Crime, business security and insurance premiums - By: Jennifer Mckay, Posted on: 2008-02-05

The majority of burglaries are committed by opportunist thieves. They choose premises that have no obvious signs of security or where they think they will not be seen. If they have succeeded once, they will most likely try again. Despite reductions in some types of recorded crimes, insecurity and the fear of crime is still high in some areas. The identification of hot spots allows for the deployment of resources in order to increase the safety of residents and businesses. However, with the identification of high crime areas come increases in business insurance premiums.

The most important factor when insurance companies calculate business insurance premiums is the type of business it is. In order to reduce insurance premiums to a minimum a business can look after the physical security of premises, stock, machinery or computer systems. Strong locks, doors, shutters and alarm systems can help to lower the risk profile of the business. Staff should be encouraged to identify security risks and act quickly. Protecting business data, such as customer’s details, invoicing and payroll systems is also important. Making fewer claims, and carrying out risk management and quality control procedures can also reduce business insurance premiums.

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