As a private investigator, your job is to search for information about all kinds of matters, from legal to financial to personal. While the job is full of excitement and intrigue, it can also be full of risk. That’s what makes private investigator insurance so important. With the right commercial insurance policy, you can protect your private investigator firm from all kinds of unforeseen incidents. Learn more about how ALIGNED can help you find comprehensive private investigator insurance below.
The importance of private investigator insurance
Private investigator insurance is a type of commercial insurance that aims to offer comprehensive protection for private investigators and agencies. It is designed to tackle the specific risks that these agencies face. Without private investigator insurance, you or your agency would be left to pay for the cost of losses or damage out of pocket, which could cause financial ruin.
Common risks faced by private investigators
Private investigators face many risks in their line of business. That is why private investigator insurance is so important. Keep reading to discover some of the most common risks that private investigator insurance can help protect against:
- Property damage: A fire breaks out at your office and damages it.
- Third party bodily injury: A client slips on a wet floor in the lobby of your office and injures themselves.
- Lawsuits: Someone sues you for negligence or failure to deliver a service as promised after something is discovered about one of our clients.
- Cyber attacks: A hacker breaches your online system and steals confidential information about your patients.
Recommended insurance coverage for private investigators
Private investigator insurance policies vary, which means your policy may not include all the coverage listed below. That said, these are some of the insurance coverage types we recommend for private investigator agencies.
- Professional liability insurance: Professional liability insurance, also known as errors and omissions insurance, is important for professionals whose clients depend on their advice, such as private investigators. This type of coverage will pay for legal fees (e.g. defence costs, settlements) if a claim of negligence, error, omission, misconduct, and/or failure to deliver an advertised service is brought against you or your private investigating office, regardless of the lawsuit’s outcome.
- Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a private investigation firm. With this type of coverage, your business may be compensated in the event of a third party property damage or bodily injury claim. Specifically, your insurer may cover the cost of medical expenses, repair bills, and even legal fees up to the policy limit.
- Commercial property insurance: Protect your private investigating office against unforeseen circumstances like theft, vandalism, fire, water damage, etc. with commercial property insurance. When you add commercial property coverage to your private investigator insurance policy, your insurance company may pay for repairs or replacements if your office or its contents are stolen or damaged due to an insured peril.
- Cyber liability insurance: If your business stores confidential data online (e.g. clients’ personal or financial information), then cyber liability insurance is important. With cyber liability coverage, if a hacker steals important data, your insurance provider will help cover the associated costs, such as credit monitoring, crisis control, patient notification, and more.
- Commercial auto insurance: Commercial auto insurance is important if you frequently travel by car for business purposes. Commercial auto insurance policies vary but may feature third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
What to consider before purchasing private investigator insurance
- Coverage: The first consideration for private investigator insurance is what coverage to include with your insurance policy. Before making this decision, you will need to assess your risk level. Commercial general liability insurance, professional liability insurance, and commercial property insurance are fairly standard for private investigator insurance. However, you may also want to consider others, like cyber liability insurance or commercial auto insurance, depending on your agency’s needs.
- Cost: Another consideration when purchasing private investigator insurance is the cost. The cost of insurance is an important factor for many businesses. No one wants to spend more money on insurance than they have to. If budget is a major concern, be sure to contact ALIGNED. As a full-service insurance brokerage with years of experience, we will make sure you never overpay for private investigator insurance. We will do this by comparing quotes and unlocking discounts on your behalf to get you the best rate. If you’re looking for an affordable private investigator hygienist insurance policy, contact ALIGNED. We shop around on your behalf to find you the best coverage at a competitive rate.
- Insurance broker vs. insurance company: One last consideration before purchasing private investigator insurance is whether to do so from an insurance broker or an insurance company. While the latter can be convenient, working with a broker has plenty of benefits. For example, brokers operate independently of insurance companies, they have unparalleled expertise and resources, and they do all the heavy lifting, shopping around for great coverage on your behalf.
How insurance rates are calculated for private investigators
Insurance companies consider many factors when calculating premiums for private investigators. For example, an insurer might ask about the location of your private investigating firm or its number of employees. They might also ask about your years of experience in the field, the annual and projected revenue of your firm, and your personal insurance claims history. Of course, the cost of a private investigator insurance policy will also be determined by the coverages, policy limits, and deductibles you choose. Since rates vary so widely, the best thing you can do is contact a trusted broker at ALIGNED. We will ask you some basic questions about your private investigating agency and coverage needs so that we can provide you with an accurate and competitive quote.
Are you ready to ALIGN your business with top-notch private investigator insurance?
Then you’re in the right place. ALIGNED is here to help you find a quality insurance policy that protects your private investigating firm. Get started today by giving us a call and explaining your insurance needs. A friendly and experienced ALIGNED broker will take the time to understand your business’s unique needs so that they can find you a policy that meets them. The ALIGNED team works around the clock to match our clients with top-notch commercial insurance policies. So sit back, relax, and let us take care of everything. We’ll shop around on your behalf and get back to you with some great options in no time. For a hassle-free insurance experience and dynamic insurance solutions, ALIGNED is here. Contact ALIGNED to learn more about private investigator insurance today or click here for a free quote.