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Security Guard Insurance

This is blog was created to help the security guard professional better understand their insurance options.

Private security guard companies need a specialized insurance policy

Author CraigMount , 11/9/2014
A security guard’s duties change every single day, and it is important for their employer to be able to supply them with the insurance that they need in order to stay protected during any serious medical or legal ordeal.  While the private security sector continues to grow and remains a lucrative industry, each of these companies will need a comprehensive and affordable insurance plan in order to stay protected throughout the years.  The agents at BSGIns.com are ready to work closely alongside you and your company to safeguard your bottom line with a custom-built policy created around your own unique needs.

5 Scientifically Proven Ways to Work Smarter, Not Harder

Author CraigMount , 3/17/2014
It seems like everyone these days not only works but works all the time. Nights, weekends, where do we draw the line. Burning the midnight oil can be somewhat productive for the short term but if you end up doing this on a regular basis you'll get burnt out. Here's a good article with 5 Scientifically Proven Ways to Work Smarter, Not Harder. Read it here

9 Critical Physical Security Trends for 2014

Author CraigMount , 3/14/2014
If 2013 was the year for grappling with a slow economy, 2014 will be the year where security technology makes a resurgence, and not just for what it can do in the control room, but in a number of other ways. Here’s my prediction for nine critical physical security trends for 2014. Read full article here: 9 Critical Physical Security Trends for 2014

Considerations before deciding on an insurance policy

Author CraigMount , 3/14/2014
Considerations Although many security guard companies carry out a number of the same duties, there are countless variables that must be taken into consideration before deciding upon an insurance policy. While this process may seem overwhelming at first, those that fail to acquire the correct coverage will not only be putting their employees at risk, the future of their company could be at stake. This is why the team here at BSGIns.com is ready to help you and your company find the policy that will perfectly fit your needs as well as the budget of your business. Protect Your Security Business with the Right Policy Policies for security business insurance are slightly different than any other industry as security guards are exposed to a number of risks that are unique to their career. In today’s litigious society, even a minor mishap can turn into a major medical or financial battle and a large number of civil and criminal suits are leveled at security guards and the companies that they work for. In order to be prepared for any scenario, BSGIns.com works with all of the country’s leading insurance providers in order to create customized policies that will protect your business from any eventuality. Is Your Insurance Company Exclusive to the Security Guard Industry? What sets our team apart is just how much time and energy we invest into our clients. While many companies will offer blanket policies for small to medium-sized businesses, we understand the variables that are exclusive to security guards. This begins with general liability insurance that will protect a company, its employees, and its assets in the event of accidents and injuries. Depending on one’s state, there will be a minimum amount of coverage that is needed for all of the most common mishaps that may occur. This includes injuries that are sustained by employees, clients, and even bystanders. Without this form of coverage, a single trip on an ambulance or treatment by a doctor could set a company back thousands of dollars. In addition to struggling with medical bills, those that fail to provide adequate coverage in these situations could find themselves fighting fines and fees due to state and local laws. In the event that one of these accidents does turn into a litigious affair, a robust insurance policy may be the only manner in which your business can maintain world-class legal representation while you focus on the business that you have worked so hard to create. Liability Policy is a Must Have! These essential liability policies are only the beginning when it comes to finding the absolute best coverage, and that is why we are proud to offer the additional support that you need for your company and your employees. Some of the factors that must be considered when creating these policies are the amount of hours that your employees will be working, the location of your clients, the carrying of firearms, and even the use of company vehicles. Whatever your insurance needs may be, BSGIns.com is ready to help. Get a free quote today to discover just how quick and easy it will be to find your own perfect policy.

The Information Needed for Security Guard Insurance Quotes

Author CraigMount , 11/25/2013
To obtain quotes I will need the Security Guard Supplemental Application completed and returned to my office. Any question that does not pertain to your operations can be left blank. Complete as much of the first 2 pages of the application as possible. If you have current insurance coverage I will need the currently valued loss runs from the carrier. If the security company is a new start up business I will need a copy of the owners resume showing experience and background in law enforcement and the security industry. It would also be helpful to review a copy of your standard client contract.

Once I have the Security Guard Supplemental Application, Owners Resume, loss runs and copy of Standard Contract I can begin the process of obtaining quotes.

Craig

Employment Practices Liability Claim Trends

Author CraigMount , 9/4/2013

Data Shows Large Increase in Employment Practices Liability Claims.

The U.S. Equal Employment Opportunity Commission (EEOC) reported that for the fiscal year of 2010, it received nearly 100,000 new charges of employment discrimination. This marks the most ever claims filed in the agency’s 45 year history and a 7.2% increase from 2009. What is Employment Practices Liability Insurance (EPLI)? Employment Practices Liability Insurance (EPLI) provides businesses coverage against claims made by workers who allege their rights as employees have been violated.  EPLI claims can include claims of Sexual Harassment, Race/Sex/Age/Religious Discrimination, Wrongful Termination, Wrongful Infliction of Emotional Distress, Negligent of Evaluation, Deprivation of Career Opportunity, Wrongful Discipline, Americans with Disabilities Act Violations, Etc. The EPLI policy will reimburse your company for the costs to defend a lawsuit in court and judgments and settlements. EPLI claims are excluded on the standard Comprehensive General Liability Insurance Policy. Average Cost and Trends of EPLI Claims.
  • The average verdict in EPLI cases now exceeds $270,000
  • Average cost to defend against an EPLI claim is over $45,000
  • According to the Department of Labor, employees and other plaintiffs won 67% of all litigated cases.
  • The average amount paid for out of court settlement is over $51,000
  • 46% of all EPLI claims are brought against small employers with 10 to 150 employees.
  • In 2010, there were 29,029 charges of sex-based discrimination claims brought against employers.
Protecting Your Security Guard Company against EPLI EPLI claims (Sexual Harassment, Discrimination, and Wrongful Termination) against private security guard companies are a growing problem for the security guard industry. The only insurance solution to this growing problem is Employers Practice Liability Insurance (EPLI). I can obtain a premium indication for you with minimal information. Contact my office to complete a 1 page application. Once I have this completed page I can obtain a quote for you. Craig Mount Phone 949-421-3524

