Security Industry Insurance Vital
Announcement posted by Safe Hands Insurance Group 03 Mar 2017
The security industry spends their hours protecting the lives and property of others, but if their own insurance is lacking who’s protecting them?
The security industry spends their hours protecting the lives and property of others, but if their own insurance is lacking who’s protecting them?
Because of the perceived nature of the business and the roles undertaken, insurance for security firms is quite unique and is viewed by some in the insurance industry as high risk. Which is why getting the correct insurance at a fair price has been a challenge for owners and managers of security firms.
According to the Managing Director of boutique insurance brokerage firm, Safe Hands Insurance, many insurance providers quote on perceived risk rather than real risk when it comes to security firms, which is why premiums are sometimes priced higher than they should be.
“That’s why you need a broker who understands the security industry and understands security industry insurance,” says Phillip Carr.
And Phillip should know. He has over 20 years experience in the security industry, including managing his own security firm, making Safe Hands Insurance one of very few insurance brokers with hands-on, real world knowledge when it comes to security firms.
While underinsurance of businesses is certainly not uncommon in Australia, the higher premiums often faced by security firms mean they are even more likely than other businesses to be not covered or not covered adequately by insurance. Specifically, for the security industry, this can mean they’re underinsured for aspects such as:
• Motor vehicle loss or damage
• Public and products liability
• Professional indemnity
• Workers compensation
• The loss or damage of portable items, such as video and photographic equipment, radios and computers
• Fidelity
• Income protection
• Life, trauma or total permanent disability protection
“While out of the box insurance solutions are sometimes adequate, it’s important that security industry firms choose an insurance broker that can customise solutions for their unique business and their unique risk exposures,” Phillip adds.
“For example, you may need liability and indemnity cover higher than the standard $10 or $20 million offered. You may need insurance to cover for the negligent loss of keys or to pay for new locks. Or you may need to extend cover to insure for the loss of someone else’s money or property from a safe, or to insure for fines or penalties for an inadvertent breach of legislation, or even for subcontractors that you engage".
“Your needs are unique, so you need an insurance broker who can manage those needs.”
Note: This content was written by Safe Hands Insurance, a boutique insurance brokerage that services small and medium businesses across Australia. For more information on insurance for security firms or for a quote, phone Safe Hands Insurance on 1300 744 442.
Because of the perceived nature of the business and the roles undertaken, insurance for security firms is quite unique and is viewed by some in the insurance industry as high risk. Which is why getting the correct insurance at a fair price has been a challenge for owners and managers of security firms.
According to the Managing Director of boutique insurance brokerage firm, Safe Hands Insurance, many insurance providers quote on perceived risk rather than real risk when it comes to security firms, which is why premiums are sometimes priced higher than they should be.
“That’s why you need a broker who understands the security industry and understands security industry insurance,” says Phillip Carr.
And Phillip should know. He has over 20 years experience in the security industry, including managing his own security firm, making Safe Hands Insurance one of very few insurance brokers with hands-on, real world knowledge when it comes to security firms.
While underinsurance of businesses is certainly not uncommon in Australia, the higher premiums often faced by security firms mean they are even more likely than other businesses to be not covered or not covered adequately by insurance. Specifically, for the security industry, this can mean they’re underinsured for aspects such as:
• Motor vehicle loss or damage
• Public and products liability
• Professional indemnity
• Workers compensation
• The loss or damage of portable items, such as video and photographic equipment, radios and computers
• Fidelity
• Income protection
• Life, trauma or total permanent disability protection
“While out of the box insurance solutions are sometimes adequate, it’s important that security industry firms choose an insurance broker that can customise solutions for their unique business and their unique risk exposures,” Phillip adds.
“For example, you may need liability and indemnity cover higher than the standard $10 or $20 million offered. You may need insurance to cover for the negligent loss of keys or to pay for new locks. Or you may need to extend cover to insure for the loss of someone else’s money or property from a safe, or to insure for fines or penalties for an inadvertent breach of legislation, or even for subcontractors that you engage".
“Your needs are unique, so you need an insurance broker who can manage those needs.”
Note: This content was written by Safe Hands Insurance, a boutique insurance brokerage that services small and medium businesses across Australia. For more information on insurance for security firms or for a quote, phone Safe Hands Insurance on 1300 744 442.