So you have a security company or are thinking about getting into the business, but what about insurance? Are you and your employees properly covered? Security guards often have a somewhat high-risk job and your clients will demand that you and your employees have proper security insurance before employing your company. You need to therefore make sure that you have the best insurance money can buy.
Types of Security Insurance
Before you dive into security guard insurance, you need to get to know the different types. Though you may be familiar with most types of insurance, security guard insurance is a whole other animal. First you have to consider the job of security guards. Though not inherently dangerous, there is always that risk. Whatever they are guarding needs guarding for a reason.
Though there may be variations in your policy depending on exactly what sort of security operation you are running, there are a few common types of security insurance that you will find, all designed to protect you and your employees. First, there is general commercial liability or broad form property damage coverage, which is just a basic insurance coverage. You will need to supplement this with personal injury coverage, fire damage coverage, assault and battery coverage, property damage coverage with theft extension, lost key coverage, errors and omissions coverage, false arrest coverage, invasion of privacy coverage, malicious prosecution coverage, and libel and slander coverage. As you can see, this long list seeks to cover you and your employees no matter what happens when they are on the job.
The easiest place to find insurance is, of course, the Internet. The problem with this, of course, is that companies often misrepresent themselves online. The best thing you can do before purchasing insurance is to do some research.
Find some security insurance companies and look for some reviews. This will often turn up some really good information on all the various companies. Find the company with the most positive reviews and the least negative reviews and give that one a try first.
Another option for your research, of course, would be to ask around if you have any contacts in the security business. These more experienced fellows might be able to point you in the right direction.
Security Insurance Checklist
So you think you’ve found the right security insurance company, but there are a few things you need to consider before you sign on the dotted line.
First, is this insurance company legitimate? Think about where you found this company and how you felt when you were dealing with them. Did you feel comfortable, like you were dealing with professionals, or was it more of a fly-by-night kind of feel?
Second, is the coverage they offer complete? You need to make sure that you have all the bases covered when you get into the security business. You don’t want to get caught with your pants down when something unforeseen happens.
Lastly, are you getting what you’re paying for? This is a delicate balance. Don’t be fooled by cheap insurance—as the old saying goes, “You get what you pay for.” It may be worth it in the long run to shell out a few more bucks for complete coverage. On the other hand, you don’t want to get swindled into paying more than you should either.
In the end, it behooves you to be cautious when purchasing security guard insurance. Do some research and ask some questions, you’ll soon enough find the right company for you.
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