Security Insurance

You work all day to make sure your clients’ properties are protected. But are you protected against the full range of hazards that threaten any modern security business?

If you work in the security industry, your business has special insurance needs. At BJP, we have experience dealing with all kinds of security experts – from fire alarm installers to security guard teams. We’ve helped clients with insurance issues ranging from employee and third party injuries to third party property damage claims following the failure of an installed product.

What is Security Insurance?

Security is an incredibly important industry – and one that’s growing in all directions as technology gets more sophisticated. This means there are great business opportunities – but the potential areas of risk have also expanded.

BJP Insurance Brokers specialise in quality, bespoke Security Insurance packages. Policies can be tailored specifically to protect your employees and any members of the public, as well as the products you supply, install and maintain.

Every security company is different, and we’ll work with you to identify and address your unique needs. However, here are some of the covers we most often provide to businesses seeking Security Insurance:

Public Liability Insurance

It’s likely that your business comes into frequent contact with clients and/or members of the public. It protects you against claims of injury or death to a member of the public, as well as damage to their property.

Imagine if a small act of neglect – an exposed wire or sharp edge – caused a serious injury to a third party. You could find yourself facing a lawsuit resulting in heavy financial loss. Public Liability Insurance protects you by paying out for the cost of defending your case as well as any compensation and legal fees.

Employers Liability Insurance

This cover protects you in a similar way to Public Liability. Only in this case, the individual filing a claim would be one of your own employees. An employee-driven lawsuit might sound improbable, but they’re on the rise.

What’s more Employers Liability is the one cover required by law if you have anyone working on your behalf – not just those on your direct payroll.

Efficacy and Contractual Liability

This grants indemnity for your legal liability related to the bodily injury to any person (other than an employee) and/or loss or damage to property following your failure to carry out the duties which you were contracted to perform, including deliberate acts, wilful default or neglect by your company or employees.

Professional Indemnity

As a security specialist, an important part of your work is providing professional advice to your clients in order to enhance their safety. This could range from the installation of CCTV cameras and smoke alarms to the employment of security staff. If you were sued on the premise that you offered ‘bad’ advice, Professional Indemnity Cover would respond were a claim made against you.

Wrongful arrest cover

This covers you for the incorrect detainment of third parties. For example, you hold someone as you suspect they have stolen from a shop you provide retail security to. If it’s found the third party did in fact not steal anything or there is not enough evidence to support it, they could claim for their wrongful arrest. These claims can become very high and should be something that is included in all security specific policies.

Loss of keys / consequential loss of keys cover

This covers you for the costs to replace lost or stolen keys you hold for your clients. The add-on also extends to include any consequential losses your clients may suffer if the keys are lost or stolen. Limits vary between insurers, but it is an important thing to include if you hold keys for customers.

Fidelity Bonding

This covers theft and dishonesty by employees against third parties. For example, if a guard you supply orchestrates a theft from a site you are securing, this would fall against your insurance. This extension offer various limits between insurers, but does give you that extra protection against rogue employees and/or contractors. This extension also includes misuse of phones/internet, if, for example, a guard uses the site’s phone to make international calls.

Who needs Security Insurance?

Whatever its focus, any business operating in the security sector needs to be protected against the multiple menaces particular to the industry. These can range from arson to lawsuits involving breach of data.

At BJP we offer insurance solutions to all kinds and sizes of security companies – from mid-sized businesses with multiple offices to sole-traders. Working closely with security specialists for over more than a decade has made us recognised experts in the field.

We can provide Security Insurance to anyone in the industry. However, some of the solutions we most frequently offer are:

• Alarm Installer Insurance
• Building Access Control Insurance
• CCTV Installer Insurance
• Door Supervisor Insurance
• Event Security Insurance
• Fire Alarm Installers Insurance
• Security Guard Insurance
• Security Guard Dog Insurance

Why choose BJP for my Security Insurance?

We are an independent commercial broker based in Wokingham and have been covering the security sector for over 20 years. We have access to some of the main markets in the Security sector so you can be comfortable knowing you have the right cover.

Within the team, we have fully qualified Chartered Insurance Brokers. We have worked closely with security sector leaders to ensure we are offering the best possible advice and keep you up to date with risk management and policies. Our very own Steve Neudegg and Simon Lawrence sit on the Committee Board of the British Standards Institute (BSI) and have helped them re-write key industry standards, such as BS758, BS7499/10800, BS7894 and BS8517. Steve and Simon have also provided presentations to ACS members for the SIA and NASDU members, we are also one of the Founder Members of IPSA.

Our expertise can also take the headache out of having to make a claim. We know the process inside out and can guide you through the various steps, making sure you get the best result in the fastest time.

To speak to one of our advisors about any aspect of Security Insurance, or to get a quote now, call us on 0345 365 2121.

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