Search Results

At least once a week, I receive a phone call from a security guard company wanting to replace their current general liability insurance policy. Typically, they find out that their current policy excludes a large portion of their operations and contracts. The call I received this week, was from a guard company that had 100% armed guard/low-income housing contracts. When the insured took a closer look at his policy, he noticed the exclusion for low-income housing. I asked him to email me his policy so I could review his policy further. Upon reviewing the policy the exclusion clearly states that there is no liability coverage provided for Low Income, subsidized or affordable housing. Furthermore, the policy also had an exclusion for firearms! I was able to obtain and provide the insured with alternative liability quotes that included coverage for his low-income housing and firearms exposures. The premium to properly insure this security guard company’s exposure went up, but now this insured is paying for a policy that may actually defend him in the event of a general liability claim.

Unfortunately, these phone calls occur too often. When purchasing a general liability policy, the decision maker must look beyond the premium page. I would strongly recommend asking for policy forms of all exclusions. This will allow you to read the exclusions so you can make the determination if the exclusion leaves the company liability to a claim that will not be covered. Of course, the best case scenario would be to have a trusted insurance broker that can properly explain to you the limitations of a general liability policy and the possible ramifications of the exclusions. 

My advice to security guard insurance decision makers is to take advantage of an insurance broker that specializes in your industry. There are a handful of us that deal solely with security guards and there are a limited number of insurance programs providing coverage.

Of course, obtaining a most competitive premium is important to any business. However, you don’t want to save a little on premium at inception that ultimately leaves your company vulnerable to lose thousands of dollars in possible claim’s cost due to gaps in the liability policy.

A Loss Run Report is a necessary item in the world of insurance when it comes to obtaining quotes. I am often asked why they are required, even if the company has not experienced any losses. Think of a Loss Run Report similar to a Credit Score. If you have experienced losses, this will show on the report and will most likely effect your premium in a negative way. On the other hand, if you have showed no losses, for an extended period of time, this will ensure you get the best premium pricing available.

When obtaining quote for new clients, I always ask for 4 years of currently valued loss runs. Now, if you’ve only been in business carrying insurance for two years, I would only need those two. These loss run reports can be obtained through your current broker and requested over the phone or via email. It is important to note the loss runs need to be Currently Valued, meaning the report was generated in the last 30 days, giving the most accurate information.

If your business is experiencing a high volume of losses and causing an increase in premium, contact one of our agents so we can discuss our Loss Control programs the help prevent future incidents and repair current losses.

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.