Maintaining peace and order doesn’t only fall on the shoulders of law enforcers. Security guards are also tasked with keeping people safe. while they’re on the premises of a mall, retail store, or any other business. Consider purchasing self employed security guard insurance coverage because it will help.
business insurance for security guard companies offers comprehensive general liability, professional liability, workers’ compensation, and commercial property. Read to know the cost of premiums, the function and limits of each policy, and compare quotes online for free.
Liability Insurance for Security Company
General liability insurance, public liability insurance, and professional liability insurance are different forms of liability insurance for security companies. Get these to satisfy state and contract requirements.
General Liability Insurance for Security Guard Company
You need $2 million general liability insurance for a security guard company. General liability insurance grants protection when your business is liable for the bodily injuries or property damage of third parties.
General liability insurance is available as a short-term policy that lasts for hours, days, weeks, or months. Consider getting this if you’re looking for instant armed guard insurance coverage that will satisfy contract requirements.
| Value | |
| General liability per occurrence limit | $300,000-$2 million |
| General liability aggregate limit | $2 million-$5 million |
| Products and completed operations coverage limit | $2 million |
| Advertising injury coverage limit | $1 million |
| Rented premises liability coverage limit | $300,000 |
| Customer property floater coverage limit | $1,500-$3,000 |
| Key lock loss and replacement floater coverage limit | $500-$1,500 |
| Medical payments coverage limit | $5,000 |
Public Liability Insurance for Security Company
A public liability insurance for a security company covers claims for bodily injuries or property damage. It doesn’t grant protection against other liability exposures. In the USA, public liability insurance is automatically included as part of your security company’s general liability insurance.
Professional Liability Insurance for Security Guards
| Value | |
| Professional liability per occurrence limit | $1 million-$2 million |
| Professional liability aggregate limit | $2 million-$4 million |
Unlike general liability insurance, professional liability insurance for security guards isn’t required to operate legally. Nonetheless, consider getting this.
You need at least $1 million-$2 million professional liability insurance.
Professional liability insurance for security companies covers claims for negligence, violation of good faith,inaccurate advice, breach of confidentiality, and other related exposures. This is available as an occurrence or claims-made policy.
Security Service Car Insurance
You can add a commercial auto policy to your security guard company insurance. Use this to cover the commercial vehicles of your business that employees use to reach work locations and conduct patrols. Commercial auto insurance has these coverages:
Auto Liability Coverage
Your security company is responsible if its vehicle causes an accident and injures third parties or damages properties. Auto liability coverage in commercial auto insurance assumes such responsibility and will pay for the medical expenses of injured persons.
| Value | |
| Auto liability coverage limit | $100,000 per bodily injury
$300,000 per accident $100,000 per property damage |
| Uninsured motorist coverage limit | $50,000 per bodily injury
$100,000 per accident |
| Underinsured motorist coverage limit | $50,000 per bodily injury
$100,000 per accident |
| Medical payments coverage limit | $5,000 |
Commercial Property Insurance for Security Guard Companies
Commercial property insurance protects the owned, rented, or leased office where you keep documents, train security personnel, admit clients, and store equipment.
This armed security insurance policy will reimburse your losses if the office gets destroyed or damaged by:
- Fire
- Theft
- Vandalism
- Riot
- Civil commotion
- Malicious mischief
- Sinkhole collapse
- Volcanic action
The coverage of commercial property insurance doesn’t only apply to the office but also to the objects inside.
| Value | |
| Building coverage limit (minimum) | $25,000-$100,000 |
| Contents coverage limit (minimum) | $25,000-$100,000 |
| Signs, fences, and other outdoor installations coverage limit | $2,500 |
| Credit card slip, loss, or damage coverage limit | $10,000 |
| Employee dishonesty coverage limit | $10,000 |
| Accounts receivable coverage limit | $5,000-$10,000 |
| Personal effects coverage limit | $2,500 |
Workers Compensation Insurance for Security Guards
Security service is risky. Personnel can get hit by something, get involved in shootouts, or even experience health problems. Because of this, a worker’s compensation policy is always included in security company insurance plans.
