Research shows that around 60 percent of small businesses are inadequately insured for even basic factors, such as fire, machinery breakdown and burglary. And this is perhaps even more the case for those that work in the security industry.
Why is under insurance for security firms more likely? Like many other small businesses in Australia, security firms are underinsured for various reasons, including:
• Undervaluing the cost of replacing their small business premises in case of a fire or other disaster. This is particularly the case with a significant rise in building costs in Australia over the last decade or more, particularly in metropolitan areas.
• Undervaluing the cost to replace business stock, plant and equipment.
• Not insuring for business interruption.
• Not having or having inadequate business liability insurance and professional indemnity.
But the security industry faces another issue that many small businesses don’t when it comes to insurance, and that’s the higher than normal premiums many security firms are quoted for insurance to cover their perceived risks rather than real risks. In fact, some insurance providers won’t even provide coverage for some basic aspects of security firms.
So, if you work in the security industry, how do you ensure that you are adequately covered by insurance without paying a fortune in premiums? How do you determine what insurance you need? How can you ensure your security firm is covered for all potential eventualities?
If you own or manage a security firm you probably wouldn’t advise a small business to install its own security alarm, conduct their own crowd control or investigate a potentially fraudulent employee. So, when you need security industry insurance, make sure you speak to an insurance expert. One that not only knows the insurance industry backwards but also understands the security industry.
An insurance broker like Safe Hands Insurance.
Managing Director Phillip Carr has years of experience in tailoring insurance solutions to individuals and small businesses, and he also has more than 20 years of experience in the security industry. This includes owning his own security firm.
So when it comes to security industry insurance, turn to a broker that understands your needs explicitly. Phone Safe Hands Insurance on 1300 744 442.
Insurance solutions for security firms
Safe Hands Insurance provides customised insurance solutions for security firms, including those who work as:
• Private investigators
• Security alarm installers and monitors
• CCTV installers
• Asset protection
• Crowd controllers
• Security trainers