Security Insurance: Even the best physical security companies can’t prevent every risk. Bad things happen outside of our control every day.
Even though risk can’t be completely eliminated, it can be limited. And the fewer incidents you have to report to insurance, the lower your monthly premiums will be. That’s why it’s important to have high training standards to reduce the chances of incidents happening.
But training is only one piece of the pie. Having the right insurance coverage for your security operation will make sure that, when those risks do happen, they don’t kill your business. Certain insurance coverages are an absolute necessity for your operation:
- General Risk Protection
- Laborers’ Pay
- Property Insurance
- Auto Insurance
- Crime Coverage
It’s important to keep in mind that the information in this article comes from research we have conducted, but we are by no means security insurance experts. Check out this security guard insurance webinar with El Dorado Insurance for insightful training on managing & maximizing your policy.
1. General Risk Protection Insurance
One of the broadest types of insurance that a security firm might carry is general liability insurance, sometimes referred to as business liability insurance. No matter what sector they serve, most firms will require this policy to ensure their success.
It covers incidents brought on by your security services, such as bodily harm, property damage, and legal defence.A more comprehensive summary of what these policies cover is provided in this page.
If you don’t yet have a PPO licence, you’ll first need to get general liability insurance. A single loss must be covered by the insurance for a minimum of $1,000,000.
It’s crucial to ensure that general liability insurance in the physical security sector also covers these three things:
Professional Liability Insurance/Errors & Omissions
General liability insurance does not cover items that professional liability insurance (often known as errors & omissions insurance) does. It shields a business from lawsuits brought about by carelessness.
Insecurity can manifest itself in a number of ways, such as delivering bad advise during a consultation or committing a crime because a guard tour security guard neglected to lock a door.
Some insurance companies may combine general liability insurance with professional liability insurance. Your plans can be made simpler as a result, and it can even result in lower rates.
Assault and Battery Insurance
An insurance policy that covers bodily or even psychological injury caused by a security guard is known as assault and battery insurance. Your business won’t be safe from a lawsuit even if an officer handles a physical altercation correctly.
This insurance is typically purchased at establishments where there is a high likelihood of encountering a violent drunk, such as pubs and nightclubs. However, it is increasingly popular in retail establishments to shield security guards from aggressive shoplifters or irrational Walmart customers.
Firearm Insurance
Being the owner of a security firm, having a firearm stolen or lost is the absolute last thing you ever want to happen. That’s where insurance for firearms comes in. It will pay for some or all of the expenses associated with replacing a weapon in your business.
Additionally, you should carefully review the liability provisions of any weapon insurance policy you are contemplating. Your organisation may be held liable for carelessness if a stolen firearm is later used in a criminal act. Firearms insurance can assist you manage the costs of the case or minimise your exposure.
2. Laborers’ Pay Insurance
Particularly for security professionals working in the field, the physical security sector may be quite dangerous. A top concern should be making certain that your staff are cared for if something unfortunate occurs to them while they are working.
For most organisations, worker’s compensation insurance is very typical. Except for how injuries occur, not much has changed in the physical security profession.
Like any insurance policy, the more you use it, the more it will end up costing you in the long run.Keeping workplace injuries to a minimal may be achieved by enforcing safety standards throughout your organisation and through training.
3.Property Protection Insurance
Property insurance will assist you be protected if a security guard is unable to secure a property or prevent harm from being done to the property by a bad actor. Property insurance is a little more particular than general liability insurance, but it will often cover some property damage.
4.Accident protection
In the physical security sector, auto insurance is rather simple. It does the same thing as having automobile insurance for your personal vehicle. Your organisation should have auto insurance on all of your police vehicles.
5. Crime Coverage
There are several ways that crime coverage may safeguard your business. Protection against theft and damage to corporate property is the first method. This will safeguard any firm property kept in your offices and will safeguard assets in the event that a security guard is robbed while on the job.
This coverage is crucial because it can shield your company from potential legal trouble if a security guard engages in improper behaviour while on duty. It is possible to prevent this from happening frequently by placing only dependable officers in the field, but doing so will protect you in the case that it occurs.
Without the necessary information and guidance to help you, choosing the appropriate security insurance coverage can be difficult.To learn the fundamentals of security guard insurance and the recommended practises for purchasing your next coverage, watch Managing & Maximising Your Security Business Insurance with El Dorado Insurance.
Security Insurance Policies You’ll Need to Be Successful
Before you decide to hire a guard, be sure each candidate possesses these important security guard skills. For even more qualities a successful security guard should have, read more here.
They all boil down to the individual’s ability to serve your clients and protect the public while also maintaining a professional aura. The moment they don that uniform, lives are in their hands. There is no time for slacking off.
You can’t put a price on the security of your business. Hiring a security guard is the smart thing to do, while security systems have a role to play; they can’t protect humans in emergencies.
If you’re looking for a commercial security company to protect your business then look no further than Lighthouse Security Service. The company is a licensed/insured private security agency that provides protection to many companies, hotels, and so on. Our security services are having in-depth training to handle various scenarios that can come up on the job.
Make your business protected by contacting Lighthouse Security today and get assistance with any of your business’s security needs.
