The benefits of installing a CCTV camera at your business premises may seem obvious. They help deter crime and prevent vandalism, monitor employee activities, and let you gather evidence. However, there is another reward that is often overlooked or that business owners are simply not aware of: business insurance providers often recognise the efforts that companies put into strengthening their security measures.
In this post, we’re explaining the connection between security camera systems and business insurance, including the benefits you can expect from having a robust security system.
Business insurance provides cover for the financial losses associated with everyday risks that come with operating a business. These include:
Your insurance policy is not only designed around your perceived risk, but also on the measures you implement to effectively manage certain risks.
One of the things that business insurance providers look at when calculating your insurance premiums is how secure your premises are. CCTV cameras along with access control systems are considered to be one of the primary defenses against intruders or employee theft so having these installed can keep you in good standing with insurers. You’re not only taking steps to protect your insured assets but you’re also showing your insurance provider that you’re serious about looking after your property.
But, don’t just settle for any run-of-the-mill security camera system. Look for advanced security features that make your system more powerful and effective such as:
Liability claims from employees or the public can hurt your business. If your company is accused of being responsible for accidental death, bodily injury, illness or accidental loss/damage to someone’s property, it could result in an expensive lawsuit. Having security footage can help you avoid a claim on your liability insurance policy. For example, when someone blames a staged slip and fall accident on your business, security footage can serve as evidence during the insurance company’s investigation and prosecuting procedure.
The lower the risk of various claims your business faces, it makes sense that the lower your insurance premiums will likely be. Many insurance companies will reward their clients with discounted premiums for taking precautions.
While there’s no guarantee that installing CCTV cameras around your business will affect your premium, it’s worth asking your current provider if they will incentivise you if you invest in security cameras.