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Security Guard Insurance: Insurance for Security Companies

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Whether you’re getting a guard dog or hiring a handyman to build a fence around your property, it’s usually a good idea to stay safe. Security measures are a form of risk mitigation, much like insurance is for all other businesses, and clients rarely ever consider the huge amount of insurance that security companies need.

Over the course of this guide, we’re going to shed some light on what you need to know about security guard insurance. We’ll explore the cost of insurance for security companies, the most common policies that security businesses pay for, and some of the top carriers in the security insurance space.

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Liability Insurance for Security Company

Liability coverage is one of the most common forms of coverage that security firms pay for because it covers property damage and bodily injury suits. There are several forms of liability insurance for security guards, including general liability and public liability coverage.

General Liability Insurance for Security Guard Company

Security guard general liability insurance is a popular choice because it covers companies in more circumstances than public liability. Unlike public liability, general liability insurance applies to anyone on the premises while your security company is undertaking a job for a client.

For example, general liability coverage can apply to members of the public who get injured or have their property damaged, but it can also apply to your employees. For example, if a security guard ends up getting injured and filing a lawsuit against the business and the business is found liable, general liability coverage will kick in.

Public Liability Insurance for Security Guard Company

Public liability coverage is a more affordable form of insurance for security company than general liability coverage, making it popular for smaller firms. Since general liability covers more potential situations, it’s more of a risk for the carrier, translating to higher rates for the covered party.

The main difference between public and general liability is that public security guard insurance coverage will only apply to members of the public. This includes clients and even potential criminals that your security guards may have to apprehend while they’re working.

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Armed Security Guard Insurance Cost

The cost of armed guard insurance depends on a few different details about your business that the insurance company will obtain during the quote process. The most impactful factor that plays into the cost of your insurance is the size of your security guard company, with larger companies getting more expensive rates.

This is because larger security companies will be more likely to end up having to make a claim because they work with more clients and they have more security guards working at one time. If insurers were to charge large and small companies the same rates, they’d likely end up going out of business.

Another factor to account for is whether or not your security guards are armed with guns, since many insurance companies will charge much steeper rates because of the chance of serious bodily injury or property damage being done to members of the public. Here are some quotes we’ve gathered from the top companies in the armed security insurance industry:

CompanyCost per monthCost per year
XINSURANCE$90$1080
RLI Corp$112$1344
Ryan Specialty Group$87$1044


Private Patrol Operator Insurance

There are several forms of business insurance for security company clients, including private patrol operator coverage. This kind of armed security guard insurance is typically reserved for contractors and other solo operators, meaning that coverage of this type is often a lot more affordable.

As a private patrol operator, you don’t want to be held liable for a situation that was out of your control since it could potentially result in financial ruin or the loss of your job. Maintaining a valid liability policy will ensure that you avoid sticky situations that arise all too often in the security industry.

Best Security Guard Insurance Companies

When shopping around for security guard company insurance, it’s usually a good idea to check out the top companies in the industry. Due to the high level of risk involved in security industry insurance, most policies are handled by speciality insurance groups that are used to working with security companies.

XINSURANCE Security Guard Insurance

XINSURANCE 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 parent company is Evolutions Insurance Brokers, LC, and they work in the security, guard dog, and tattooing industries, as well as many more.

XINSURANCE Policy Details

XINSURANCE’s security officer insurance is available for both armed and unarmed guards, and it can even be tailored to fit doormen. They offer policies for individual security guards working under contract as well as entire security firms, so they’re more than willing to customize your policy to your liking once you get in contact with them.

Pros: 

  • Wide range of policies

  • Reasonable price

  • Many add-ons

Cons:

  • Not available in some states

Average cost: $90

Best for: Clients looking for customized coverage

RLI Corp Security Guard Insurance

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.

RLI Corp Policy Details

RLI’s security guard insurance programs are designed for larger private security firms and this is reflected in their relatively high policy limits. Their policies feature a limit of $1 million per occurrence but up to $5 million aggregate. Their policies also automatically include E&O coverage and key and lock replacement.

Pros: 

  • Key and lock replacement included

  • Higher policy limits

  • Coverage available in all 50 states

Cons:

  • Expensive

Average cost: $112

Best for: Larger private security firms


Buy Security Guard Insurance

If you’re looking to make a security guard insurance application, click 'Get Quotes' below and complete the form to find the cheapest quotes and coverage with the most qualified security company insurance carriers in your area.

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