Insurance covers a very wide market, but there are a number of companies that specialise in security insurance services for increased risk occupations and services such as: Manned Guarding, Door Supervisors, Event Guards, Key Holding, Mobile Patrols, Car Park Management, Central Monitoring Stations, CCTV and Access Control Companies, Intruder and Fire Alarm Installers, Locks, Safes and Grilles, Emergency Lighting, Fire and Safety Equipment and Vehicle Alarms.
Insurance cover which is currently available for businesses operating in the Security Industry includes the following: Employers Liability, Public and Products Liability, Inefficacy and Contractual Liability, Products Efficacy, Loss of Keys, Consequential Loss of Keys, Professional Indemnity, Financial Loss, Directors and Officers Liability, Fidelity Guarantee, Commercial Property All Risks, Business Interruption All Risks, Personal Accident, Legal Expenses, Vehicle Insurance.
Cover arranged by companies that specialise in the security insurance is usually tailored to meet the needs of each individual client taking into account the type of business, levels of sums insured, limit of indemnity and cover selected. There are companies that may specialise in a singular aspect of security insurance such as door staff.
If you are you a Door Supervisor, Bouncer, Doorman or employ Door Staff you need Liability Insurance Cover to work in areas including: Pubs, Nightclubs, Student Bars, Private Functions or Events. Security insurance services that protect your staff and your business cover aspects such as Wrongful Arrest Cover.
When calculating insurance premiums they are usually dependent upon the number of years the Security Company has been trading, annual turnover, claims experience and type of work carried out.
Accreditation to the Security Industry Authority Approved Contractor Scheme (SIA ACS), membership of the British Security Industry Authority (BSIA), International Professional Security Association (IPSA) and recognised Quality Assurance Standards may also be taken into account when premiums are being calculated.
All Insurance Brokers must be authorised and regulated by the Financial Conduct Authority (FCA).
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers. www.biba.org.uk