Just in case no one has told you yet, equipping your business premises with a reliable security system is an effective way of reducing your insurance costs. And a decrease in an item from your list of expenses means you have the opportunity to earn more and do something beneficial for your business.
Apart from the fact that it’s a significant precautionary measure that many states and cities require, what’s stated above is one great why many business owners allot their time and resources to look for a credible security system supplier.
But do you know how it helps lower your insurance premium? Then this quick read is for you.
Reducing the Risk of Theft and Burglary
Businesses are always exposed to thieves and burglars — may they be outside shoplifters or the very employees who work for you. In either case, installing a surveillance system in strategic and visible locations can help lower the risk of someone attempting to steal from you. By decreasing this possibility, your commercial insurance claims will also be reduced; this gives your insurance provider confidence to offer you a discount on your monthly payables.
Providing Proofs Against Work-Related Claims
There will be cases when your employees can file for a work-related injury claim. If you’ve successfully looked for a security system supplier to help you customize your system, you can use the images and video recordings taken as evidence to lower or even deny workers’ compensation. Take note of the following instances when you can do this one:
The injury is attributed to reasons other than work (e.g. Suffering from a heart attack)
The injury is self-inflicted
The injury is caused by not following or violating your business’ standard safety procedures
The claimant is intoxicated when the incident occurred
Customizing Your Security System
Depending on the nature of your business, there are different ways to equip yours with the security system that you need. After all, installing this type of system is not a one-size-fits-all situation.
In most cases, insurance companies also layout specific requirements for giving premium discounts because of having such a system. For instance, surveillance cameras should be installed both indoors and outdoors, or they should be connected to a mobile app for easier surveillance.
With the wide range of clients they have worked with, an experienced security system supplier is expected to be knowledgeable on how to address the surveillance needs of different types of businesses. Other suppliers even recommend coupling your burglar or security alarms with a fire suppression system to increase your chances of getting a premium discount. Because like how security systems can help reduce theft risk, having fire alarm systems can minimize damage to properties and loss of lives.
Other Methods of Lowering Insurance Premium
If you want to lower your monthly insurance premium, there are other ways apart from having security and/or fire alarm systems. You can also do this by researching thoroughly the best possible deal or pricing, looking for group rates, or paying them upfront.
Not all security systems are created equal so you need to make sure that you only tap the most reputable security system supplier such as Westminster Fire. Contact us today for more info.