5 Armed Security Company Insurance Providers in 2024
Learn about armed security company insurance, why it’s important, and discover 5 providers offering full coverage for your business in 2024.
Operating an armed security company comes with inherent risks, and recent events linked to armed security guards in the US have highlighted the growing importance of insurance coverage for businesses in this sector.
To help you navigate this critical aspect of your operations, we've compiled a list of 5 armed security company insurance providers in 2024.
First, let's define what exactly armed security business insurance is and why it's so vital for your success.
What is armed security company insurance?
Armed security company insurance is a specialized type of business insurance designed to protect companies that provide armed security services. It's a safeguard for businesses that employ armed guards, helping them manage the unique risks associated with their line of work.
This type of insurance is a financial shield, helping companies cover costs related to potential incidents, lawsuits, and damages that might arise during their operations.
It provides valuable protection for your assets, your employees, and your business as a whole. With the right insurance coverage in place, you can focus on delivering high-quality security services, knowing that you're prepared for whatever challenges may come your way.
Key types of insurance for armed security companies
Here's a breakdown of the key types of armed security company insurance you should consider:
- General liability insurance: This is your first line of defense. It covers common incidents like a client tripping on a loose rug in your office or a guard accidentally damaging a client's property while on patrol.
- Workers' compensation insurance: Your employees are your most valuable asset. This insurance protects them by providing benefits if they get injured on the job. It covers medical expenses and lost wages.
- Professional liability insurance: This coverage protects your business if a client claims you were negligent or didn't deliver the services you promised. It can help cover legal costs and potential settlements.
- Commercial auto insurance: If your security guards use company vehicles for patrols or responding to incidents, this insurance is a must-have. It covers accidents and damages involving those vehicles, keeping your team and others on the road safe.
- Firearm liability insurance: This is a critical component of armed security company insurance. It provides specialized coverage for incidents specifically related to your guards' use of firearms.
5 armed security company insurance providers
Disclaimer: We are not affiliated with any of the companies mentioned below. Readers are encouraged to conduct their research to find the security business insurance provider that best suits their specific needs and requirements.
Here are 5 armed security company insurance providers to consider in 2024:
1. The Hartford
The Hartford is a well-established insurance company with a long history of serving businesses, including those in the security industry. They offer a dedicated program for security guard businesses, with a focus on understanding the specific risks involved.
They specialize in workers' compensation insurance and offer flexible billing solutions based on real-time payroll, making it easier for companies to manage their costs.
The Hartford explicitly offers coverage for armed security companies, recognizing the heightened risk associated with firearms. Their policies can be tailored to include essential coverages like assault and battery liability, professional liability, and workers' compensation.
Investment range
The Hartford generally offers competitive rates for armed security companies, though specific costs vary based on your needs and location. Contact them for a personalized quote to understand your specific costs.
Who is it best for?
If your security company is well-established, The Hartford has you covered with experience and a reputation you can trust.
2. NEXT Insurance
NEXT Insurance is a digital-first insurance provider that offers a streamlined and user-friendly experience for small businesses. They provide a variety of coverage options, including those tailored for security guard companies.
They offer direct-to-consumer insurance with potential savings of up to 25% on bundled coverage.
They provide options for essential coverages like general liability, professional liability, and workers' compensation, which can be customized to meet the needs of businesses that employ armed guards.
Investment range
NEXT Insurance is known for its transparent and competitive pricing. They offer online quotes and flexible payment options, making it easy for businesses to get the coverage they need at a price that fits their budget.
Who is it best for?
NEXT Insurance is a good fit for tech-savvy security company owners who prefer a digital experience and value speed in securing insurance coverage. Their online platform and quick turnaround times can be particularly appealing to startups and smaller businesses.
3. GuardPro
GuardPro is an insurance broker that focuses solely on the security guard industry. This specialized approach allows them to deeply understand the unique needs and challenges faced by security companies, including those that are armed.
They are known for helping new security companies secure affordable coverage, particularly in the areas of general liability, workers' compensation, and professional liability.
GuardPro excels in providing tailored insurance solutions for armed security operations. They know the ins and outs of firearm-related risks and offer the coverage you need.
Investment range
GuardPro works with a network of insurers to find competitive rates for their clients. Their focus is on providing value and customized coverage so that the investment will depend on the specific needs of your armed security business.
Who is it best for?
GuardPro is an excellent choice for security companies of all sizes, especially those who value a provider with in-depth knowledge of the industry and a commitment to finding the right coverage at a competitive price.
4. XINSURANCE
XINSURANCE is a specialized insurance broker known for providing coverage solutions for businesses that have difficulty finding insurance through traditional channels. They work with a broad network of carriers to offer coverage for high-risk industries, including armed security.
XINSURANCE recognizes the challenges armed security companies face in obtaining adequate coverage. They offer solutions that address the specific exposures related to the use of firearms, helping businesses secure the protection they need to operate with confidence.
Investment range
The investment for armed security company insurance will vary because XINSURANCE's approach is to provide customized solutions. They work elbow-to-elbow with businesses to understand their needs and risk profile before providing a tailored quote.
Who is it best for?
XINSURANCE is a good option for armed security companies that may have been declined coverage elsewhere or those with unique risk profiles that require a more specialized approach to insurance.
5. El Dorado Insurance
El Dorado Insurance is an independent insurance agency with over 50 years of experience that works with many carriers to provide coverage for various industries, including security guard businesses.
They understand the importance of exhaustive coverage for armed security companies. They work with carriers that offer specialized policies to address the risks associated with firearms, making sure businesses have the protection they need.
Investment range
El Dorado Insurance aims to provide competitive rates and flexible payment options. Pricing for armed security company insurance depends on factors like the size of your business, the number of armed guards, and your claims history. Contact them for more info.
Who is it best for?
El Dorado Insurance is a suitable choice for armed security companies seeking a personalized approach to insurance and a provider who can help them navigate the complexities of finding the right coverage.
How to choose the right insurance provider
Here are a few tips to help you make the best choice:
Evaluate your business needs
Take some time to consider the size of your business, the number of employees you have, and the specific types of armed security services you offer.
Some insurance providers cater to smaller businesses, while others focus on larger operations. Choose a provider that aligns with your specific needs and growth plans.
Compare coverage and costs
It's important to compare the types of coverage offered by different providers. Make sure they offer essential coverages like general liability, workers' compensation, and firearm liability. Look for policies that offer adequate protection for your specific operations and risk profile.
Customer support and claims process
Choose a provider with excellent customer support and a smooth claims process. A responsive and efficient claims process can help minimize downtime and get your business back on track quickly.
How Belfry helps armed security companies manage insurance needs
We've explored some key providers of armed security company insurance, emphasizing the critical need to safeguard your business from potential risks. Securing the right policy, however, is only the foundation.
To truly optimize your insurance management, you need a proactive system for tracking, processing claims, and understanding your financial obligations.
This is where an all-in-one security management platform like Belfry becomes invaluable.
Belfry streamlines operations, enhances efficiency, and empowers armed security companies with greater control. It’s a centralized hub for your business, letting you manage everything from scheduling and dispatch to your insurance needs.
Here's how Belfry can help you take charge of your insurance:
- Ensure ongoing compliance: Effortlessly monitor policy renewals, track officer licenses, and receive timely notifications to prevent coverage gaps. Belfry helps you stay on top of your insurance needs easily.
- Simplify claims: Capture and document incidents in real-time with detailed information and evidence, streamlining the claims process and accelerating resolution.
- Gain financial clarity: Track insurance premiums, deductibles, and claims. Integrate this data with your overall financial tracking to gain a comprehensive understanding of your insurance expenditures.