CCTV Systems Reduce Insurance Costs

Does CCTV Systems Reduce Insurance Costs

If you're a business owner, you could be saving time, money, and stress by installing a comprehensive surveillance system on your property. CCTV systems are saving business owners, homeowners, and insurance companies hundreds of thousands of dollars by monitoring property when owners can’t be there to do so.

There are so many good reasons to protect your business with a CCTV system, and some of them might surprise you. For instance, did you know that many insurance providers will lower premiums for those with quality security systems? And that CCTV systems are one of the surest ways to safeguard your business against false liability claims?

This article will tell you everything you need to know about how to use CCTV surveillance systems to protect your business and save you money in the process.

What is CCTV?

A Closed-Circuit Television (CCTV) system — also called a video surveillance system — is a television system that sends a signal from multiple cameras to one specific location, rather than making it available publicly. The private signal makes it possible to monitor an area for security purposes. These surveillance monitors help provide security from theft, break-ins, and other costly events.

Although CCTV systems are often thought of as providing security from burglars and thieves, these systems can protect the well-being of your business in many other ways. A comprehensive system has views of both the interior and exterior of a business property, and will monitor guests as well as employees. A Citi-Tel-designed CCTV surveillance system will be built with the specific monitoring your business needs for protection and convenience.

Who Benefits from CCTV Surveillance Systems?

Businesses of all kinds can improve their reputation, protect their employees and guests, and reduce their insurance costs by installing a CCTV surveillance system. Today's CCTV systems can be customized to meet varying needs. They are accessible not only to large corporations, but also to small businesses of all kinds, from hotels to retail stores, restaurants to office buildings.

Safety is a huge priority for any business owner. Security systems tend to deter crimes like burglary and vandalism just by being there. As a result, they improve the quality and comfort of your business's space. These systems help you stay aware of how things are running, and their presence encourages better behavior from employees who know they’re being monitored.

Homeowners and business owners alike can save money and improve their peace of mind by installing a CCTV surveillance system. Not only will it discourage break-ins and theft, but it can decrease the amount you pay in homeowners and business insurance, and will protect business owners from false liability claims.

How CCTV Systems Can Reduce Insurance Costs

Both homeowners and business owners could be spending less money on insurance just by installing a quality CCTV system. This security update saves you money from two different angles.

The initial savings start with the price of an insurance premium. Although the rules and regulations vary by insurance provider, many insurance companies do offer discounted premiums to those who have integrated a security system into their home or business. Discounts typically run between 5% to 20%.

The fact that an insurance company would be willing to reduce the price of a premium is strong evidence for how effective comprehensive surveillance systems can be. Homes that are not equipped with security systems are at a far greater risk of break-ins and thefts. Those that are equipped with cameras and an alarm system will file less claims, which means the insurance company will be spending less money.

In the same vein, businesses that are protected by security systems will be able to fight false liability claims, which can also save the insurance company money. Since the average slip and fall accident costs around $22,000, avoiding falls claims saves both the business and the insurer thousands of dollars.

The second way that a surveillance system can save you money on insurance costs is by reducing the number of claims you’ll need to file over time. By deterring theft and false personal injury claims, you'll soon save the cost of the security system and more.

How CCTV Prevents False Liability Claims

Almost every business will eventually be involved in a personal injury litigation. An individual has the right to seek compensation for losses that came from a personal injury on a business's property. Guests or employees might initiate a liability claim for a slip and fall accident or a work-related injury. Such claims can be very costly for businesses and their insurance providers. But accidents do happen from time to time, and you can’t always prevent an injury from taking place on your business's property.

What you can prevent, however, are false liability claims. Unfortunately, some people are all too willing to take to extreme measures to secure some extra money and will file false claims against businesses in order to receive compensation for an injury that never occurred or wasn’t the fault of the business or business owner.

It can be difficult to expose fraudulent accounts, especially if the only evidence that’s available are the testimonies from employees and customers. That's why CCTV systems play a vital part in protecting your company from fraudulent liability lawsuits.

By installing high-quality security cameras on the premise, you can be ready to effectively fight against any fraudulent liability claim. Footage from the CCTV system, accompanied by the time and date stamp, provides the unbiased evidence that juries and attorneys need to spot a false liability claim.

For comprehensive protection against legal action, you should have security cameras installed inside of your business as well as around the exterior, covering both parking lots and walkways. These areas are just as likely to be used to stage a false slip and fall injury.

According to a 2005 report by the Small Business Administration Office of Advocacy, between 36% and 53% of businesses are involved in at least one lawsuit each year. Investing in a CCTV surveillance system pays for itself by protecting you from the cost of false liability claims.