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Best Security Service Insurance Rates in Canada

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Security Service Insurance

Security service insurance is a protection that covers security personnel and guards in this professional field. It’s also known as security guard insurance and offers coverage for security personnel who face workplace hazards and risks.

Professional security personnel and security companies face many risks, including vandalism and confrontation, and are entrusted to provide protection and honesty on the job.

While security guards and companies provide guidelines to minimize hazards and protect staff on the job, insurance offers greater protection for unexpected situations that might occur on the job and lead to legal action. 

What is the cost of security company insurance?

The cost of security guard liability insurance varies based on the type of coverage plan you select, the size of the security company, the staff, and the services provided. You’ll find different policies available based on the type of coverage you’ll need for your security company and security guards.

The cost and policy are based on many factors, including how many employees or security guards work for the company, the size and location of the company and the various client locations, the level of security provided and the industries you serve, annual revenue, experience level, and other details. 

The history of insurance claims and legal cases can also impact the cost of insurance coverage. In many cases, security firms invest in a policy covering up to two million in general liability coverage, typically the maximum you can purchase.

Insurance brokers can offer customized solutions to provide the coverage that best fits your firm’s security services.

What’s covered in a comprehensive security service insurance policy

When you purchase a comprehensive insurance plan through your broker, you’ll find several policies that protect your security business and staff. Commercial general liability insurance is the most important type of coverage you’ll need for protection.

It will provide protection in the event of a slip and fall, resulting in an injury to a third party or damage to property due to a result of certain actions from a security guard or staff. 

Commercial general liability coverage

When an accident occurs, an individual or party may pursue legal action, seeking financial compensation. Bodily injury can lead to medical attention and impact a person’s ability to work and perform everyday tasks, which can result in a lawsuit to seek monetary compensation.

Property damage can also lead to legal action, which means you’ll need financial support to cover legal fees and related expenses, which makes security service insurance crucial for your business. 

Without insurance coverage, you may find your business in serious trouble, which could result in a loss of clients, a damaged reputation, and future business loss.

Commercial property insurance coverage

This type of insurance coverage, which is often included in security service insurance, protects a company against damages to commercial property.

It’s also known as business property insurance, commercial building insurance, or commercial rental insurance and covers the expenses associated with damage due to fire, vandalism, theft, and related incidents. 

This type of coverage also protects and reimburses you for repairing or replacing security equipment, computers, and other items on your premises used in the security business.

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E&O insurance coverage

Also known as professional liability insurance, it provides financial coverage in the event there is a lawsuit or legal action. This can occur in the event of negligence, failure to fulfill services as per the contract, or related errors, which result in financial loss.

In some cases, legal action can be significant, and without financial support, it can impact the continuity of your security business. 

Insurance for legal expenses

When you require legal advice or counsel from an attorney, this insurance will provide support to cover the costs of legal representation. It’s especially important if you’re facing a lawsuit.

Cyber liability insurance coverage

Every business must protect customer data so that it is less likely to be breached or accessed. If a server or computer system is accessed without authorization or compromised, this may lead to legal action, even if the breach was unintentional.

Security companies store critical information about clients and staff, including financial and personal data, which must be protected.

Which companies or people need security service insurance?

Essentially, any company that provides security services or security guards to businesses, events, or other clients, as there is a strong need for protection from liability. Your security company can be liable for any damage or injury that may occur as a direct or indirect result of services, even if unintentional. Bodyguards, private investigators, security firms, guards, and bouncer services for venues or nightclubs also benefit greatly from security service insurance.

Other types of business insurance

Business Insurance in AlbertaBusiness Insurance in ManitobaBusiness Insurance in British ColumbiaBusiness Insurance in New Brunswick
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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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August 29, 2023
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FAQs about security service insurance

What is security service insurance?

Security service insurance is a layer of protection for security companies and guards if they face legal action for several reasons, including bodily injury and property damage.

How much does security service insurance cost?

The cost of security service insurance varies based on the type of security services you provide, the number and type of clients, location(s), and the number of staff.

Who needs security service insurance?

Any security firm or security guards should have this insurance, as it provides protection from legal action and lawsuits.

Security Service Insurance made simple

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