Posted on May 17, 2014

How Security & Surveillance Can Help You Save On Business Insurance

Security cameras and surveillance can help companies save on their business insurance costs. Particularly in businesses that serve the general public, a strategic security plan can help prevent fraudulent or bogus claims by individuals, who allege slip and fall accidents or even for those who decide theft of company products is worth the risk of getting caught.

In fact, the Coalition against Insurance Fraud found that fake slip and fall setups in retail stores cost nearly $30 billion each year. If consumers are filing false slip and fall scams or alleging that items fell on them causing injury, it can cost tens of thousands of dollars in claims against a company?s general liability insurance policy. Some states even award hundreds of thousands of dollars to injured parties. In order to save on insurance costs, many companies are using surveillance cameras and video recorders as preventative methods to stop theft and fake injuries.

Additional savings can also be granted by the insurance company itself. Many companies offer liability insurance discounts for security and theft prevention devices. In the long run, security prevention measures are much less expensive than lawsuits or claims. With many security companies now offering free security assessments to evaluate a company?s risk, business owners will want to take advantage of the opportunity to learn more about the cost of implementing security video and alarm systems.

Overall, security and surveillance can help reduce insurance premiums while also decreasing the high cost of losing merchandise due to theft. It can also prevent false claims of injury. Contact your insurance broker or agent today to learn more about the effects of installing security for your business premises to determine whether additional discounts are available with your present carrier.

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