New research reveals troubling statistics regarding crime in the UK, with the hospitality industry standing out as the second most affected sector.
The study, conducted by the money.co.uk business insurance team, examined the prevalence of crime across a range of industries, shedding light on its widespread impact.
The analysis examined the percentage of businesses falling victim to one or more crimes, including fraud, in 2023, and identified key sectors bearing the brunt of criminal activity.
Topping the list is the wholesale and retail sector, with a staggering 42% of businesses reporting incidents of crime.
Following closely behind is the transport, accommodation and food sector, in which 36% of businesses have been affected.
These findings underscore the pervasive nature of crime within these industries, posing significant challenges to businesses operating within them.
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Diverse risk profiles
Further analysis revealed a range of risk profiles across industries. While wholesale and retail and transport, accommodation and food emerged as high-risk sectors, others exhibited varying degrees of vulnerability.
Business services recorded the lowest crime rate at just 14%, significantly lower than the industry average of 28%.
This variance underscores the importance of understanding and addressing industry-specific risks to ensure the safety and security of businesses and employees alike.
Insights and recommendations
Commenting on the findings, Kyle Eaton, a business insurance expert at money.co.uk, highlighted the importance of mitigating risks, particularly in high-risk industries.
He emphasised the need for comprehensive business insurance to safeguard against unforeseen events such as workplace injuries or illnesses. Eaton urged businesses to explore insurance policies tailored to their needs, considering factors such as cost, level of protection and additional benefits.
By prioritising risk management and proactive measures, businesses can better navigate the challenges posed by crime and create safer working environments for all.