When it comes to lowering business insurance premiums, most people are unaware that installing surveillance cameras will make a significant difference. In reality, studies indicate that four out of every ten small businesses will likely face a claim against their property or general liability insurance in the next ten years. The availability of video surveillance cameras is an important solution to the issue of how to minimize business insurance premiums due to the reduced risk. The lower your business’s chance of multiple lawsuits, the lower your insurance rates would possibly be.
How Video Surveillance Reduce Insurance Costs
The cost of an insurance premium is where you start saving money. Many insurance providers give reduced rates to those who have incorporated a security system into their company, but the rules and regulations differ by the insurance provider. Discounts usually range from 5% to 20%. The fact that an insurance provider is able to lower a premium is clear evidence of the effectiveness of comprehensive surveillance systems. Small companies without security devices are much more vulnerable to break-ins and robberies. Businesses that have cameras and an alarm system file fewer claims, which means the insurance company spends less money. They will be able to fight false liability lawsuits, which will save money for the insurance company. Since the estimated cost of a slip and fall accident is about $22,000, preventing claims saves both the company and the insurer thousands of dollars.
The second way a CCTV system can help you save money on insurance is by reducing the amount of claims you’ll have to make over time. You’ll soon save the expense of the protection system by preventing fraud and false personal injury lawsuits.
Qualifying for Requirement
Businesses should speak with a representative from their insurance provider to see if installing a commercial security system qualifies them for any discounts. When providing a discount, an insurance provider can require that cameras be connected to a 24-hour central alarm station so that operators can dispatch emergency services in the event of a failure. Knowing what type of surveillance device fits the insurer’s requirements will help you get a discount if the insurer offers one.
It’s important to note that the main goal of surveillance cameras is to deter break-ins and reduce the chance of fraud or liability. They aren’t all shortcuts to lower insurance premiums. When surveillance cameras are already installed, seeking insurance discounts is a smart business step, but it should never be the primary reason for installing them.
We understand that business costs are high and that owners must find ways to lower their insurance premiums. At Expert Security Solutions, we install only the best technologically advanced video surveillance cameras and systems. We will provide you with an installation certificate signifying that you have a security system installed at your place. This file can then be forwarded to your insurance provider, which can almost always give you a discount on your premiums.
If you would like to discuss your business security measures with Expert Business Security, talk to our experienced team today!
