The Threat of Cargo Theft
by Alison Neumann

The Threat of Cargo Theft


“Supply chain” is one of the most overused phrases of the past few years. Even so, many people are unaware of all the disruptions that can happen to supply chains and how they can influence daily life. The emergence and widening spread of cargo theft continues to impact supply chain deliveries all over the world on a regular basis.

How can a business go about safeguarding itself against cargo thieves? Understanding the most targeted places, times, and items of theft is a big step in preventing loss. Supply chain complexity is growing at a rapid rate. Determining where a business is most vulnerable takes time. Investigating the route of the supply chain and potential threats will help a business understand how to make changes or upgrades to protect its goods.

Surprisingly, high-end electronics and pharmaceuticals are not the most sought-after items by thieves. More commonly, home and garden goods along with food and beverage items are the bigger target. Thieves are more commonly active during weekends and holidays, knowing it will take longer to report and follow up on a theft at those times. Distinguishing the high-value theft items and more probable times and days will help businesses better protect themselves from a loss.

Putting safety precautions in place, such as having a shipping plan to avoid high crime times and areas, working with law enforcement, hiring or installing security vendors and methods, and requiring high-security standards are some things a business owner can enforce to limit the threat of cargo theft. It is important for a business to have a contract in place stating safety requirements for freight contracts.

Business owners would also do well to protect themselves against cargo theft with proper insurance. Certain types of insurance policies will only cover theft if it occurs while there is an authorized person in the vehicle.  Other policies will not cover theft if the vehicle was left unlocked. Making sure you are properly insured will give you peace of mind when accidents do happen. To find out if you have the proper insurance you need or for any insurance inquiries, contact your agent today.

References:

https://www.travelers.com/resources/business-topics/supply-chain-management/understanding-your-cargo-theft-threats

https://www.travelers.com/resources/business-topics/supply-chain-management/where-is-your-supply-chain-most-vulnerable

https://www.travelers.com/resources/business-topics/supply-chain-management/5-tactics-cargo-thieves-use

https://www.integritynetworkins.com/blog/does-cargo-insurance-cover-theft.aspx

The enrollment period for 2023 individual and family health plans starts November 1, 2022 and runs through January 15, 2023.

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