18/03/2023

Saving Money by Investing in IP CCTV Cameras

One of the common misconceptions when a business is thinking of investing in a camera system is that there is no return on investment. Money spent on security and safety whilst often necessary is viewed just as a cost with no quantifiable savings.

In terms of security, it could be argued that this is correct as there is no real way of telling if a burglar has passed your premises by in search of easier pickings because he’s seen that you have a camera and intruder alarm system in place. Although if you’ve been burgled several times before and it stops after you have installed a camera system, then it’s safe to assume that the system is doing it’s job!

But I had an interesting conversation with a client the other day who was highlighting the savings he had made by installing cameras around his factory area. It’s a large factory with complex machinery and over 100 employees at any one time on the factory floor. Safety standards are high, and all staff members go through a comprehensive training programme. But this didn’t seem to stop an endless list of minor accidents including slips and falls and injuries caused by bumping into pallets and machinery. As a consequence, insurance claims were high and many hundreds of hours were spent on investigating and dealing with accidents. The premiums for Employees Liability Insurance rose to 130k per annum!

As a result of the escalating number of claims a decision was made to invest 15k in an IP camera system with cameras located around the factory viewing all areas of activity.

Two years after we installed the system not one accident claim has been registered! In year one our client’s insurance premiums dropped significantly; at the end of year two still without a claim his premiums have dropped by 30% – recouping over double his investment!

We know, from 17 years of installing cameras in all sorts of business and government buildings how powerful a deterrent they can be to dissuade employees and contractors from making spurious claims – but the experience of this particular client highlights just how much money can be saved in wasted investigation time, employee absenteeism and insurance claims.

The question is – if you are a stake holder in a business which is regularly dealing with minor accidents – can you afford not to make an investment in a camera system?