As a business owner, you want to ensure that your premises, employees, and customers are always safe and secure. One of the ways to achieve this is by hiring security guards. However, having security guards on your payroll comes with its own set of risks and liabilities. This is where security guard insurance comes in. In this article, we will discuss everything you need to know about security guard insurance.
What is Security Guard Insurance?
Security guard insurance is a type of liability insurance that protects security guard companies and their clients from claims arising from the actions or omissions of their security guards. This insurance provides coverage for a wide range of liabilities including bodily injury, property damage, personal injury, and wrongful acts.
Why Do You Need Security Guard Insurance?
Security guard insurance is necessary because security guards are exposed to many risks while on duty. They may cause accidental harm to customers or employees, damage property, or engage in wrongful acts such as theft or assault. If any of these incidents occur, your business could be held liable, and you may have to pay for the damages or face legal action.
Having security guard insurance ensures that you are protected from these risks and liabilities. It provides coverage for legal fees, medical expenses, and damages awarded in a lawsuit. With security guard insurance, you can have peace of mind knowing that your business is protected from financial losses arising from unexpected events.
What Does Security Guard Insurance Cover?
Security guard insurance typically provides coverage for the following:
- General Liability: This coverage provides protection against bodily injury, property damage, and personal injury claims. It also covers legal fees and damages awarded in a lawsuit.
- Workers’ Compensation: This coverage provides protection for security guards who are injured while on duty. It covers medical expenses, lost wages, and rehabilitation costs.
- Errors and Omissions: This coverage provides protection against claims arising from wrongful acts, negligence, or errors committed by security guards. It covers legal fees and damages awarded in a lawsuit.
- Cyber Liability: This coverage provides protection against data breaches, cyber attacks, and other cyber-related risks.
- Umbrella Insurance: This coverage provides additional liability coverage beyond the limits of your primary insurance policies.
How Much Does Security Guard Insurance Cost?
The cost of security guard insurance depends on several factors such as the size of your security guard company, the number of guards you employ, and the type of coverage you need. Generally, the cost of security guard insurance ranges from $500 to $5,000 per year per guard.
How to Choose the Right Security Guard Insurance?
When choosing security guard insurance, it is important to consider the following factors:
- Coverage: Make sure the policy provides adequate coverage for your specific needs.
- Limits: Ensure that the policy limits are high enough to protect your business from financial losses.
- Deductibles: Choose deductibles that you can afford to pay in case of a claim.
- Reputation of the Insurance Company: Choose an insurance company with a good reputation for paying claims promptly and fairly.
- Cost: Compare quotes from different insurance companies to get the best value for your money.
Conclusion
In conclusion, security guard insurance is an essential tool for protecting your business from unexpected events and liabilities. It provides coverage for a wide range of risks and liabilities associated with employing security guards. When choosing security guard insurance, make sure to consider your specific needs and choose a policy that provides adequate coverage at an affordable cost. With the right security guard insurance in place, you can focus on growing your business without worrying about unforeseen risks and liabilities.