Typical Cost for General Liability Insurance for New Start Up Security Guard Company

Author CraigMount , 9/3/2013
This is the question I am asked most often. What is the cost of general liability insurance for a new start up security guard company? For the large percentage of start up security guard services the minimum premium will be between $2,500 and $4,000. The range depends on experience of owners, plans to use armed or unarmed guards, types of contracts you plan to obtain once insurance is placed. The deposit to bind this coverage ranges from $1,300 to $1,800 and the remaining premium can be financed and paid in 10 installments. More importantly, this policy you obtain for the premium is specifically designed to protect security guard companys. The policys include Assualt & Battery, Errors and Ommissions, Firearms Coverage, Care, Custody and Control, Punitive Damages, etc.  To obtain a quote I need:
  • Completed Supplemental Application.
  • Copy of Standard Contract (If you don't have one yet, I can email you a sample contract for your review)
  • Resume of Principles detailing experience in law enforcement/security industry.
Once I have this information I can usually obtain a quote for you in 24 to 72 hours. As always, feel free to contact me directly to discuss your insurance needs. Sincerely, Craig Mount Direct Phone 949-421-3524

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Author CraigMount , 8/28/2013
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Categories: Uncategorized

Insurance for a private security company

Author CraigMount , 8/28/2013
Private Security Company Insurance A security officer’s duties change every single day, and it is important for their employer to be able to supply them with the insurance that they need in order to stay protected during any serious medical or legal ordeal. While the private security sector continues to grow and remains a lucrative industry, each of these companies will need a comprehensive and affordable insurance plan in order to stay protected throughout the years. The agents here at BSGIns.com are ready to work closely alongside you and your company to safeguard your bottom line with a custom-built policy created around your own unique needs.

Insurance for private security companies isn’t one-size fits all

Finding a robust insurance policy for any business can be a potentially time-consuming and expensive task that very few want to deal with. Unfortunately, these policies remain one of the most important components of a business and they could mean the difference between success and bankruptcy in the future. No matter how careful a company, its management, and its employees may be, accidents can take place at any point, and that is why we are here to help you find coverage ranging from general liability insurance to specialized policies to cover any gaps with your current provider.

Local & Federal Insurance Laws

One of the first places for a security company to look is local and federal laws that will dictate the absolute minimum coverage that any company needs. These basic policies will protect your company, its employees, and any other parties in the event of minor accidents and injuries. This liability coverage will quickly supply funds for medical bills that come as a result of injuries over the course of duty, accidents on the company’s property, and even collisions. Accidents can quickly move into the range of thousands of dollars, and these expenses never need to be assumed by the company alone.

Protect your company from legal issues

Your private security company insurance will also protect you in the event of any serious legal issues that could devastate your company’s resources. In today’s litigious climate, even the most cautious companies may need to deal with a civil trial, criminal trial, or out-of-court mediations that could tie up thousands of dollars in just a few weeks’ time. Any insurance agency can offer a policy to a private security business, but it takes a company that truly understands the industry in order to get the absolute best premiums while still maintaining the coverage that you need. BSGIns.com understands exactly how these companies work and the countless details that will affect your policy. This includes the amount of man hours worked per week, whether your guards are armed, how many individuals are on your payroll, the state in which you are working, if any vehicles are being used, and a number of other variables. With BSGI, you never need to worry that the company you have worked so hard to build could be at risk. Feel free to contact one of our experienced agents today for assistance with any number of policies including liability insurance, group health insurance, bonding, umbrella insurance, and much more.

How to get your security guard card

Author CraigMount , 4/5/2013
Entering into the security field can be a lucrative career option, but there are a number of federal and local regulations that determine who can receive their security guard card as well as carry firearms on duty. In addition to government regulations, many private security companies maintain additional requirements, and that is why potential guards should first understand how to obtain their state guard card.

The first requirement is that the security guard is 18 years of age and can prove their age with a government-issued form of identification. After this has been done, a short application must then be filled out in order for the state’s Department of Justice to carry out an extensive background check including one’s criminal history. This initial paperwork includes basic contact, personal information, and fingerprinting.

Each of these steps generally require a small fee but some security companies may cover these costs for new employees. The guard must then complete 40 hours of training carried out by a private patrol company or a certified training facility. Prior to being assigned one’s first post, 8 hours must be completed. After their first shift, the guard then has 30 days to complete 16 more hours of training and have it signed off by the certified trainer. After this has been completed, they must then carry out 16 more hours of training within the next 6 months. Guards that are required to carry firearms must go through additional training and background checks in order to remain armed while on duty, and this training varies by state.
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