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How Security & Surveillance Can Help You Save on Business Insurance

ecurity camera and urban videoInstalling an effective security system can help business owners save money on insurance. Taking measures that decrease risk of theft, damage and loss reduces insurance costs in two ways: first, by an up-front premium reduction and then over time, through reduced claims. For businesses looking to trim unnecessary expenses, reducing their risk will often also reduce their insurance premiums. Many insurance companies recognize that a custom security system safeguards a business and will reward the protection with lower insurance costs.

Reducing business risk with a security system

According to a 2015 report by The Hartford, 40% of small business owners will likely file a commercial insurance claim within the next 10 years. The most common claim expected to be filed, and accounting for 20% of all claims, is burglary and theft.

Employees are responsible for the majority of business theft. According to a 2015 report by Jack L. Hayes International, Inc., the value of items stolen by employees is six times that stolen by outside shoplifters. Despite efforts by retailers, only 5% of the value of items stolen is recovered. Security systems help prevent employee theft and outside shoplifting while providing information valuable for loss recovery.

Protecting property with a custom security system

Businesses rely on their security and surveillance systems to:

  • Prevent criminal acts, including theft and violence
  • Preserve images of events where disputed facts may raise questions of liability, such as slips and falls

Features to look for in an effective commercial security system include:

  • Custom features that address points of vulnerability specific to the business
  • Remote notifications to smart device
  • Real-time streaming video
  • Window break detection
  • Motion-activated video cameras
  • Capability to remotely lock doors

To maximize effectiveness, a security system should be tailored to the business it is intended to protect. Some of the optional customizations include video cameras with infrared and license plate recognition capability, hidden cameras, and mobile surveillance systems.

Reduce business insurance premiums

Business owners can contact an insurance company representative to find out if installing a commercial security system makes their business eligible for any incentives. The amount of the discount will vary by provider. Some providers may have specific requirements for qualification, like having both indoor and outdoor surveillance cameras. Knowing these requirements in advance is crucial for gaining the maximum benefit from lowered insurance costs.

Customize your business security system

Maryland Security Professionals provides comprehensive custom security systems that address the needs of businesses throughout the Mid-Atlantic area, including Washington D.C., Maryland, Delaware, Virginia, and West Virginia. Call us today to learn more about how we can help protect your business with commercial camera installation.

Additional resources:

  1. The Hartford, The Hartford Reports: More Than 40 Percent Of Small Businesses Will Experience A Claim In The Next 10 Years, https://newsroom.thehartford.com/releases/the-hartford-reports:-more-than-40-percent-of-small-businesses-will-experience-a-claim-in-the-next-10-years
  2. Jack L. Hayes International, Inc., Annual Retail Theft Survey Press Release June 2016, http://hayesinternational.com/wp-content/uploads/2016/06/28th-Annual-Retail-Theft-Survey-PR-Stats-Thoughts1.pdf

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