Insurance for a security company in Canada is a specialized area of commercial insurance given the unique products and services a security company offers and the unique business liabilities that come along with it. Thankfully the experienced commercial insurance brokers at ALIGNED Insurance have the right expertise to secure the best insurance for a security company in Canada and help answer tough questions like how much is insurance for a security company in Canada?
What Does Security Guard Insurance Typically Include?
Your security guard insurance will include different products and coverages depending on which policy you choose. Most general liability policies will cover claims of bodily injury and property damages to third parties, such as a client or bystander.
Depending on the insurance coverage you purchase, you can also expect your security guard insurance to include:
- Property Insurance covers losses and damages to the property you are responsible for if you are unable to secure the site or prevent someone or something from causing damage to it.
- Commercial General Liability Insurance, also called a CGL policy, covers the costs of third-party liability claims and medical expenses resulting from bodily injuries and property damages. For example, if a client or bystander is injured while under your supervision or because of your services, commercial general liability insurance will provide coverage for the losses and damages incurred.
- Errors & Omissions Insurance, also known as professional liability insurance or E&O insurance, covers third-party claims of errors and negligence during your services. For example, if a client files an injury claim because you did not follow proper work protocols, E&O insurance provides coverage for the cost of legal defence, settlements, etc. It can also provide protection against slander, breach of contract, etc.
- Commercial Auto Insurance provides protection for company-owned vehicles in the event of an accident or collision. If you are a security guard that drives a vehicle not registered under you or your company’s name, such as a client’s car, you will need non-owned auto liability insurance.
What is Security Guard Insurance?
Security guard insurance is an insurance policy designed for people that work in the security industry. It includes bouncers, private security guards, security guards in malls, security monitoring firms, individuals working in business security, and more.
Security guard insurance is designed to include various insurance products that provide coverage and protection for those working in the security industry against liability claims, losses, property damage, bodily injuries, litigations, and more to other security guards or third-party bystanders.
Whether you are an armed or unarmed security guard employed by an individual or working for a company, security guard insurance will ensure you are protected from risks and liability.
How Security Guard Insurance Works
Any company or independent contractor that offers security guard services should have a proper insurance coverage policy. The exact amount of your coverage limit depends on the type of policy you choose. Some factors to consider include:
- Industry and the type of work you do
- The risks you are exposed to
- Your claims history
Before purchasing security guard insurance, you should always do your research and compare quotes to find the most suitable package.
What Makes Insurance For A Security Company In Canada Unique?
The standard commercial general liability policy that your typical retailer or business owner would have does not meet the needs of a security company as it contains a number exclusions that are extremely problematic and also doesn’t include professional liability which is critical for a security company. Examples of important coverage considerations for security companies include:
- The typical care, custody and control exclusion not being applied to property that is being protected
- Broadening of the personal injury extension to include coverage for false arrests, invasion of privacy and/or discrmination
- Failure to perform exclusion removed
- Intentional injury caused to others in defence of property or persons is not excluded
- Liability for loss or damage to property of others that is being protected is not excluded
What Types Specialized Insurance Products Are Available For Security Companies?
- Insurance for alarm monitoring operations and call centres
- Insurance for investigate services
- Insurance for locksmiths
- Insurance for security guards including stationary, mobile and emergency response
- Insurance for armoured car companies
- Insurance for security product manufacturers
- Insurance for security system installers and/or access control professionals
- Insurance for security training facilities
- Insurance for sprinkler design and installation companies
- Insurance for event security, doormen & bouncers
So…How Much Is Insurance For A Security Company In Canada?
The definition of security company is so broad that there is no simple answer to how much is insurance for a security company in Canada, but the annual revenue and type of work being done are key factors in determining security company pricing. The best way to find out how much is insurance for your security company is to connect with an ALIGNED Insurance Advocate today!
To Discuss How Much Is Insurance For A Security Company In Canada? Or To Get Insurance For A Security Company In Canada Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448
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