Business Insurance - the importance of reading your intruder alarm warranty

Business Insurance - the importance of reading your intruder alarm warranty

When you look to obtain a business insurance quote you will either be asked to declare certain information or complete a proposal form. This information will be used to provide you with a quotation and should you choose to accept the quote and incept an insurance policy, this information will form the basis of the policy that is taken out.

It is a two way street between you, the business owner and the commercial insurer. You declare information, including sums insured's, values, security and construction details and an insurer then provides a contract of insurance which outlines their obligations to you, usually financial or re-instatement, in the event of an insured peril operating. This will also apply, in a business sense, to commercial property owners insurance.

For many businesses nowadays, their insurance will define the types of security that needs to be in place. Usually, depending on the amount of stock and it's theft attractiveness and/or the value of other contents (such as business computers), you will be required to have an intruder alarm.

Now, we are not intruder alarm or security experts. But you can appreciate that "intruder alarm", could mean anything from a top of the range system that tells an alarm company via GSM that there is an intruder all the way down to a system that you buy from the local DIY store for 50 and self install.

Many, many years ago, intruder alarms were all just audible only. A metal bell on the outside of the building usually rang when there was a break in. Thieves decided that the best way to deal with this was to use spray foam and fill the bell with this. Then, they would go back a few hours later, break in and the bell would not make a sound. Things have of course moved on. But, the self installed system is not as good as a professionally installed, and annually maintained, intruder alarm system.

So, when you are asked by your business insurance broker to declare whether or not you have an intruder alarm system, ask them exactly what type of system is required. Even if you take over a new premises, and there is a defunct system in place, it can usually be taken over by an approved company. Whilst wireless seems to be everywhere nowadays, intruder alarms that work through wires tend to have less innocent activations.

It is important to check any quote you receive to see whether the system needs to be audible only (one that just rings) or one that it monitored by either yourself (ie one that dials a mobile upon activation) or by an alarm company.

Also, there are two main bodies which monitor, approve and allow intruder alarm companies to be members, if they meet certain criteria. It is much more likely that your commercial insurance company will want the alarm to be installed, and importantly maintained (usually once a year) by a company that is a member of one of these bodies. They are either the National Security Inspectorate (which was NACOSS) or the SSAIB (Security Systems and Alarms Installation Body).

Check on the internet and they have websites which will show you local contractors (if you need one). If you self install your alarm, whilst it may give you some peace of mind, it does not necessarily mean that insurers are happy to provide indemnity under a policy.

As ever, speak to a broker to find out exactly what the requirements are of your intruder alarm warranty, if one applies.

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