey shows that theft, gift card fraud and inventory mismanagement as well as employee dishonesty accounted for nearly $95 billion worth of losses last year. That's about $5 billion more than 2021.

Without retail theft insurance, you are on your own to pay for some expensive losses.

• The growth in online marketplaces (61%) is highly correlated to the number of shoplifting events reported each year. In addition, categories of products most subject to shoplifting activities are also the ones most sought after through online marketplaces.
• Only 20 to 25 % of known offenses are reported to police. store-level personnel are just overtasked and do not have time to report crimes, which go undeterred.

10 U.S Cities Most Affected by Retail Crime

1. Los Angeles, CA
2. Oakland, CA
3. San Francisco, CA
4. New York, NY
5. Houston, TX
6. Miami, FL
7. Chicago, IL
8. Sacramento, CA
9. Seattle, WA
10. Atlanta, GA

For more insights, visit https://smartfinancial.com/retail-theft-business-insurance