Security companies are trusted by businesses to protect their property, belongings, staff and customers. Whilst you’re busy protecting businesses, are you ensuring yours is protected in the event an accident occurs? Security company insurance is a form of business insurance that protects your business in the event that an unforeseen accident or unforeseen event occurs on your premises or under the watch of your security team.
Why use security company insurance?
Any business that deals with the public should hold sufficient security company insurance in the event an accident occurs or a claim is filed against your business resulting in compensation being paid by your business. This is especially important for security companies, who may be in the position to engage or even restrain members of the public, such as door supervisors at a nightclub or event. Should a member of the public file a claim against your company, you could be met with a hefty compensation fee.
Further to this, security companies are often employed to protect a high value home or business, should your team fail to protect the client's business, you could be met with a claim equal to the amount of damage or theft the client faces as a result of the intrusion. Many clients will require proof of sufficient security company insurance to hire your services.
For SIA trained and licensed security staff, who may be working as security guards protecting shops, offices, car parks or concert venues, alarm installers monitoring CCTV and fire and burglar alarms or close protection security guards, a specialist security industry insurance policy will allow you to tailor your coverage to your exact specifications and requirements.
What does security company insurance cover?
Your individual business insurance requirements are unique, but typically a security company insurance policy might include:
- Buildings insurance: Covering repairs to your security business premises, its structure, fixtures and fittings
- Contents insurance: Protecting your business’s furniture and contents
- Business interruption insurance: If your business is closed following a fire or flood, business interruption insurance can cover some of the income lost.
- Public liability insurance: In the event that your security team cause damage or injury whilst working
- Employers liability insurance: In the event that a member of your staff is injured whilst working
Additional options that you might wish to consider for your security company and your staff include:
Security company insurance - Frequently asked questions
Do I need security company insurance?
Legally, you do not need to hold security company insurance, but claims made against your business can become very expensive should an accident occur, such as a fall on your premises or a failure by your business resulting in damage or theft to your client’s business.
Furthermore, many clients will require you to hold sufficient levels of insurance before they contract your security business.
If you employ security staff or doormen for your business, you are legally required to hold employers liability insurance.
How much does security company insurance cost?
As with any business, your insurance quote will depend entirely on your individual circumstances. Many factors can influence the security company insurance you receive, such as:
- Your annual business turnover
- The level of cover - public and/or employers liability - you require
- Your age, location and relevant experience
- Your SIA status
- Number of employees
- The types of security work you undertake as a business
- Previous claims experience
What about insurance for a self-employed security guard?
If you are a self-employed security guard and/or you work on a freelance basis, perhaps as a nightclub doorman, QuoteRack can also help you to find the necessary insurance cover for you and your business.
How can QuoteRack help with security company insurance?
If you have received your annual business insurance renewal reminder, now is the best time to compare alternative quotes for your security company insurance policy - you don't need to provide the same details several times over, with QuoteRack's help your insurance requirements will be sent instantly to our network of specialist brokers, who will contact you directly with their best quotes.
If you own a security company and you are looking for competitive business insurance quotes, QuoteRack's specialist insurance brokers will help you - just hit the 'Get a Quote' link to complete your details online.