Insurance is one of those things in life we all have—and pay a pretty penny for—but it doesn’t always feel like it works for us or provides any real value. It can be tempting to forgo the expense of non-mandatory insurance policies, but insurance is a way of managing risks.
How Insurance Companies Work
Insurance companies understand the statistics of managing risks—and life in general—better than anyone. It’s very likely you’ll need that insurance at some point in your life, so your premium payment is the fee you pay in exchange for the insurance company taking on the risk of a potential loss (money you would be required to pay out) if there were an accident, health incident, death, etc.
Insurance companies invest your premiums in growth markets to make a profit and ensure they have enough money to pay out a loss, should it become a reality. The lower the likelihood that you’ll need them to pay out a loss, the more eager they are to insure you because they survive off your money. Think about a healthy person who pays their premiums and never files a claim for payout versus an unhealthy person who pays their premiums but has to file consistent health-related payout claims.
Insuring Your Construction Site with Cameras
Now take a moment to think about all your current construction job sites with an insurance company’s eye and consider all the risks you’re managing as the Project Manager. Consider the role construction cameras play in that statistical risk equation – they are non-mandatory, are associated with “premium” costs, and it’s almost a given that you’ll need them to “payout” at some point in the future.
In this case, “premiums” are the cost of the camera and services, and a construction camera “pays out” by allowing you to thoroughly document construction sites and quickly resolve contract and schedule disputes, worker insurance claims, and many other risk-associated situations.
This makes construction cameras better than insurance in that you will always feel like they work for you and they provide real value for the money you spend on your “premiums.”
The Best Camera Features for Construction Insurance
It’s the core features of the best construction cameras that will “payout” to you every day.
- Live camera viewing
- time-lapse videos
- security recording
- fixed position high-resolution cameras and pan-tilt-zoom (PTZ) panoramic cameras
- multicast streaming video (allowing multiple viewers at the same time),
- free data connectivity over the 4G LTE network
- image markup
- photo albums
- live weather maps
- viewer statistics
- sharing features
- and access to your cameras on any device
Your “premiums” buy you not only valuable insulation against risk but provide so much more in terms of helping you work more efficiently, better manage project timelines, reduce your costs, market to and get investors for your projects, and more!
The Benefits of Construction Cameras
In some cases, you may even be able to lower your mandatory insurance plan costs because you have construction cameras on site and monitoring activity every hour, of every day, of every year. In addition, paying your “premiums” to TrueLook for your cameras is immediately invested into high growth “markets” in the form of consistent new camera features and advancements (like the addition of construction camera drones to the TrueLook product portfolio), which feels like you’re getting interest back on your premium. That definitely doesn’t happen with regular insurance policies.
Wait…maybe we should have titled this post, “Construction Cameras – Nothing Like Insurance” instead.
