The link between improved premises security and lower insurance premiums
Improving the security in your home or workplace makes perfect sense. It is most likely that your current security measures haven’t been reviewed in some time (unless the worst has happened and a break in or fire has forced action to be taken). And most of us are guilty of falling into old routines and bad habits where our security is concerned, whether this is with property security against break-ins, fireproofing measures or securing valuables and documents.
There are many benefits associated with upgrading your security systems. Obviously, the main ones are providing a safe working environment for employees or a safe home environment for the family and protecting valuables, whether this is stock, jewellery, heirlooms or documents that would be costly if lost, such as confidential contracts.
But installing new security equipment can be an expensive business and it can be a hard choice to justify that level of expenditure, especially in the current economic climate. But one of the advantages of doing this will be to lower your insurance premiums (business, household, vehicle, liability and contents) which could actually save you money in the long run. So it is definitely worth re-evaluating your security choices in light of this.
What security measures can you take?
Generally speaking, any security measure which lowers your risk level to an insurer will result in lower premiums as a reward:
- Improve the security of valuable assets and belongings. In a home environment, this could be done by installing a safe. Safes and mini vaults are assessed with a cash rating, denoting their strength and ability to resist attack. With commercial properties, you may want to consider security cabinets or upgrading locks with an access control device (digital locks or key card systems are the most popular). That way you can regulate employee access to certain areas. Consider marking valuable property with a UV pen as well, this will help with police retrieval if the worst should happen. However always make sure that you use good quality equipment such as these key cabinets from Securikey.
- Upgrading security features in cars or vans should make a real difference to vehicle insurance quotes. Consider immobilisers and GPS vehicle tracking systems.
- Protecting your home, office or commercial premises from burglary can be a massive undertaking. Start with window locks, burglar alarms, movement sensors, heavy duty padlocks for doors and gates and CCTV (even dummy cameras act as a real deterrent). This will help with lowering your business property and home insurance expenditure.
- Personal injury insurance claims can cost businesses a great deal of money. And liability insurance can be expensive. You can reduce premiums by improving safety to minimise accidents or illness, so consider investing in non-slip flooring, removing trip hazards, updating health and safety information and installing convex mirrors to help monitor food processing, for example, or make blind spots less hazardous.
- Reduce the risk of fire by taking preventative measures and ensuring all electrical equipment is PAT tested. In the event of a fire, you also need to ensure fire extinguishers are serviced and fully operational and that important documents are kept in fireproof safes or cabinets.
Always seek advice from your insurer first
Obviously, you will need to speak to your insurer before you make any changes to your security that involves a large outlay. Security systems must be compliant with insurer’s regulations and it is always advisable to talk this through before buying.
In many cases, insurers will be only too happy to send out a loss control advisor to assess your current arrangements and make suggestions for potential improvements. Acting on these suggestions will guarantee that you see a return with lower premiums.