Saving Business Insurance Premiums With Security and Surveillance
Lowering Insurance Premiums – Security and Surveillance
Recently the Coalition Against Insurance Fraud published some information regarding “slip and fall” accidents along with some straightforward advice for protecting your business from bogus claims. I would add theft and pilferage to those risks that can be lowered by following the Coalition’s advice.
According to the Coalition, “slip and fall” scams cost consumers nearly $30 billion per year. The concern is that the scam is growing.
What is a “slip and fall” scam? Simply a visitor to your place of business – typically retailers and big box stores are the target – fakes or stages a serious fall. Often this is with the claim of some object or mess on the sales floor causing the fall. The fall is alleged to cause significant injury and a claim is made against your business for the injury.
How much can these claims be worth? In a CBS report on the growing scam, a pair of scammers claimed $300,000 in damages. Sometimes it’s much lower and often depends on your state law.
But these claims, pilferage and theft, are defeated by the single most effective scam/theft prevention a business can employ: video surveillance. Ask your insurance professional and in all likelihood your business can lower its business insurance premiums for liability and theft by installing surveillance and a security system.
Perform a search on YouTube.com for “slip and fall.” A couple of things become clear immediately, surveillance can catch scammers in the act AND note the number of law firms advertising their ability to recover money for “slip and fall” claimants. Not all in-store accidents are scams, but surveillance can certainly sort out fact from fiction rather quickly for a jury.
Surveillance and video systems are cheaper over the long-term than claims, theft, and fraud against your business. Many security companies offer a free security review to evaluate your business and to get an idea of costs. For example, Protection One has an offer of a free security review for your business and an online form to contact the company to arrange the review. Other security companies do the same and it is an investment that can save premium and claims dollars.