Did you know it’s now possible for workshops to rent a complete, permanent security system designed for their specific premises? Andrew Wray, General Manager SME of Stanley Security Solutions, looks at the benefits of security system rental, how it works and what you should consider.
Some garages rely on disclaimers stating that owners leave their vehicles at their own risk and that they are only liable for a theft if it can be shown they did not take reasonable care. But what constitutes ‘reasonable care’? Is just locking up the premises ‘reasonable care’? If you really want to secure your premises, you need to invest in electronic security.
An electronic security system is generally a ‘grudge’ purchase – it’s necessary, but not something that you see as adding value to your business. As a result, once you’ve paid for it you mostly forget about it, which tends to mean it gets neglected and becomes out of date.
But what if you could have up-to-date security technology without the risks of ownership and without an upfront cost?
Security companies, such as ourselves, through our Stanley Assure scheme, are now offering modern security systems on a rental basis. Here’s how it works: if you have electronic security in place, the security company buys back your existing equipment at its residual or market value and takes over that security system (regardless of whether they supplied it or not); they upgrade it to an agreed value to ensure it meets your needs and incorporates the latest security technology; then they hire it back to you on evenly spread, manageable payment terms. It provides an affordable means of upgrading a complete security system and removes the need to justify and raise significant capital outlay in a depreciating asset. It’s also good for cash flow, as owners know exactly what they’re paying each month.
When looking for a security system rental provider, there are some key aspects that are important to consider.
Firstly, do they provide tailored solutions? All workshop premises are different, so the security company needs to take the time to understand your security ‘pain points’ and design a system to meet your needs. All contracts should come with an equipment warranty covering the full term of the agreement.
Secondly, what level of ongoing support can you expect? Just like vehicles, regular maintenance and servicing for security systems are important, so check what options are available. You may want to consider including the maintenance/service into the system rental programme, with annual, quarterly or monthly payments. Check what level of response you can expect if something goes wrong with the system; how quickly can they respond?
Lastly, finance options are an important consideration in choice of supplier. Avoid third party finance if you can and instead look for a company that offers in-house finance solutions, so that it can be structured to suit your specific requirements. For example, you may want to mix and match what you pay for within those terms and be able to adjust the terms as your own business circumstances change. Stanley Assure – Stanley Security’s rental finance solution – is financed entirely in house.