Security Industry Growth and New Insurance Needs
The security industry in North America amounts to $29 billion and it’s still growing. While that is generally a good thing, it also means that security agencies are facing more risks.
These risks can be anything from liability through employee accidents on the job, or other types of harm that can befall employees or clients. When accidents happen, the first to be blamed may be a contracted security force. It is important to keep your employees aware of job site hazards as well as ways they (and your business) may be liable in the event of an incident.
The security agencies which provide security guards and security patrols for businesses and other organizations have plenty of insurance needs, maybe even more so than other types of businesses. These needs may include (but are not limited to):
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General Liability
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Umbrella/Excess Liability
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Workers Compensation
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Professional Liability
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Assault and Battery
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Client Property coverage
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Crime coverage
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Commercial auto
There are two major ways that the security industry is experiencing growth. One is through technology. New technologies have allowed for security to be conducted on a larger scale than ever before. Not only is this beneficial for small businesses and major corporations alike, but these same changes are being applied to residential technologies.
A second major factor in the security industry’s growth has been that of employee specialization. Security guard dispatches have been training their employees to be better equipped and informed than ever. This means a stronger and overall more impressive security force for clients.
These factors combined, businesses within the security industry must understand that new avenues for liabilities are also becoming prominent. Consider your business’s needs, and find insurance policies that best benefit you.
As a general insurance broker, Central Insurance Agency is equipped to help.