The golden rule of insurance is that no two companies are alike, and this tenant is especially true when it comes to security insurance.
The security industry is a vast set of exceptionally different fields united under the common goal of protected health, wellbeing and property.
To that end, whilst there are some universal coverage packages you need as a security firm, such as Employers’ Liability, general liability, property and car insurance, different industries require a more bespoke slate of insurance packages.
Here are just a few different types of company working in the security sector and the types of insurance they might need.
One of the most important businesses in the security sector is consultancy and the ability to deliver expert advice on which security measures would be the best solution to help protect businesses, from technological solutions to monitoring to the hiring of security guards.
However, there are cases that an incident occurs and the company blames the consultancy firm for their advice and brings legal action against them, for example for negligence.
Professional liability insurance helps to cover the firm from any action taken against them and ensure that even if a court case does not go the way of the consultancy firm, it does not necessarily lead to the end of the business.
An ever-growing field in security, cyber security focuses on electronic data and how it is protected from people who wish to destroy or steal that data, which can lead not only to significant reputational damage but also can have significant financial consequences.
Cyber security insurance protects data controllers and data processors and covers the costs of refunds, credit notes, legal costs and consultation with crisis communication specialists.
With security guards being an essential part of protecting businesses across the world, inspecting the property and ensuring that bad actors are not able to compromise a place of business, they require a package of insurance policies that protects them if they are in harm’s way.
This means that policies such as personal injury insurance is a standard part of a security guard insurance package alongside general liability, professional liability and car insurance.
As well as this, however, there are provisions for wrongful arrest, where a guard faces criminal or civil charges whilst on duty, as well as provisions in case keys are lost to pay for any replacement locks or keys.