How Security Guards Can Improve Your Insurance Premiums
For any business, managing costs is crucial, and one area where significant savings can be made is on insurance premiums. What many business owners may not realise is that having professional security guards on-site can help reduce these premiums. Insurance companies view businesses with strong security measures as lower-risk, meaning they are less likely to file claims for incidents like theft, vandalism, or property damage. As a result, businesses that invest in security guards can often negotiate better rates on their insurance.
In this blog, we’ll explore how security guards can lead to lower insurance premiums and the added benefits of having trained professionals protect your business.
Lower Risk, Lower Premiums
Insurance companies assess the risk associated with insuring a business by looking at various factors, such as the likelihood of theft, accidents, or vandalism. Businesses with inadequate security measures are considered high-risk, which leads to higher insurance premiums.
Security guards reduce the likelihood of incidents: With trained guards on-site, the chances of theft, vandalism, or other criminal activities are greatly reduced. This lower risk of incidents means the insurance company is less likely to pay out claims, which can lead to lower premiums.
Deterrent effect: The presence of security guards acts as a visible deterrent to criminals. Most burglars or vandals will avoid targeting a business that has active security patrols, making your business less of a risk in the eyes of insurance providers.
Faster Response to Emergencies
One of the key roles of security guards is to respond quickly to any emergencies that may arise, whether it’s a fire, medical issue, or security breach. Insurance companies appreciate this fast response because it can minimise damage and reduce the size of any potential claim.
Damage control: If there’s an incident, such as a fire or a break-in, having security guards on-site can significantly reduce the extent of the damage. By acting quickly, guards can prevent situations from escalating, which can lower the costs of repairs or replacements, ultimately leading to lower premiums.
Assisting emergency services: In case of a major emergency, security guards can coordinate with local authorities or emergency services, guiding them quickly to the scene. This can help mitigate damage and ensure faster resolution, factors that insurance companies consider when determining premiums.
Fewer Claims Mean Better Premiums
Insurance companies reward businesses that file fewer claims with lower premiums. If your business has a history of frequent claims, your insurance rates are likely to be higher. Having security guards can help prevent the types of incidents that commonly lead to insurance claims, such as theft, vandalism, or workplace accidents.
Preventing loss: Security guards help reduce the likelihood of theft or property damage, both of which can result in costly insurance claims. By preventing these incidents, your business can maintain a cleaner claim history, leading to reduced premiums over time.
Preventing accidents: In some cases, security guards also play a role in preventing accidents on your premises. For example, they can monitor areas for potential hazards, ensure that safety protocols are followed, and provide assistance during emergencies. Fewer accidents on-site mean fewer claims, which can improve your insurance rates.
Tailored Insurance Discounts
Some insurance companies offer specific discounts for businesses that employ professional security services. These discounts may apply to both property and liability insurance, depending on the type of business you run.
Qualifying for security discounts: Many insurers have security-based discounts that reward businesses for having certain measures in place, such as CCTV systems, alarm systems, and security guards. By demonstrating that your business takes security seriously, you can negotiate for lower premiums.
Showing proof of security measures: To qualify for these discounts, you may need to provide documentation proving that your business has contracted professional security guards. This shows insurers that you’ve taken proactive steps to protect your property and assets.
Protecting Against Vandalism and Property Damage
Vandalism and property damage can result in expensive insurance claims, which in turn drive up your premiums. Security guards help reduce these risks by monitoring the property, especially during off-hours or in vulnerable areas of your business.
Regular patrols: Security guards conduct regular patrols of the premises, making it harder for vandals to strike without being noticed. Their presence alone often prevents damage before it occurs.
Real-time response: If vandals do attempt to damage property, security guards can respond immediately, preventing the situation from escalating. Insurance companies value this proactive approach, as it reduces the likelihood of costly claims.
Improving Employee and Customer Safety
Businesses are not just responsible for the safety of their property but also for the people who work there and visit the premises. Security guards can help create a safer environment, reducing the risk of incidents that could lead to liability claims.
Preventing workplace violence: In industries where workplace violence may be a concern, having security guards present can significantly reduce the risk of altercations or harmful incidents. This not only protects employees but also helps prevent claims related to injuries or liability.
Monitoring public areas: For businesses with large public areas, such as shopping centres, hospitals, or event venues, security guards help ensure that customers and visitors are safe. A safer environment reduces the likelihood of accidents or other incidents that could lead to liability claims.
Peace of Mind for Insurance Providers
Insurance companies prefer working with businesses that take security seriously. Having professional security guards signals to insurers that you’re committed to reducing risks, which helps build trust and improve your relationship with the provider.
Proactive risk management: By employing security guards, you demonstrate that your business is proactive about managing risks and preventing incidents. This proactive approach is looked upon favourably by insurers, who may offer better rates as a result.
Long-term savings: While hiring security guards is an investment, the long-term savings on insurance premiums can offset some of the costs. Over time, the reduction in premiums can add up to substantial savings, making it a smart financial decision.
Hiring security guards for your business not only improves safety but can also lead to significant savings on your insurance premiums. By reducing the risk of theft, vandalism, and other incidents, you make your business less of a liability to insurance companies. With fewer claims and a proactive approach to security, you can negotiate better insurance rates, potentially saving your business a considerable amount of money.
In addition to financial savings, security guards provide peace of mind for both business owners and insurers, knowing that trained professionals are protecting the property and its occupants. If you’re looking to lower your insurance costs and improve the overall security of your business, investing in professional security guards is a smart choice.