If we have security cameras at the building, can it lead to a discount in our premiums?
Unfortunately, the answer is no. The sad fact is that too many business owners have tried to cut corners with fake security cameras, or by deactivating or failing to maintain operational cameras. (Don’t believe us? Try searching for “dummy”, “fake”, “simulated” or “decoy” security cameras. You can even find online tutorials for choosing the right one.)
These realistic props may well deter potential thieves from targeting your property, but they’ve also disqualified security cameras from insurance discounts. Sure, you might be doing everything right and recording 24/7 security footage – or hiring a security company to provide round-the-clock monitoring. But an insurance provider can’t confirm that the equipment or contract remains in effect.
That said, the right insurance partner can help you qualify for the best possible premium rates. Before renewing your insurance policy, talk with your agent about any improvements you’ve made to the building. Your insurance provider can tell you which upgrades can help you lower your rates, as well as recommend other ways to improve your overall building profile.
Bottom line: Your insurance agent should be an active advocate to help you find the right policy at the best value.
In addition to helping you evaluate changes to your property and the local real estate market, an insurance agent should also keep you informed of any new products that might serve your needs.
For instance, in the second half of 2016, at least two new programs will be available in the New York marketplace. We at City Building Owners Insurance will be comparing prices and coverages for our clients to see how they stack up against their current policies.