Insuring your home or business against theft or damage is essential. However, purchasing insurance can be costly depending on the value of your property and the area where it is situated.
Thankfully, taking steps to increase the security of your property can reduce your insurance premium. The first steps you can take are to install secure doors, robust locks, an effective burglar alarm and a sturdy perimeter fence. What’s more, you can install a closed-circuit television (CCTV) system to monitor your property 24 hours a day.
CCTV Lowers Insurance Costs
CCTV allows you to monitor activity inside and outside your property using one or more security cameras that send the footage to a single, secure location. The security benefits of round the clock surveillance are recognised by most insurance companies and can result in significant savings on insurance costs.
In the UK, there are an estimated 4 to 6 million CCTV cameras guarding homes and businesses. CCTV cameras are an excellent deterrent against burglary and can provide evidence in the event of a break-in, or, for businesses, in the event of a liability claim.
Protection against False Liability Claims
Most businesses will have to deal with a personal injury claim at some point. Such claims can be costly and result in higher insurance premiums. Unfortunately, not all such claims are honestly made. CCTV can help establish the validity of personal injury claims and also act as a deterrent against false claims from being made. Preventing a false claim can save a business thousands of pounds and prevent insurance premiums from being increased.
CCTV as a Deterrent
Along with deterring false liability claims, CCTV is the most effective deterrent against theft and burglary. For a business, CCTV will deter employees from stealing from the company and protect the premises from intrusion. At home, CCTV can deter burglars and, in the event of a particularly determined (or reckless) burglar who is not put off by the presence of cameras, CCTV can help provide evidence to the police that might assist them in their investigation into the break-in.
How to Get Lower Insurance Costs with CCTV
While CCTV lowers insurance costs for your home or business in some cases, it’s important to discuss the installation of CCTV with your insurance provider – do not assume you will get a discount. If you live in a low crime area, for example, your provider may not think it necessary or helpful to install CCTV and therefore will not reward you for doing so.
When discussing the installation of CCTV in your home or on your business premises with your insurance provider, be sure to check if they have any specific technological or implementation requirements. For example, they may only offer a reduced premium if you ensure all entrances and exists of the building are covered, or they may have certain minimum technical criteria for the CCTV system you use.
Once you have checked with your insurance company, you will need to find a reputable CCTV supplier to provide you with the system, and if necessary help with the installation.