Allow us to emphasize that this insurance broker’s commercial property insurance for security guard companies provides coverage for loss or damage of business assets, equipment breakdown, and lost revenues. Whether you manage a large security guard company or run a small security operation, you need insurance to match the level of risk involved. However, there are some coverages that apply across industries that need to be considered. For instance, a business owners insurance policy is a must for any business and combines property and liability coverage by clicking this link guardium.co
One of your bouncers working at a nightclub oversteps their authority and injures a customer they are trying to eject from the premises. Unfortunately, you may face situations that include the threat of violence when a criminal is apprehended, illegal activity, vandalism, theft, or bodily harm of a person in your care. Guards with firearms may be better able to defend themselves against armed attackers or thieves, but the chances of injury or death also increase. When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. We will customize a package specifically to meet your individual company needs. We have nearly 50 years of experience in the Security Guard industry and we have worked hard to be a respected industry leader.
General liability insurance will typically have some coverage for property damage, but property insurance gets a little more specific. General liability insurance, also known as business liability insurance, is one of the most general insurance policies a security company can hold. Most businesses, no matter what industry they operate in, will need this policy to protect their success.
Without insurance, you risk your own safety and ultimately the livelihood of your business in the event of a claim. Just like general liability insurance, you can get $1 million – $2 million from public liability insurance. And some companies offer public liability insurance having a $500,000 minimum coverage. So how much insurance money can you get from general liability insurance? General liability insurance provides $1 million – $2 million in coverage.
This insurance is usually taken out at places like bars and nightclubs, where the chances of dealing with a violent drunk are high. But it is becoming more common in retail stores, protecting security officers in situations with violent shoplifters or crazy Walmart shoppers. As a responsible gun owner, safety is your top priority and protecting your assets is ours. We protect you from the unexpected by offering custom, supplemental coverage. You’ve worked hard to grow your business so don’t let an accident or a lawsuit result in financial loss or closed doors.
In this blog post, we will discuss the top six qualities of a great leader and how you can use them to improve your physical security business. We are committed to delivering insurance solutions to the industries we support with honor, integrity, commitment and service. Your security business can be held liable for any advice or work was done that results in any form of damage. RLI was founded in 1965, as Replacement Lens, Inc., and they were one of the first carriers to insure contact lenses. Since then, RLI has moved into other industries and they’ve actually sold off their contact lens insurance arm, focusing instead on casualty insurance and property coverage. Certain exceptions may be written directly into your policy, and some perils may be entirely uninsurable.
As your insurance partner, we fight frivolous lawsuits to the best of our ability. If the fight your security guard participates in causes damage to the building next door, insurance may be able to cover the cost of repairs. Most security service firms and professionals purchase a policy with up to $2 million of general liability coverage.
Professional liability is there to protect the company if clients feel they received inadequate services. If a security guard fails to act in a timely manner or they fail to inform clients of an impending threat, professional liability covers negligence claims. This benefit is especially handy because the service is subjective in many ways. Your employee may have a legitimate reason for failing to act, but the client may have a completely different take on the matter.