Lisa Terrasi, Commercial Accounts Associate, discusses whether adding Closed Circuit TV’s has an impact on insurance premiums.
We are asked all of the time whether adding Closed Circuit TV to a building will reduce the insurance premiums.
Though there is no formal credit for having or adding security cameras, it may help reduce or prevent frivolous claims from being submitted. This, in turn can reduce your insurance premiums or prevent them from increasing, as the single biggest reason premiums increase, is because of claims.
In addition, it opens up more options when remarketing your insurance as there are some companies who require security cameras in order to provide a quote.
Also, occasionally insurance companies will agree to provide a credit to an insured, but need justification as to why one should be applied. Having or installing security cameras may just be that valid reason.
For more information, please contact us.