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 by providing evidence to be considered on your behalf. As most do, you may under appreciate the risk that this can cause your business, but is as real of a threat of loss as shoplifting or vandalism.
In fact, the Coalition against Insurance Fraud found that fake slip and fall setups in retail stores alone, 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. In some states awards can even reach upwards of hundreds of thousands of dollars! In order to save on insurance costs, many companies are using surveillance cameras and video recorders as preventative methods to stop fraud and fake injuries. With a video recording of the incident, you have a fighting chance to prevent the fraudulent claim. With little to no evidence to support your case, it is likely you will have to pay.
In addition, savings can also be granted by the insurance company itself in the form of discounted rates. 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. By having S&T Solutions provide you a free security assessment, we can evaluate your company’s risk and provide you a comprehensive strategy on how to prevent your business from becoming a victim of the ever growing crime of insurance fraud.
As you can see using security surveillance can protect your business beyond the obvious inventory shrinkage issues it is most well known for. Contact your insurance broker or agent to learn more about the effects of installing security for your business premises to determine whether additional discounts are available with your present carrier.
In this world of get rich quick schemes, some people are willing to do whatever they can to not have to work for their money. Luckily as a business owner you can protect yourself with a security surveillance system from Security & Technology Solutions. Give us a call for a free consultation today.