Security and Protection Industry Insurance

The security and protection industry thrives all over the world, serving to protect people, properties, and businesses from harm. In Ontario alone, there are well over 65,000 licensed security guards and private investigators. Nation-wide, there are more than 998 security companies (with an online presence).

If you are a business owner or professional who operates in the protection services industry, you understand that it is filled with various risks. As a standard, general liability insurance is the most basic coverage you should have when protecting your assets, however, security and protection industry insurance is tailored to your industry-specific needs. This comprehensive insurance is here to help when unforeseen events affect your company, resulting in financial and legal ramifications.

With security insurance, you’re protecting your businesses assets while continuing to protect others.

Types of Businesses in the Security and Protection Industry

Throughout Canada, there are various business types that fall under the security and protection industry. We understand that every business type needs personalized assessments in order to create custom-fit insurance plans that give complete and reliable coverage.

Here are some examples of businesses that benefit from having security and protection insurance:

• Private Security Agencies: Corporations that provide armed or unarmed security services to both private and public clients. These agencies can provide services such as patrol guards, security guards, bodyguards, parking security, and even advanced special operations services.
• Private Investigators: This includes licensed professionals or businesses who are hired to legally carry out investigations such as background checks, finding missing persons, finding missing properties/assets, and child custody investigations.
• Alarm Installation and/or Alarm Monitoring Services: Businesses that install/provide home alarm systems that are connected to their central station. Typically, when an alarm is triggered, the central station calls the homeowner to verify what is happening. Depending on the response or lack thereof, emergency personnel will be sent to the home.
• CCTV Installation Services: Businesses that install strategically placed CCTV systems to enhance the security of public or private properties, within the legal bounds of the municipality.
• Fire Detection & Suppression System Providers: Companies that install various fire detection systems such as fire alarms, optical flame detectors, and linear heat detectors – as well as fire suppression systems such as wet fire sprinklers, dry fire sprinklers, fire extinguishers, etc.
• Card Access System Providers: Companies that are in charge of installing the hardware and software needed to allow for card/PIN-based access into certain parts of a building or property.
• Locksmiths – This includes security experts who can install, repair, or open locks on doors, windows, cars, safes, etc.

Common Types of Security and Protection Industry Insurance

As a business or professional operating within the security and protection industry, your clients look to you to keep them, their employees, and/or their properties safe. The personnel you assign for the job (e.g. security guards, bouncers) or the systems that you install or provide (e.g. alarms, CCTV, fire detection, locks) serves as the major line of defence against unforeseen incidents including, but not limited to, intrusions, burglaries, vandalism, and fires.

If hired personnel or equipment fail to deliver, your business can be faced with lawsuits, especially in the highly litigious society of today. Furthermore, if injuries or property damage are caused by your personnel or even happen to your personnel, you can be held responsible. This is why having a security and protection insurance policy is your best bet in being proactive and minimizing risks, thereby setting your business up for success.

Here are some examples of security insurance policies we offer:

General Liability Coverage

General liability coverage is the most important kind of insurance that every business needs to have. This protects your business from legal and financial risks in the event that your business operations somehow result in bodily injury to third-party individuals (e.g. the client, the client’s customers, other civilians).

This coverage will also protect your business in the event that an employee causes damage to a property owned by a third-party (e.g. customer’s house, the client’s business establishment). Additionally, this coverage also extends to third-party injuries within the premises of your business if you are to be held responsible.

As an example, if your employee causes injury and property damage (directly or indirectly) while installing the fire detection and suppression system in a customer’s home, general liability coverage will help with legal expenses, medical bills, and repair costs.

Errors & Omissions Coverage

The errors and omissions coverage protects patrol guards, security guards, bouncers, locksmiths, access card system installers, and other security professionals from legal claims related to inadequate work and negligent actions.

This type of coverage is especially important because when something untoward happens, such as a successful burglary even with your alarm monitoring system in place, the stress and grief that the client will feel over the situation can quickly escalate into legal action. Unfortunately, your business can get the financial brunt of this, especially if the perpetrators aren’t caught and the lost property is not reclaimed.

Worker’s Compensation Coverage

The worker’s compensation coverage protects the interests of your business and employees in the event that any of your employees become ill or injured on the job. Worker’s compensation coverage provides benefits such as medical expenses, ongoing care expenses, and lost wages. This coverage would also provide funeral expenses in the unfortunate circumstance that an employee loses their life while at work or due to an injury sustained on the job.

As an example, if one of your security guards sustains life-threatening injuries while defending a property from intruders, the worker’s compensation coverage will help pay for medical fees and lost wages during recovery. This type of insurance does not only cover private security agencies, but all sectors of the security and protection field.

Commercial Auto Insurance

If your business owns any commercial vehicles, standard auto insurance may not be enough. Commercial auto insurance is far more comprehensive and would, in fact, protect you from the legal and financial risks associated with any bodily injury and property damage caused by the operation of your vehicles. Commercial auto insurance can cover cars, SUVs, jeeps, armoured vehicles, trucks, and so on.

This type of insurance is useful in the event that one of your commercial vehicles is involved in an accident. In this example, your employee is injured, as is the civilian driving the colliding car, and a nearby shop’s storefront window is shattered to pieces. For dire situations like this, commercial auto insurance will give you the coverage you need.

KASE Insurance: Experts in Security and Protection Insurance

KASE Insurance is a trusted and leading provider of business insurance in Toronto and throughout Canada. Through our years of service, we have had the pleasure of insuring businesses of all shapes and sizes. If you are in need of a security and protection insurance policy, we will assess your business needs and create a tailored security insurance policy that will protect your assets and give you the peace of mind that you need.

If you have any questions for us or if you’d like to get started, please feel free to get in touch with our insurance brokers.