Learn More About Security Guard Liability Insurance
The job of a security guard is surrounded by many risk factors. Although for most part, he can perform his duties peacefully on regular basis but time comes when he needs to do something that is beyond his everyday experience to safeguard the area and the people from criminals and violence for which he works. This is the reason why security guards need insurance for themselves and the company they work for. In this blog we will be discussing about insurance policies for security guards and how it protects this particular group from any kind of financial loss.
How security guard insurance works?
In general, all the possible liabilities that any security company might face during the protection of the premises and people are covered by insurance for security guards. In majority of the cases security guards are hired to provide protection against vandalism, fire, theft and any other type of illegal acts. Today majority of the security companies offer services that include neighborhood patrol, personal bodyguard service or protection from a static position like in a shopping mall.
In case of any violent occurrence at one of these locations, that can cause damages to the area and injure people as a result, liability insurance and worker’s compensation insurance usually cover these types of situations so that everyone involved in it can be protected at least to some extent.
Who security guard insurance protects
It is essential for security agency to protect its workers and its clients to stay safe in case of any unexpected occurrence. Moreover, security companies always bear the risk of being sued by its client if they ever feel that the security guards have failed to perform their duty at the time of crisis. Additionally any litigation efforts against the company could even cost enough money to make it bankrupt.
In order to stay safe from all these threat, the security companies, its clients and the security guard must be adequately protected by security guard insurance as they are always at higher risk in case of any criminal activity within the premises. Keeping these things in mind security guard liability insurance is written in such a way that it protects everyone who has been victimized due to violent or illegal activities.
Various types of security guard insurance
Independent security contractors or freelances have to take the responsibility to find their own insurance in order to stay protected during their duty hours. For most of the security guard personnel, there are certain types of insurance available that offer the necessary protection to them.
- Property insurance – offers protection to a property when a security guard fails to prevent some acts which cause damage
- Professional liability insurance – This type of insurance provides coverage when a guard may have been negligent towards his duty or where inaccurate information was provided
- Workmen’s compensation insurance – This type of insurance covers any type of injury a security guard sustains while performing his duty, possibly including post-traumatic stress disorder.
- General liability insurance – This particular insurance covers many situations that may occur during the duty period of the security guard. Guards are generally requested to report what they observed and did during their shifts which may contradict eyewitness accounts of events that occurred during those times.
Insurance cost of armed vs unarmed
Security company’s contracts are usually of low-risk contracts where a security guard has no interaction with public for a majority of the time. These kinds of contracts are mainly directed towards security companies that manage parking lots, industrial locations, and construction sites. On the other hand, high-risk contracts are written for the security work that engages constant dealing with the public.
Such situations include concerts, events, bars, and celebrity security. High-risk contracts often need armed guards to perform necessary protection work, whereas low-risk contracts are generally written for unarmed guards. So evidently the cost of insurance for armed guards is significantly higher than it would be for unarmed guards.