A timely warning from NFU Mutual:
Retailers should be aware of the risks ahead of one of the busiest shopping weekends of the year, commercial insurer NFU Mutual has warned.
With Black Friday set to launch this week (November 29), shops will temporarily offer deals or reduce prices to encourage customers to buy more ahead of the Christmas period. Some retailers have even started already – with deals launching earlier this month.
Although shops will welcome the increase in business, with higher footfall comes a greater risk of trips and falls, while shoplifters may look to use the cover of crowded stores to strike.
Cybercrime will also be a concern, with online purchases likely on the rise and extending into Cyber Monday (December 2).
Research suggests British shoppers will spend over £9billion this Black Friday, up 4.5% year-on-year. Commercial insurer NFU Mutual has warned businesses against complacency when it comes to risk awareness over that weekend.
Zoe Knight, Head of Commercial at NFU Mutual, said: “Black Friday can be great for business and while the largest retailers drive the event and are perceived as most at risk, smaller businesses shouldn’t shy away from the opportunity – but should also be well aware of potential issues.
“There are obvious risks associated with a large number of people in a store at any given time, so you should develop a risk management plan to help prevent slips and trips as well as ensuring that public liability cover is sufficient.
“Unfortunately, shoplifting remains highly prevalent in the industry, with an NFU Mutual survey earlier this year showing three-quarters of retailers had been hit by crime in the last 12 months, costing an average of almost £60,000 over the course of the year. We would urge owners to stay vigilant and make sure security measures are in place to try and prevent criminals seizing the opportunity to strike while staff are busy.”
Many customers will choose to take advantage of deals from the comfort of their own home throughout the weekend and on Cyber Monday. Cybercrime is a growing risk in the UK and high-profile online promotions present live opportunities for hackers to access data or cause disruption.
James Trevis, NFU Mutual’s cyber specialist, said: “Cybercrime can affect any business and is continually changing in nature, so plans should always be in place to handle an attack. Businesses should check whether they have adequate insurance cover and protection in the event of a cyber-attack.
“No matter the size of the business, all retailers should be properly prepared for every eventuality in advance of Black Friday and Cyber Monday to ensure a smooth and successful event.”
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