Still, be thorough, and don’t be cheap. “You get what you pay for,” says Robert Siciliano (@RobertSiciliano), security expert BestCompany.com. “An alarm system that triggers a breach always sets off a siren. And while noise is a good deterrent, it’s not nearly as effective as gun-wielding police being dispatched and showing up in your driveway. Spend the few extra bucks for the monitoring.” In some cases, you can even get a discount on insurance premiums for installing central-station alarms.
As for small business insurance policies, be aware of your coverage details. Property Insurance may compensate you for either the…
- Actual cash value of property, which offers the depreciated value of stolen items, usually in return for lower premium.
- Replacement value of property, which covers the full amount to replace stolen items at market cost, but requires higher premiums.
In addition, high-value property may need to be “scheduled” individually in the policy to be covered. This might include items such as expensive equipment or rare artwork.