So how does the policy work? Workers’ compensation insurance will take care of these expenses when an employee of your security company sustains a work-related injury or disease:
- Medical treatment/procedure-It covers If a security guard working for your security company gets involved in a shootout and sustains injuries.
- Lost income compensation-It covers If an employee of your security company requests a leave to continue healing a work-related injury or illness
- Death benefits-Workers’ compensation insurance takes care of funeral expenses and provides money to dependents if an employee of your security company dies due to a work-related injury or disease
Get all the best quotes from leading providers in a click of a button!
Employer’s Liability Insurance for Security Guard Companies
Employer’s liability insurance is automatically included in workers’ compensation insurance. Some insurance companies allow you to exclude this to make premiums cheaper.
| Value | |
| Each employee injury by disease coverage limit | $1 million |
| Each employee injury by accident coverage limit | $1 million |
| Each employee injury per policy limit | $1 million |
Armed Security Guard Insurance Cost
Expect to pay $105 per month or $1,260 per year for a $1 million general liability insurance for armed security guards. This Security Guard Business Insurance Cost estimate assumes that you have 5 employees and generate $500,000-$750,000 revenue per year.
Carriers determine the security company insurance cost based on your business history, location, claims history, number of employees, revenues, types of security services you provide, and the clients you usually work with.
| Cost per Month | Cost per Year | |
| General liability insurance | $105 | $1,260 |
| Professional liability insurance | $119 | $1,428 |
| Workers compensation insurance | $125 | $1,500 |
| Commercial property insurance | $110 | $1,320 |
| Business owner’s policy | $115 | $1,380 |
Best Security Guard Insurance Companies
NEXT
NEXT works with Tivly to cover security company insurance with general liability insurance, professional liability insurance, and commercial auto insurance. General liability policy from this company has a $1 million per occurrence limit and a $2 million aggregate. Professional liability insurance, on the other hand, has a $1 million per occurrence and aggregate limit.
Average cost: $51 per month
Our rating: 10/10
Pros
- Best overall
- Fastest general liability insurance for security guards
- Great customer service and reputation
- Issues an online proof of insurance instantly
- Outstanding value for money
- Bundle two or more insurance policies and get a 10% discount
Cons
- Security guard insurance policies are underwritten by Tivly
Help others make better decisions
CoverWallet
CoverWallet’s tailored insurance for security guard companies offers four insurance options. Include-general liability only, general liability and commercial property, business owner’s policy with workers compensation insurance, and a custom plan.
Average cost: $48.41 per month
Our rating: 10/10
Pros
- Security guard insurance quotes comparison online
- Cancel a policy anytime
- Pay premiums online
- Free certificates of insurance
Cons
- Not an insurance company but an insurance broker
Tivly
Tivly’s tailored coverage for private security contractors offers general liability insurance, workers compensation insurance, and commercial auto insurance. Many reputable insurance companies will refer you to this carrier if they can’t provide coverage.
Average cost: $51 per month
Our rating: 10/10
Pros
- Responsive customer service
- Call and compare security guard insurance quotes over the phone
- A partner of many reputable insurance companies
Cons
- You need to call to get a quote
Hiscox
Hiscox offers professional liability and general liability insurance for security companies. You get to choose limits between $250,000-$2 million. Moreover, your professional liability and general liability policies provide worldwide coverage
Average cost: $60 per month
Our rating: 10/10
Pros
- Worldwide coverage
- 14-day money-back guarantee
- Customizable limits
Cons
- Poor customer reviews on BBB
XINSURANCE
It exists to fill gaps in the insurance market by taking on high-risk clients that other carriers may not be willing to work with.
XINSURANCE’s security officer insurance is available for both armed and unarmed guards, and it can even be tailored to fit doormen.
Average cost: $90 per month
Our rating: 9/10
Pros
- Wide range of policies
- Reasonable price
Cons
- Not available in some states
