According to experts, the average armed security guard salary ranges between $10 to $21 per hour. However, it may vary depending on your location, guard’s experience, and business security needs. Hiring armed or unarmed security guards can help you protect your business from burglary, fire and other incidents.
While you may own a business liability coverage, this insurance won’t protect your security team. As a business owner, you should consider buying guard insurance to protect your security service personnel.
Don’t know why you should consider obtaining this insurance coverage? We’ve got you covered. Here are the top five benefits of owning a security service insurance policy for your business.
1. Protection of All Security Vehicles
If your security guards drive business vehicles, you should consider including automobile insurance in your security service policy. This coverage will protect any means of transportation used by your guards. Patrol cars and golf carts are some of the typical vehicles your carrier may insure.
2. Insurance Coverage of Any Key Loss
It’s common for security guards to lose the keys to your facilities. Most security service insurance carriers will take care of the cost of replacing the keys and even rekeying your facilities.
Keep in mind not all carriers will cover all costs. Before buying a policy, you should ask the Security Guard Insurance company about their coverage for these incidents and how you can tailor your insurance.
3. Protect Your Business from Claims Due to Assault and Battery Incidents
Your security guards may commit assault or battery when they intervene with a burglar or another person during an incident. The victim may sue your company for damages due to these events.
You won’t have to worry about it if you obtain a security insurance policy for your business. Your insurance carrier will take care of the situation and cover the damages.
4. Coverage for Any Damages Due to Professional Negligence or Misrepresentation by Your Guards
Your guards will have to complete daily and incident reports. There’s a chance your security personnel might fill out these forms incorrectly or offer inaccurate accounts of the events.
This negligence or misrepresentation can cause damages and make your business liable. Security service insurance will protect your business from this liability and cover these damages.
5. Payment of Property Damages Caused by a Guard’s Negligence
It doesn’t matter the years of experience, there’s always a chance your guard may not be able to secure your premises. Your security guards may also be unable to prevent certain damages to your facilities.
Either way, your business can suffer property damages. Security company insurance will cover these damages and business losses.
Is Guard Insurance Worth It?
While you may think guard insurance is too expensive, the benefits and protection of your security team outweigh any cost. Depending on your location and line of business, carriers may offer different types of coverage.
You may consider an insurance policy that includes everything from worker’s compensation to general and professional liability. You may be able to figure out the best insurance coverage for your business. However, you should consult an insurance agent to learn about the best way to protect your business and the potential cost of this policy.
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