Security Business Insurance: Essential for Security Guard Companies

As a security guard company owner, you know how crucial it is to protect your business from unforeseen events. Security business insurance is a vital investment that can safeguard your company's financial stability.

The average cost of a security breach in the US is $3.86 million, according to a recent study. This highlights the importance of having adequate insurance coverage to mitigate potential losses.

Security business insurance can help cover the costs of legal fees, settlements, and other expenses related to a security breach or lawsuit. This can be a significant relief for business owners who may not have the financial resources to absorb these costs.

In addition to protecting your business financially, security business insurance can also help maintain your company's reputation and trust with clients. A single security breach can lead to a loss of business and reputation, which can be difficult to recover from.

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As a security business owner, it's essential to understand the different types of insurance that can protect your company from various risks. General Liability insurance covers bodily injury or property damage claims by third parties.

You've probably seen it happen - a security guard is protecting property against fire, theft, and vandalism, but an accident occurs, and someone gets hurt. That's where General Liability insurance comes in, handling claims and protecting your business.

Professional Liability insurance, on the other hand, covers liability for services and advice offered over the course of your operations. This is crucial for security companies that provide expert advice or services.

Commercial Property insurance covers business-owned property and equipment, so you can focus on keeping your business running smoothly. It's not just about the physical property, but also the equipment and assets that make your business tick.

Commercial Auto insurance provides first and third-party coverage for your auto and other people's property or injuries. This is a must-have for security companies that use vehicles as part of their operations.

Workers' Compensation insurance is a must-have for any business with employees, covering employees who become injured or ill as a result of their jobs. It's a vital protection for both your employees and your business.

Here's a quick rundown of the types of insurance we've discussed so far:

Getting started with security business insurance is a breeze. You can complete our easy online application to begin the process.

The application is quick and painless, taking only a few minutes to fill out. You can get a free security insurance quote in just 5 minutes.

We're here to help you find the right coverage, and our independent agency is dedicated to getting you bound coverage fast.

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El Dorado Insurance has over 50 years of experience working with the security guard industry, giving them the knowledge and expertise to create tailored programs for security businesses.

Their extensive experience allows them to understand the specific needs of security guard businesses, enabling them to provide effective insurance coverage.

El Dorado Insurance is happy to insure your security guard business and discuss the types of specific coverage you need in General Liability & Supplemental policies.

They can also explain the effects of these policies on your business, giving you a clear understanding of what to expect.

El Dorado offers a range of benefits, including General Liability & Supplemental policies, which are designed to protect your business from various risks.

By choosing El Dorado, you can get peace of mind knowing that your business is protected by a reputable and experienced insurance provider.

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As a security business owner, you need insurance that matches the level of risk involved in your operations. A business owners insurance policy (BOP) is a must-have for any business and combines property and liability coverage.

Security guards face unique risks, such as assault and battery lawsuits from claims of excessive force, and false arrests made by security guards can open up liability issues and lawsuits. Professional liability insurance can cover security guards from liability issues related to their services or failure to perform their duties.

Cyber liability insurance is essential for security guard companies as it provides financial protection and data restoration for companies that experience a data breach. Every small business, including security guard companies, is susceptible to a cyberattack.

General liability insurance covers accidents and injuries to third parties, and it's a core policy for nearly every industry. This type of insurance can help protect your business if, as a result of your negligence, someone is injured, has property damaged, or accuses you of reputational harm.

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Commercial property insurance helps your business if a fire damages your equipment, including furniture, computers, and monitoring equipment. This type of insurance is often bundled with general liability into a business owner's policy (BOP).

A small security company may pay $3,000 to $4,000 per year for a good General Liability policy, but premiums can vary widely depending on factors such as operations, contractual obligations, and loss history.

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Your policy is a customized package tailored to your individual business needs, with coverage options that vary depending on the type of security services you offer.

Security guards who sit behind a desk or patrol in vehicles need different types of insurance than those who deal with the public or work in private installations.

Professional liability insurance helps cover security guards from liability issues related to their services or failure to perform their duties.

General liability insurance covers clients' property when a guard fails to secure the area, resulting in damages.

Business auto insurance offers enhanced coverage if security guards use company vehicles to perform their job duties.

To ensure you have all the coverage you need without carrying additional coverage you don't, your insurance agency carefully scrutinizes all of your policies.

El Dorado Insurance Agency, Inc. has been in business since 1968, providing customized insurance for security companies.

Management experience is also crucial, as it affects the quality of service and risk management.

Your insurance agency should provide clear language and full transparency about your policy, so you understand exactly what you're getting.

As a business owner in the security industry, it's essential to understand the unique insurance needs of your company. With over 50 years of experience, El Dorado Insurance has a deep understanding of these needs.

Security guards can face dangerous situations that put their lives at risk, and they can also make costly mistakes that impact the entire company. This is why specialized insurance is crucial for security industry businesses.

Employee Practices Liability Insurance, or EPLI, is a must-have for companies to protect against wrongful termination, sexual harassment, discrimination, or retaliation claims. EPLI provides a layer of protection against employee lawsuits and claims.

El Dorado Insurance experts evaluate all possibilities and potentialities to help you find the best coverage. This ensures you and your employees are protected on all sides.

In situations like these, having the right insurance coverage can be a lifesaver for your business.

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A business owners insurance policy, or BOP, is a must for any business and combines property and liability coverage. This type of policy is a must-have for security guard companies.

You need to consider the level of risk involved in your business when choosing an insurance policy. A BOP is a great place to start.

Workers' compensation is important to help cover the injuries of security guards while on the job. This is especially true for security guard companies that have employees.

Cyber liability insurance offers coverage for data breaches where client information becomes compromised. This is a serious concern for any business that handles sensitive information.

A business owners insurance policy is a must-have for any business, including security guard companies.

You only need to select the coverages that apply to your business, so you get the right coverage at the right price.

Security guard insurance covers private security companies and sole proprietors through various insurance policies, including general liability, professional liability, business property, and workers' compensation.

Here are some of the key types of insurance for security companies:

Commercial auto insurance is a must-have for security companies that own vehicles used for patrol or delivery of secured goods. This policy is likely required in your state.

If your business owns a vehicle, you'll need commercial auto insurance to cover liability incurred in case of an accident. It also covers damage to the vehicle itself.

Commercial auto insurance repairs or replaces the vehicle if it's lost, damaged, or stolen. It also covers items in the vehicle under commercial property.

Many security companies have customized vehicles with branded wraps, sirens, lights, and safety features like bulletproof glass and backseat partitions. These add-ons make insurance for security vehicles more expensive.

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You can get competitive quotes from specialized carriers and quickly get bound coverage to protect your business with the right types of insurance coverages.

Commercial auto insurance helps keep your company's vehicles and assets safe in the case of an accident or theft, and is a state law requirement for vehicles used for work purposes.

Business property insurance helps protect your establishment if it becomes damaged by flood, fire, natural disaster, inclement weather, or some other catastrophe, and is typically required by most leases and mortgages.

Umbrella insurance policies work to stack limits on top of underlying policies, giving you additional limits in the case of a large claim.

You may need to cover any personal or company vehicles used for security guard work with commercial auto insurance, which also covers other property damage if personal property is damaged by a vehicle your guard is driving while on duty.

Here are some examples of different security guards that may benefit from security guard insurance:

Security companies may need to purchase a policy with up to $2 million of general liability coverage, and may also need to consider cyber liability insurance to protect against data breaches.

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