Security guard insurance is a type of insurance specifically designed to protect security guard companies and their employees. It is designed to cover a wide range of risks, including liability, property damage, and workers’ compensation. Security guard insurance can also provide coverage for theft and other criminal activities, as well as for unintentional errors or omissions.
Who Needs Security Guard Insurance?
Security guard insurance is recommended for any company that provides security guard services. This includes both public and private security guard companies. It is important for these companies to have adequate coverage in order to protect their employees and their business.
Security guard insurance can also be beneficial for security guard companies that are contracted out by other businesses. In these cases, it is important for security guard companies to have adequate coverage in order to protect their own business and the businesses they are contracted to provide services.
Common Types of Security Guard Insurance
There are a number of different types of security guard insurance available. The most common types of coverage include general liability, property damage, and workers’ compensation.
- General liability insurance provides protection for a business in the event of a claim or lawsuit. This type of coverage can help to cover the costs of legal fees and damages if the company is found to be at fault.
- Property damage insurance provides protection for a business in the event of property damage. This type of coverage can help to cover the costs of repairs or replacement of damaged property.
- Workers’ compensation insurance provides protection for employees in the event of an injury or illness. This type of coverage can help to cover the costs of medical bills and other expenses associated with an employee’s injury or illness.
In addition to these common types of coverage, there are also other types of security guard insurance available, such as theft and criminal activity insurance, errors and omissions insurance, and professional liability insurance.
How Much Does Security Guard Insurance Cost?
The cost of security guard insurance can vary depending on the type and amount of coverage needed.
The cost of security guard insurance can also vary depending on the size and scope of the security guard company. Companies that are larger and provide more extensive services may need to pay more for their insurance coverage.
Security Guard Insurance Requirements
In order to obtain security guard insurance, a company will typically need to provide proof of their business license and professional certification. Additionally, companies may need to provide proof of their employees’ training and experience.
In some cases, companies may also be required to provide proof of their financial stability. This may include proof of their assets and financial statements.
Commercial Insurance And Business Industry Classification
- SIC CODE: 7381 Detective, Guard, and Armored Car Services
- NAICS CODE: 561612 Security Guards and Patrol Services
- Suggested Workers Compensation Code(s): 7720 Police Officers & Drivers
Security Guard Insurance – The Bottom Line
Security guard insurance is an important tool for any security guard company, and it is important to make sure that the company has adequate coverage in order to protect their employees and their business.