The security industry covers a broad spectrum, and this means that the insurance policies relating to the sector tend to be bespoke, rather than a one-size fits-all package. The type of cover will depend on the level and the nature of the risk undertaken by the company. here’s a look at the most common insurance needed for security-based businesses.
Events security cover
For a company that arranges and hosts events, such as sports matches, concerts, and so on, public liability insurance is essential. This will provide the business with cover, if a member of the public makes a claim because of injury or illness caused to them while they attended an event. It will also provide cover if property is damaged during an event.
Other types of cover that may be needed for events insurance include loss of keys cover, and contents insurance if there will be significant amounts of materials or valuable equipment at the event. Businesses will also need employer’s liability insurance, should a member of staff suffer an injury at work and bring a case against the company.
Professional liability insurance may be required for companies which specialise in organising and planning events, and making the security arrangements. It may be worth considering cancellation cover, which will protect the business against financial loss, should the event have to be cancelled at short notice.
Security industry inefficacy cover
Inefficacy cover is defined as ‘cover on the basis of failure to perform.’ This could be in relation to equipment such as security lighting, fencing, or alarms which don’t function as expected. It could also relate to staff who are accused of not dealing with a security situation in an appropriate manner.
Inefficacy cover is a bespoke policy that will be unique to each company. If you are looking for security company insurance, talk to us today.