Only a few years ago the insurance market for security companies was extremely limited and the policies very basic. It was at this time that most security companies struggled to get a good policy at a good price and insurance brokers had a hard time placing these risks unless they were specialists who had a relationship with one of the few underwriters who were writing security risks.
Times have now changed with a myriad of Australian based underwriters securing Lloyds of London backing to enter the security market, however the question is how do these policies stack up?
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The answer is not always a simple one, it will depend on many different factors. When choosing liability insurance for a security company you must at least consider the following:
- Do you use dogs or guns?
- Do you use subcontractors or labour hire staff?
- Does your business conduct any additional activities unrelated to the security industry?
- Do you engage in crowd control?
- Is your business stable or are you still growing?
- Do you engage in cash in transit?
- Do you store clients cash in your own safes or strongrooms?
Every liability insurance policy for security firms is different in some way, and not all will fit your business. If you are just a small company conducting some static guarding or mobile patrol with no subbies then they will pretty much all suit your business, however, when you are engaged in more activities that’s when the policies will differ greatly.
The cheapest policy is not always the best, in the same way that the cheapest car in the car yard is not always the best. It depends on what you want your policy (or car) to do.
Often the exclusions that could be the most devastating to your business in the event of a claim are hidden in the policy wording or endorsements attached to the policy.
Some of these exclusions or endorsements will render the policy unusable in the event of what you may think would be a normal claim or occurrence. The truth is that there is most likely a policy on the market that could covered the claim correctly.
But which one should you buy?
This is when you need the advice of a specialist broker who knows and understands the industry that you operate within, as well as the security liability market.
We are a specialist brokerage that has extensive knowledge and experience in both the security and insurance industry. Our director Mark Hayward who was formally the account manager and responsible for all security business at a large national insurance brokerage, currently holds a NSW class 1ABCF and 2AB Security license as well as a diploma in insurance broking and has experience insuring and providing advice to security companies in Australia, New Zealand and across the Asia Pacific region.
If you have any doubts about your current liability insurance or if you would simply like comparison quotations from across the market to see where the premiums and coverage’s are, please contact us and we will be happy to assist you.
