In the world of construction, every penny matters. When you’re trying to operate your construction company or manage a construction site, you want to find ways to stay on budget in any way you can. One costly expense that is unavoidable is builder’s risk insurance for your operation.
Whether you run a big construction company, or you just handle one or two construction sites each year, you have to protect your business, your livelihood, and your customers with comprehensive risk insurance. If you’re like most construction company owners, you’re probably interested in any way you may be able to reduce your builder’s risk premiums. One such way is to implement effective security and surveillance protocols on your construction sites or job sites.
Being able to prove that you’re doing everything you can to limit risk, injury, theft, and liability can help reduce your premiums in an instant.
Lowering Premiums and Liability Through Security
Construction companies require all sort sorts of insurance to operate, including building coverage, comprehensive liability, equipment breakdown insurance, ordinance and law insurance, and identity restoration insurance. Some large companies use all of these insurance types to keep their company protected. In other cases, a company or business may utilize just one type of insurance. Regardless of the amount or type, insurance is such a critical element to the operation of a construction business that over half of construction companies utilize some sort of construction or builder’s risk insurance.
No matter how broad or narrow the insurance needs of a business or construction company are, insurance can be a costly item on the budget. In the litigious society in which we now live and work, this has never been a more true statement. The good news is that by implementing the right security and surveillance measures, you can help lower your builder’s risk premiums and liability. This is because insurance companies take into consideration the ways you are securing your business, as well as the ways in which you choose to monitor and surveil your interests.
By implementing the right types of security and surveillance, you can limit your liability and lower your builder’s risk insurance premiums.
Strategies for Lowering Your Premiums With Security Measures
Electronic Detection Devices
The most commonly considered security element used to secure construction sites is electronic detection. This means effectively using electronic surveillance devices to monitor a construction site 24 hours a day, 7 days a week. It’s difficult and expensive to have on-site security personnel present at all times, but by using a combination of motion sensors, HD cameras with IP connectivity, time lapse photography technology, and vibration detectors, it is possible to have around-the-clock monitoring of your construction site. These electronic detection devices can be monitored remotely by security personnel who will be able to appraise the security issue, contact emergency personnel, and offer instant response to a problem.
Mobile Surveillance Units
Mobile surveillance units (sometimes known as MSUs) take electronic detection to the next level. While most people think of electronic detection devices as being permanent installations, new technology has made it possible to combine all the elements of electronic detection and security into a compact mobile surveillance unit. These portable units can be deployed in virtually any location, including locations without active electrical service. This battery-powered technology allows for cameras, motion detectors, lights, alarms, and more to be implemented in any construction context. Multiple units can be deployed to provide complete coverage of larger areas, as well. As with other electronic detection systems, the MSU can be linked to a remote monitoring station so that any disturbance is immediately reported.
If electronic detection is outside of the budget or scope of the construction project at hand, it is possible to achieve great security results through lighting and illumination. Most construction site crimes occur at night, under the cover of darkness, so shedding light on your construction interest can be a deterrent to most would-be criminals. Lightning can be installed in a variety of ways, including through the use of MSUs, which allow for illumination even where there is no power, or where it would be otherwise difficult to install security lighting solutions.
Audible Alarms and Signage
Prevention is key in lowering builder’s risk premiums, as you won’t see effective rate lowering if crimes are still occurring on your property. Stopping them before they start is critical. Using elements such as audible alarms and signage is one effective strategy for construction crime prevention. Properly displayed signage will mean that trespassers on your property will know that the area is secured and surveilled, and audible alarms will let them know that detection has occurred and authorities have been alerted. Combining audible alarms, signage, and lighting is often the best way to prevent crimes from ever happening on your property.