Security guards and companies that provide security services are in the business of protecting the safety and security of properties, assets, and in many cases, peoples’ lives. Security companies and their personnel face dangerous and unique risks compared to many other types of businesses. It is essential to have a security guard insurance policy that provides adequate coverage tailored to your security business if you suffer a loss that could put you out of business.
Security Guard Insurance Coverage
Security guard insurance coverage is required in most states as a condition to getting your business license. You will need to prove that you satisfy the minimum coverage required by your state’s law. If your security guard company is already in business, your business may have expanded to the point that your existing coverage is no longer adequate. In either case, it makes sense to consult with security guard insurance professionals for a policy that suits your needs at competitive rates.
Many unique factors to the security guard business will determine the type and amount of coverage your business needs. For example, many of your security personnel may be armed. This is one of the most important factors that will determine the type of coverage your business needs. Another consideration is whether your guards work in a wide range of locations with several personnel.
Below is a list of the types of security guard insurance coverage that your business may need:
General Liability For Security Guard Insurance
General liability insurance is the basic insurance coverage that all businesses must have under states’ laws. It protects your business against a range of financial losses that arise out of your business operations and for which you or your company are legally responsible. These losses may result from claims or lawsuits based on bodily injury, property damage and personal injury such as libel and slander. General liability coverage also covers the cost of defending you against those claims in court.
General liability coverage can be structured to insure your security guard business against the unique risks involved in your business operations. General liability insurance will take care of injuries sustained by your personnel, clients, or bystanders and property damage.
Like general liability insurance, workers comp insurance is required for businesses with a certain number of employees. It covers your company’s employees if they are injured on the job or in the performance of their job duties. Workers compensation insurance pays medical bills and lost wages up to the policy limits. This coverage is essential for dangerous occupations.
Many security guards have to operate a motor vehicle as part of their services. It could be a patrol car, golf cart, ATV, or another vehicle used to patrol the area they are guarding.
Security guards’ risks in operating their vehicles are similar to but different from ordinary automobile insurance. Additionally, many security guard companies have insurance on the vehicles they provide for their guards’ services. The policy should also cover third-party drivers, and provide collision protection and uninsured motorist protection.
For individual security guards who work as independent contractors, you should not rely on your basic automobile coverage to protect you against the kinds of risks you face in providing security guard services. When you use your own vehicle for your security guard work and use that vehicle for personal and professional reasons, you will probably need additional coverage to protect you against catastrophic accidents.
As a security guard, you are more likely to become involved in life-threatening situations than other people. If you carry a firearm, your risks increase. Make sure you have life insurance to protect your family members against the financial losses that could result in the worst-case scenario.
Professional Liability Insurance
Consider professional liability insurance, particularly if you are an independent contractor. This insurance can protect you if you are liable for damage or injury resulting from errors in your judgment and in situations that spin out of control.
Bonding is the way to insure your company against losses caused by fraud or dishonesty. You can acquire fidelity bonds to protect your company from liability relating to theft and certain types of property damage. Some states even require surety bonding to show a company’s financial responsibility.
Fidelity bonds can also protect against losses in cases involving forgery and employee dishonesty. With fidelity bonds, your clients will be more comfortable entrusting your company with access to their property and personnel.
Contact The Security Guard Insurance Experts At Southern States Insurance
Whether you are starting a new security guard services company or you are managing an established company and contemplating whether your existing coverage should be re-evaluated, consult with the insurance professionals at Southern States Insurance. They understand the risks involved in the security guard business and can put together an insurance policy that will protect your business at competitive rates.