Frequently Asked Questions
Security guard insurance isn’t rocket science but there is a lot to know and consider when choosing the right policy. We talk to security guard companies large and small everyday, and here is a list of the most common questions we answer:
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What is the typical policy premium for a start up Security Guard Company?
Typically, the annual premium for a new start up company is between $2,500 and $4,000. The minimum premium will depend on the type of contracts the company will attempt to obtain once licensed, the resumes of owners showing experience in the law enforcement/security guard industry, estimated annual guard hours, guard payroll, and if the contracts will be armed or unarmed. The deposit to bind coverage is generally around $1,500 and the remaining premium can be financed and paid in 10 installments.
What information do you need to obtain quotes for our insurance renewals?
I will need a completed Security Guard Supplemental Application, 3 years of loss runs, and copy of the standard contract you use for clients.
Do I have to complete the application to receive an indication?
No, you can contact my office and I can ask some general questions and give you an idea of the premium, rate, deposit for the insurance coverage.
How fast can you obtain a quote?
With a completed Security Guard Supplemental Applicatio, and loss runs I can usually obtain a quote within 24 to 72 hours.
Can you help me complete the Security Guard Supplemental Application?
Yes, please call my office directly and I can complete the application on the phone with you in about 5 to 10 minutes.
What is the typical process to obtain a quote for a new start up security guard company?
For new security guard companies, I only need a supplemental application and resume of owners. You can complete the application at our website or call my office to have me gather the information directly.
What do I need to bind coverage?
The proposal will contain all required documents to be signed and returned to our office. Along with the signed documents, you can complete the credit card authorization form for the deposit and coverage can be bound immediately.
Once I bind the coverage, how long will it take to
receive a certificate of insurance?
I can usually have the certificate returned to you within the hour, however, it depends on the time of day you email/fax the documents and the deposit.
Can you insure armed/unarmed security guard autos?
Yes, we can obtain commercial auto insurance coverage for security guard in all 52 states.
Can you obtain workers’ compensation coverage for security guards?
Yes, we can obtain insurance workers’ compensation in every state. We have access to many workers compensation solutions from the standard first dollar policy to large deductible programs for our larger clients.
Can you obtain insurance for security guard companies
that have Bar/Night Club contracts?
Yes, we have access to markets that will write security guards companies that have contracts with Bar/Night Club. The minimum premiums typically start at $20,000.
Can you obtain insurance coverage for security guard companies
that have contracts with low income/subsidized housing?
Yes, however, be aware that the typical minimum premiums are higher for guarding these types of contracts.
Do you write other lines of insurance besides general liability, workers’ compensation, and auto?
BSGI is a full service insurance agency; we can obtain any type of insurance coverage you need to protect your business liabilities.
Can you help us with our bonding requirements?
We have a in-house bonding agent that handles all our security guards clients’ needs.
How fast can I get my certificate of insurance?
We turn around certificate of insurance within an hour. As a BSGI client you will also have access to our online certificate system so you can issue certificates 24/7 and receive them instantaneously.
Can you write insurance in my state?
BSGI is licensed to write insurance in all 52 states. BSGI is the only broker that specializes in the security guard industry with this capability.