Over the last two decades, the field of investigation and security services has grown tremendously due to the rapid growth of business and technology. A number of tasks previously performed by the police are now being performed by private companies.
Security Activites
Much of the security work in North America is now entrusted to non-governmental organizations. But do these companies, which have a duty to protect their customers, protect themselves? A very important coverage called non-compliance is lacking in many i Security Company Insurance policies.
Let’s look at a simple example of a security company hired to protect a retail store. In the end, it was costly because the guard fell asleep during the robbery. Perhaps all of this turned out to be ridiculous on the show, but in reality such a situation could lead to the loss of the contract on a potential lawsuit for failure to serve a security company, resulting in a crime that cost thousands of dollars.
Insurance Company
If this claim is forwarded to the insurance company, the claim will be rejected and the security company will cover the entire loss. nAn example of cover failure is given below by an insurer who specializes in this cover.
We will indemnify the Insured or the Insured for any damage caused to the guaranteed performance, quality, suitability or durability level as a result of the failure of the Insured Products or the performance of the Insured. or if provided by the insured, including the loss of use of the tangible property of others, subject to the limits of liability, exceptions, provided that this accident or incident occurred or began during the policy period. , the terms and conditions set forth herein.
Policy
The first sentence is key because it clearly indicates that the insurer will cover the damage caused by the failure of the case. The above example would be illuminated if the insurance policy included this special clause in the composition of the police. Other examples fall into the category of performance impairment
A locksmith who cuts the key for a particular industry with strict protocols
Many insurance policies issued for the security services industry do not have this coverage. Brokers and business owners should look for this coverage in policy.
Final Verdict
A few minutes can save you thousands of dollars. If not, ask the insurer if you can add coverage as a rider, otherwise look for a policy that provides this protection. There are insurance companies that specialize in this category of business and they can offer these insurance premiums in amounts comparable to or lower than the usual CGL policies.
