As a security guard, your job is to protect people and property from harm. But who protects you in the event of an accident or lawsuit? That’s where guard insurance comes in. Guard insurance provides coverage for security guards and the companies that employ them, ensuring that they are protected against the financial risks of their job.
What is Guard Insurance?
Guard insurance is a type of insurance policy that provides coverage for security guards and the companies that employ them. It covers a range of risks, including accidents, injuries, property damage, and lawsuits. Guard insurance can be tailored to meet the specific needs of your business, ensuring that you have the right coverage for your unique risks.
What Does Guard Insurance Cover?
Guard insurance typically covers the following:
Coverage |
Description |
|---|---|
General Liability |
Covers accidents or injuries that occur on your business premises or as a result of your business operations. |
Professional Liability |
Covers allegations of negligence, errors, or omissions in your security services. |
Commercial Property |
Covers damage or loss of your business property, including equipment, supplies, and inventory. |
Workers’ Compensation |
Covers medical expenses and lost wages for employees who are injured on the job. |
Commercial Auto |
Covers accidents or damage that occur while driving for business purposes. |
These coverages can be bundled into a single policy, or purchased separately depending on your needs.
Why Do You Need Guard Insurance?
As a security guard, your job is inherently risky. You are often exposed to dangerous situations, and accidents can happen at any time. Guard insurance can help protect you and your business from the financial consequences of these risks. Without insurance, you could be held personally and financially liable for any accidents or injuries that occur as a result of your business activities.
Types of Guard Insurance Policies
General Liability Insurance
General liability insurance provides coverage for accidents, injuries, and property damage that occur as a result of your business operations. It can help pay for medical expenses, legal fees, and damages if you are sued for negligence or other covered claims.
What Does General Liability Insurance Cover?
General liability insurance typically covers the following:
- Bodily injury
- Property damage
- Personal and advertising injury
- Medical payments
How Much General Liability Insurance Do You Need?
The amount of general liability insurance you need depends on a number of factors, including the size of your business, the number of employees you have, and the nature of your work. Many businesses choose coverage limits of $1 million per occurrence and $2 million aggregate, but your needs may vary.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, provides coverage for claims of negligence or other errors in your professional services. It can help pay for legal fees, damages, and other expenses associated with a covered claim.
What Does Professional Liability Insurance Cover?
Professional liability insurance typically covers the following:
- Allegations of negligence or errors in your services
- Legal expenses associated with a covered claim
- Financial damages awarded in a lawsuit
How Much Professional Liability Insurance Do You Need?
The amount of professional liability insurance you need depends on the size and complexity of your business, as well as the level of risk associated with your services. Many businesses choose coverage limits of $1 million per occurrence and $2 million aggregate, but your needs may vary.
Commercial Property Insurance
Commercial property insurance provides coverage for damage or loss of your business property, including buildings, equipment, and inventory. It can help pay for repairs or replacement of your property if it is damaged or destroyed by a covered event.
What Does Commercial Property Insurance Cover?
Commercial property insurance typically covers the following:
- Structural damage to buildings
- Damage or loss of equipment and inventory
- Loss of income due to a covered event
How Much Commercial Property Insurance Do You Need?
The amount of commercial property insurance you need depends on the value of your property and the risks associated with your business operations. You should insure your property for its full replacement value to ensure that you are fully covered in the event of a loss.
Workers’ Compensation Insurance
Workers’ compensation insurance provides coverage for medical expenses and lost wages for employees who are injured on the job. It can help pay for medical treatment, rehabilitation, and other costs associated with a covered injury.
What Does Workers’ Compensation Insurance Cover?
Workers’ compensation insurance typically covers the following:
- Medical expenses associated with a covered injury
- Lost wages due to a covered injury
- Rehabilitation and other expenses associated with a covered injury
How Much Workers’ Compensation Insurance Do You Need?
The amount of workers’ compensation insurance you need depends on the number of employees you have and the risks associated with your business operations. Most states require businesses to carry workers’ compensation insurance if they have employees, so it is important to check with your state’s requirements.
Commercial Auto Insurance
Commercial auto insurance provides coverage for accidents or damage that occur while driving for business purposes. It can help pay for repairs or replacement of your vehicle, as well as liability claims if you are at fault for an accident.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance typically covers the following:
- Damage to your vehicle
- Liability claims if you are at fault for an accident
- Medical expenses associated with a covered accident
How Much Commercial Auto Insurance Do You Need?
The amount of commercial auto insurance you need depends on the value of your vehicle and the risks associated with your business operations. Many businesses choose coverage limits of $1 million per occurrence, but your needs may vary.
FAQ
Do I Need Guard Insurance?
If you own a security guard business or employ security guards, you should consider guard insurance to protect against the financial risks of your job. Without insurance, you could be held personally and financially liable for any accidents or injuries that occur as a result of your business activities.
How Much Does Guard Insurance Cost?
The cost of guard insurance depends on a number of factors, including the size of your business, the number of employees you have, and the nature of your work. Many businesses pay between $1,000 and $5,000 per year for guard insurance, but your costs may vary.
What Are the Risks of Not Having Guard Insurance?
If you don’t have guard insurance, you could be held personally and financially liable for any accidents, injuries, or property damage that occur as a result of your business activities. This could result in significant financial losses and even bankruptcy if you are sued for a large amount of damages.
How Do I Choose the Right Guard Insurance Policy?
To choose the right guard insurance policy, you should assess your risks and identify the types of coverage you need for your business. You should also shop around and compare policies from multiple providers to ensure that you are getting the best coverage at the best price.
Can I Bundle My Guard Insurance Policies?
Yes, many insurance providers offer bundle policies that combine multiple types of guard insurance into a single policy. This can help simplify your insurance coverage and may also save you money on your premiums.
What Should I Look for in a Guard Insurance Provider?
When choosing a guard insurance provider, you should look for a provider that has experience working with security guard businesses and understands the unique risks associated with your industry. You should also look for a provider that offers competitive pricing and excellent customer service.
Conclusion
Guard insurance is a vital tool for protecting your business and assets as a security guard. With the right coverage in place, you can have peace of mind knowing that you are protected against the financial risks of your job. To choose the right guard insurance policy for your business, assess your risks, identify the types of coverage you need, and compare policies from multiple providers to ensure that you are getting the best coverage at the best price.