Many security company insurance carriers offer quotes with standard policy forms for businesses with no regard for what coverages a security company actually needs. Yet, there is a big discrepancy between carriers who specialize in writing security company insurance and everyone else.
Is Something Missing?
Typically, if you receive a quote from one agent or company and that quote is half the price of another quote, the cheaper quote is probably missing important features like Professional Liability and many other coverages crucial to include in a security company insurance policy. (Why is professional liability so important for security guard companies?) Let’s take a closer look at a couple of additional security company insurance coverages that are worth considering.
Lost Key Coverage
Take lost key coverage for example. A security company may have access to a master key for an entire building that has hundreds of doors. If that key is lost, missing, or stolen, it could cost thousands of dollars to rekey all the doors. This exposure is one that is typically not covered by the standard general liability section of a security company insurance policy. Making sure you have the right coverage, even if it costs a little more, is critical in the event of a large claim.
Medical Malpractice (Not Just For Doctors Anymore)
Incidental medical malpractice is another example of coverage that is normally excluded by the regular general liability section of a security company insurance policy. If a security guard breaks up an attack, and renders first aid to a victim, they may be protected from criminal charges by Good Samaritan laws, but the security guard company may be obligated to pay civil damages to the person they tried to help if their aid actually caused further injury.
Having a comprehensive security company insurance program in place is critically important to ensuring all aspects of your business are covered. With the right coverage in place, you can also make sure that your customer’s needs are met in the event of a complicated claim.
**For more information about Security Company Insurance contact me at JHall@SouthernStatesInsurance.com or call me at (678) 715-9634. **Our Workers Compensation and General Liability programs are designed for firms with more than $100,000 in annual payroll. Our General Liability programs Include a $1 million limit and start at $5,000 in annual premium in most states.**