When you’re considering making a big investment, it's natural to ask yourself whether the benefits will be worth the cost. A security system (especially a robust solution with all the bells and whistles) is one of those things that comes with a price tag that might make you second-guess the investment. While spending hundreds–or even thousands–of dollars might seem intimidating, a security system can actually save you money in the long run.
Decrease theft and crime
It's no secret that theft is a huge problem, and unfortunately, many studies show this problem is only increasing year over year. In fact, according to the National Retail Federation (NRF), theft, fraud, and losses from other retail shrink totaled $61.7 billion in 2019, up from $50.6 billion the previous year. Furthermore, one study shows that only 2.9 percent of total retail theft losses result in a recovery, which means most of the money businesses lose to theft is never recovered.
One of the best ways to combat theft is to buy security cameras for your property. By taking a proactive approach to security and surveillance, not only are you deterring crime, but you’re also increasing the likelihood that you’ll be able to prosecute and recover any losses if incidents do occur.
Lower insurance costs
Insurance is one of many inevitable costs that come with running a business. Although paying for insurance may be non-negotiable, there are things you can do to ensure you’re getting the lowest rate–including investing in a security system. Because security systems lower the risk of crime and record footage that can make it easier to prosecute and prove liability, many insurance companies offer reduced premiums to companies that have them.
Are there inefficiencies in your current processes that could be costing you money? It’s impossible for one person to have eyes on every part of a business at once, which makes it difficult to identify inefficient processes; you can't fix a problem if you don't even know it exists! Installing security cameras allows you to watch footage that you otherwise never would have seen, making it easier for you to get a comprehensive overview of your current operations.
Increase safety within the workplace
Mounting cameras near exits and in parking lots will create a safer environment for your employees and customers. No employee or customer should have to worry about their safety as they walk across a dark lot. While an onsite security guard can intervene if a crime occurs near them, security cameras are the ultimate way to ensure that you have eyes on every corner of your location, 24/7. If something happens somewhere on your property, you’ll be alerted immediately so that the damage is minimal–or even avoided altogether.
Furthermore, archived security camera footage can be invaluable. If an incident occurs, you’ll be able to study the footage, identify what went wrong, and implement training that will help avoid similar issues in the future. Additionally, just because an incident happens on your property doesn’t mean you’re liable for the damage. Having footage of everything that happens on your lot means that you can avoid unnecessary payouts and make sure that the responsible parties are held accountable.
Security systems cost money–there is no way around that. The good news is that it’s also one of few investments that can save you money by decreasing theft, lowering insurance costs, and increasing productivity. Perhaps most importantly, a security system will give you peace of mind, which you can’t put a price on. Contact the LiveView Technologies team today if you’re ready to up your security game, save money, and free up time and resources that you can instead devote to all of the other priorities that come with running a business.