Fri, Jan 8, 2021
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Security Guard Companies face a lot of risks but Security Management can help stay protected. Read more to know things a security guard company needs for protection.
The thought may appear weird, but the need for security is common for all businesses, even if it is a Security Company.
If a security guard is protecting your premises, you must feel secured to be under the watch of a dedicated professional. But, what about the security guards themselves or the security guard company itself? Are they protected all the time or do they also take extra measures to ensure the safety of their assets, data, and employees? As per the statistics, security guards are exposed to higher risk and the fatality rate for security guards is twice the rate for workers from other industries.
Some common threats that a security guard company may face include damage to the official property, security guards being injured at the client’s site, data breach or data theft, damage at the client site causing losses, frauds in the accounts department, expired licenses, poor compliance and more. However, thanks to the advanced knowledge of Security Management and access to the Security Management System that professional security guard companies have, all these threats can be tamed easily. The Security Industry Specialists state that efficient Security Management and preparedness can help almost any business to safeguard its assets.
If you are in a Security Management Business, wondering why and how to secure your business, this blog has much to offer. We have identified the key risk factors for security guard service companies as well as the best practices to ensure protection against them.
Security Management outlines several important aspects that make a Security Guard Business vulnerable. From security guards being sued for using excessive force to improper cybersecurity that leaves confidential client data exposed, there are hundreds of ways why security businesses may be more insecure than the clients they safeguard. Let us discuss the key protective measures a security guard company must take to strengthen its Security Management practices.
1. Buy an Insurance:
Just like permits and licenses, buying an appropriate insurance policy is one of the critical requirements to ensure the legality of security guard companies. Your security guards must be efficiently protected with the right insurance. The two types of insurance that you must mandatorily have as a legitimate Security Guard Business includes:
Liability Insurance provides you a protection cover in case something happens to your client. There is a range of liability exposures that a security guard company faces on the line of duty. Efficient Liability Insurance policy safeguards a Security Guard Business from unpredictable circumstances.
As much as you try to employ the best and reliable security guards, there is a 1% risk that a security guard may turn out to be a fraud and may cause damage to the client’s property. Many times unintentional damage may be caused which can prove a serious risk to the integrity of your business. Bonding Insurance covers all such risks and provides you protection in case a security guard of your company steals the client’s property.
Security guards operate in a risky environment and are exposed to a range of risks. Some of the common risks that security guards face at work site includes:
The physical workload
Risks from the psychosocial workload
If any of these risks result in an injury at the workplace, the Security Management Services provider is liable to take care of the injured security guard and its medical expenses. Workers Compensation Policy covers such medical expenses. This in turn helps security companies in offering:
Financial assistance to the injured security guard
Protect the company in case of a lawsuit
Alleviate the risk of employee lawsuits
2. Invest in Technology
Just like any other business, Security Guard Business too needs to equip itself with various technologies. The use of a smartphone feature-rich app can help security guard Companies to make their security guard more prepared for their job. Besides, it boosts command, control, and reporting capabilities. From cyber threats to misallocation of resources and cost-effectiveness, a lot of critical security business issues can be sorted with the help of technology. How? Here are the details:
A report suggests that one out of four businesses have incurred a loss of $500,000 in the past year. With the types of cyber threats increasing with each passing day, every business, including security guard Companies, needs to be prepared with advanced cybersecurity measures. Cybercriminals can target your finance department and cost you plenty of losses. Even worse, a cyber-attack can make you lose all your critical client database which leaves you exposed to the competition and also at legal risks for leaving your client’s details susceptible. You must use technological defenses against cyber threats. Partnering with a cyber-security company shall be a great start.
One of the biggest reasons why security guard companies bear losses is the misallocation of resources. A Workforce Management System like Novagems can help security guard companies save resources in more than one way. From efficient scheduling to security guard monitoring, Novagems have features that allow complete control. Additionally, Novagems promotes remote monitoring abilities which eliminates the need for on-site supervision, a significant cost that security guard companies deal with while managing multiple client sites.
When a Security Guard Services company decides to go digital, they save themselves a lot of resources including money. Dollars are saved by having digital records. Similarly, the use of technology in attendance and time management, payroll management, and reporting prevents human errors which leave Security Guard Business exposed to legal complications.
3. Physical Security
Security guard companies, like many other businesses, have their assets. This includes employees, property, equipment, and more. Safeguarding these assets is the responsibility of the security company owner. Security guard companies need security guards protecting their office premises and all the tangible and intangible assets in the premises. Security Guard Management plays a crucial role. A great way to utilize the resources here is using backup security guards as dedicated security guards at the company’s site.
4. Legal Department
You may need a professional to represent your legal matters. Trust us, when you are a security guard company dedicated to law enforcement, you are exposed to a range of legal complications. Common civil lawsuits that can be filed on a Security Management Services providers include:
Assault and battery
Excessive use of force
Wage and hour class action
Breach of contract
Civil rights violations
You can have a dedicated lawyer in your team or partner with a law firm to offer you professional legal advice. An experienced lawyer has a great understanding of the standards in the security industry and can help you draft legislation related to the industry.
Dedicated legal advice can help you with:
Private security guard licensing is a complex issue and must be handled by someone having comprehensive knowledge of the standards and licensing requirements in the security industry. The lawyer can help you deal with a compliance audit, complaint with the Department of Consumer Affairs as well as employees compliance-related training.
Employee manuals, policy and procedure documents, legal service contracts, security service agreements, and other related legal documents demand superior knowledge when drafting. The lawyer will have a great understanding of dealing with such sensitive matters and safeguard your company at all costs.
Security guard companies handle special responsibility and a crucial part of the Security Management practice is handling the litigation part. The lawyer would represent you in a case charged with assault and battery, negligence, defamation, false imprisonment, and more.
5. Accounting Department
Accounting needs are common to all businesses and hence a security guard company needs a dedicated accountant. Stats suggest that the average payroll and labor costs at a security guard company can be as much as 40% of the sales. The numbers matter a lot for your business if you are considering being a profitable Security Management Business. This is where effective accounting comes into action.
A dedicated accountant can handle your bookkeeping requirements, Tax preparation and planning, Payroll and HR services, and more. When you have your financial data safe and in the hands of an expert, you can feel secured internally and offer more efficient services.
A Security Management Plan for security guard companies must address all these security risks and elements that help them stay protected. Even the top-rated Security Guard Business needs to protect itself to offer reliable services to its clients. We hope this blog helps you understand the need for security. A Security Guard Business must address all the possible measures that can prove helpful in safeguarding your integrity.