Will a Security System Get Me a Discount on Homeowners or Business Insurance?

Dixie Safe & Lock Service Inc. • May 14, 2019

Security Camera in a Store — Houston, TX — Dixie Safe & Lock Service Inc.

If you’re looking to lower your homeowners insurance or business insurance premiums, a security system may be a wise investment. Not only will a security system potentially save you from the hassle of having to clean up after a break in, file a claim, negotiate with your insurance company and then purchase replacement items, but it also may qualify you for discounts on your insurance premiums.

Insurance companies offering discounts makes sense when you think about it form their perspective. It’s a lot better for them if you don’t have your stuff stolen. In many cases, they are the ones who must pay to replace all your stolen belongings. If the insurance company can incentivize you, the policy holder, to invest in a system that will lower their costs, the discount they give you will be a drop in the bucket compared to their long-term savings.

Exactly what kind of discount you can get and how big it will be – in some cases between 10 and 20 percent – is highly dependent on your insurance company, your policy and the type of system you have installed. Not every insurance company offers these discounts, and discounts may not be the same for every system.

Things to Consider When Trying to Get an Insurance Discount by Having a Security System Installed

Get Professional Monitoring – Depending on the company, getting a security system discount may be contingent upon having a monitored alarm system. When you’re talking to security companies, ask about monitoring and if they can provide certification documentation so you can show your insurance company that your business’s security system meets their requirements.

Consider Leak Detection – Some cutting-edge security systems include leak detection that can catch things like gas leaks or water leaks before damage gets out of hand or people get hurt in the case of gas leaks. There are even some systems that will automatically shut off the water to your building if a leak is detected.

Security Cameras + Monitoring – Some insurance policies, especially commercial policies, will offer additional discounts if you not only have security cameras but also round-the-clock monitoring.

Fire and Smoke Alarms + Monitoring – Most cities and states have laws that require homes and businesses to have smoke detectors. Commercial properties generally have additional requirements regarding fire alarms and systems. You can maximize your insurance discount if you exceed those base requirements and spring for additional smoke and fire features such as 24/7 alarm monitoring.

Security System Features That May Help You Maximize Your Business Insurance Discount

The exact features your business’s security system should include are dependent on the vertical in which you operate. The security measures at a call center are going to be different than the accessories and additions a retail business may need. Here are some features to consider if you want to maximize the discount for your business.

Having Cameras Behind the Register – One of the biggest security threats to retail businesses is unfortunately their own employees. Theft from the till is common, but can be significantly mitigated by installing security cameras behind the register. Having this area of the business covered by a camera is one of the features insurance companies will look for.

Taking Measures to Prevent Inventory Theft – Whether on the retail floor or in the storeroom, inventory theft can take a toll on a business’s bottom line. Large thefts can also result in potentially massive claims, which is why insurance companies offer discounts based on theft deterrents such as strategically placed cameras.

Fire Suppression Systems – Although the city you’re located in may only require a basic fire alarm system, your insurance company is more likely to maximize your business’s discount if your fire suppressing and monitoring system exceeds state-mandated requirements.

Monitoring to Prevent Lawsuits – Businesses that could potentially be the target of fraudulent workers’ compensation or slip-and-fall lawsuits should consider security monitoring that’s designed to document these types of incidents.

A recent incident in New Jersey where a worker attempted to stage a slip and fall injury in their office kitchen – and was caught on tape doing so – is a good example of why this type of monitoring can really pay off in the long run.

Work With a Professional Security Company to Develop a Solution That’s Right for Your Business

The best way to maximize the premium discount for your business is to work in conjunction with your insurance company and an experienced security company, such as Dixie Safe & Lock Service Inc., that offers customized, cutting-edge systems. Our security experts understand the types of guidelines insurance companies have and can help implement a monitored security and fire system that will help maximize your insurance discount.

If you’d like to schedule a consultation to find out how your business or home can be safer and more secure, give us a call at (713) 643-5767.

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