Insurance for your security guard business is vital. Security guards put their safety on the line every day. With the right security guard insurance policy for your business, you will be able to protect you and your company against significant financial losses when you need it.
Basic Security Guard Insurance Coverage and Its Benefits
Having adequate insurance coverage is an important part of doing business in a financially responsible way. When accidents and injuries occur, your business needs insurance to cover the losses associated with them. For businesses that face unusually dangerous situations like the security guard business, insurance coverage needs to cover those risks.
Professional security guard services and their employees provide the first line of defense in a crime or in an unlawful invasion of a client’s property. If the security guards carry firearms, the company must comply with applicable federal, state, and local statutes and provide adequate training and supervision. The risks in such businesses are high.
Without adequate or appropriate insurance coverage, a serious accident could put your security guard company out of business. Some of the specific benefits of having the right security guard insurance coverage include tye following.
Compliance With State Insurance Requirements For Commercial Operations.
Every state requires companies to provide proof of insurance as a condition to doing business in that state. At a minimum, companies must have a general liability policy that satisfies applicable state laws. Companies with employees must have a workers compensation policy covering injuries to your employees that occur on the job.
Each state has its own laws concerning coverage minimums and conditions that companies have to satisfy regarding workers’ compensation coverage. Many states also have insurance requirements specifically applicable to security guard businesses. Your insurance agent can help you satisfy all of those legal requirements.
Protect Your Company Against The Cost Of Injury And Damage That Occurs On Your Business Premises
A general liability policy covers your business for claims arising out of personal injury and property damage that occurs while a customer or vendor is visiting your place of business. Suppose the injured party files a lawsuit against you or your company. In that case, the general liability policy will pay for your legal expenses and any amounts that your company is ordered to pay in damages.
Protect Your Workers Against The Cost Of Injury And Damage That Occurs While Performing Their Job Duties
Worker’s compensation coverage is insurance designed specifically to protect employees who are injured on the job. It covers the cost of an employee’s medical care, physical therapy, prescriptions, surgery, lost wages, and certain other expenses that are related to injuries or illnesses that an employee sustains in the performance of the job.
If an injury is serious enough to incapacitate one of your security guard employees for an extended period, worker’s compensation insurance can provide a long-term disability benefit. Also, suppose the security guard can return to work but cannot perform the original job duties. In that case, a workers’ compensation policy is available to help cover the costs of moving that employee into a new position. Those costs may include providing training for the new position.In the unfortunate event that an employee dies from a work-related injury or illness, worker’s compensation insurance benefits will be paid to the employee’s surviving family members.
Coverage Protects Your Company Against The Losses Associated With A Motor Vehicle Accident.
Your security guard business probably operates a number of vehicles to transport your personnel and patrol the premises of your clients. Whether the vehicles you use are automobiles, golf carts, ATVs, motorcycles, or another type of motorized vehicles, your company can get commercial automobile insurance that will cover your company against losses arising out of an accident involving one of those vehicles. With that coverage, the policy will help to pay for repairs to your vehicles and the property of other motorists that may have been involved in the accident. It will also cover medical care for any injuries that other motorists or bystanders may suffer in the accident.
Protect Yourself Against Liability Due To Errors In Judgment.
With professional liability insurance, you can protect yourself, your company and its employees against liability due to failure to fulfill your professional duty to your client. In the security guard business, professional liability exposure is high because of the nature of the services provided to the customers. If a customer suffers a loss in spite of the security guard’s efforts, the security guard company may be found liable for breach of a professional duty owed to the customer.
Contact The Insurance Professionals For More Information About Security Guard Insurance
The right security guard insurance coverage for your security guard business is critical to your company’s financial wellbeing. Consult with the experts at Southern States Insurance to find out more information about security guard insurance and get help putting together a policy that works for your company.