Whether you have a new business or running an established one, getting insurance is a must. Why? Because business environments have many uncertainties, and no one can guarantee anything. Thus, it is always to be on the safe side with insurance.

The reason is that, compared to most other professions, security guards have to deal with the danger to a greater extent. So insurance is not a negotiable aspect of your security guard business.

Types of Insurance Policies For Security Guard Businesses

The nature and size of your security guard business play a crucial role in determining the type of insurance you need. These insurance policies are generally customized to cater to the unique requirements of business organizations.

Suppose your business is a sole proprietorship; it will automatically need a different insurance policy than a company. Customizing your insurance policies means you do not pay a premium for what you do not need to insure.

So here are the different types of security guard insurance policies.

1) General Liability Insurance Policy

What is General Liability Insurance?

As the name suggests, General Liability Insurance (GLI) provides coverage to businesses against general claims. These claims include bodily injuries and property damage done on the part of the company. One can refer to a general liability insurance policy as one of the most basic policy coverage businesses need.

In most cases, security guard businesses have to furnish proof of general liability to get the business license in the first place.

Why do you need General Liability Insurance?

Many even refer to general insurance as a variant of commercial insurance for protecting the security guard business from financial losses. However, the claims must arise from any property damage or bodily injuries. So, in the case where your security guard or patrolling officer gets in an accident while on duty and causes bodily injuries or property damage to a third party, this insurance will help you cover the losses.

What is the cost of General Liability Insurance?

Less than $25

The premium costs of these insurance policies depend on different factors. These factors include location, size, nature of risk, amount deductible, and coverage limit for your security guard business.

2) Commercial Automobile Insurance Policies

What is Commercial Automobile Insurance?

Commercial Automobile Insurance is an insurance coverage most businesses avail of where there is a usage of automobiles or vehicles. For security companies, these vehicles mostly include patrolling cars. Security guards cannot do their jobs sitting idle in a place. They need to move across locations, and even if you are a small security guard business, you will need at least one vehicle. In such cases, get insurance for your patrolling vehicles to avoid losses when things go wrong.

Why do you need Commercial Automobile Insurance?

Commercial Automobile Insurance will cover the damages for you and other vehicles involved in a mishap. Additionally, these insurance policies offer cover for employees driving the car during the accident. Any property damage caused due to the vehicle accident also comes under this insurance policy.

What is the cost of General Liability Insurance?

$130 per month

3) Worker’s Compensation Insurance Policies

What is Worker’s Compensation Insurance?

Worker’s Compensation Insurance helps businesses provide coverage against any claims or lawsuits filed by their employees for losses or damages caused by the employer. In most regions, the worker’s compensation insurance is manadatory for security businesses. The law mandates organizations to take this insurance to ensure the welfare of their employees.

Why do you need Worker’s Compensation Insurance?

The employees or their family members may claim coverage in the case of loss of job, injuries during work, loss of wage due to injuries, death due to an accident at the workplace, or any other loss incurred due to the negligence of the employer. These insurance policies ensure compensation for employees.

What is the cost of Worker’s Compensation Insurance?

Less than $150 per month

4) Commercial Umbrella Insurance Policies

What is Commercial Umbrella Insurance?

Most security guard businesses are known for offering services that pose a danger to their employees. Such services are crucial for these businesses as it helps them make a mark for themselves in the market. Nonetheless, in such cases, it is highly recommended you take a commercial umbrella insurance policy. The policy provides insurance coverage for a variety of claims and helps businesses pay suitable compensation.

Why do you need Commercial Umbrella Insurance?

These policies cover much more than any other business insurance policy would. For instance, suppose your security guard business faces a lawsuit seeking considerable compensation. In such cases, an umbrella insurance policy will help you cover excess losses to minimize the impact on your business.

What is the Cost of Commercial Umbrella Insurance?

Variable 

5) Professional Liability Insurance Policy

What is Professional Liability Insurance?

Professional Liability Insurance Policy covers damages caused by a lack of professionalism from your end. For instance, suppose a client is aggrieved and suffered losses due to some mistake from your end. In such cases, a professional liability insurance policy will help you cover your losses.

Why do You Need Professional Liability Insurance?

These are very useful for security guard businesses. But unfortunately, there can often be cases of false apprehension causing further complications. So a professional liability insurance policy can help you get out of the messy soup with minimal consequences.

What is the cost of Professional Liability Insurance?

$85 per month

Security guard businesses already have a lot on their plate, so adding more hassle is not something anyone would want. Therefore, it is always better to be on the safer side and get oneself the necessary insurance policy based on their requirements. So get any of these insurance policies mentioned above to safeguard your security guard business.