Security Guard Insurance Cost

Understanding the Costs of Security Guard Services

Many businesses decide to use security guards to protect their businesses. These services have several advantages, but they also have some potential downsides. One of these possible downsides is the cost. There are several costs associated with security guards. Security guard insurance is one of these costs.

Security guard insurance is a type of liability insurance. In some situations, depending on your provider and your plan, some overall liability insurance covers some common security guard situations.

However, insurance is not a “one size fits all” industry. Each business and each security situation may require different insurance coverage, depending on the unique circumstances. Therefore, there isn’t really a default answer to the question “how much does security guard insurance cost?”.

Some factors that influence the cost of security guard insurance include:

The nature of the security guard service being provided

• For instance, insurance costs could be different for a guard who is stationed at a security desk compared to guards who are walking throughout a more dangerous location, such as a warehouse.
• Guards who are responsible for planning, investigations, threat analysis tasks, etc. may also carry different insurance rates.

The location

• Guards who are working in large metropolitan areas, high-crime areas, or congested locations may require additional insurance costs.

The size of the company

• Larger security companies may require higher insurance rates than smaller companies.

The experience level of the company.

• An experienced security company will likely have a long track record of successful service, and this could potentially result in lower security costs.

The risk of the situation

• Guards who are working in riskier conditions will likely require higher insurance costs.
• The same is true for armed guards. These roles typically come with more risk than unarmed guards, and thus insurance costs will likely be higher.

Other Costs Associated with Security Guards

“How much does security guard insurance cost?” isn’t the only question you should be asking when it comes to security guard costs. There are also other costs associated with guards that should be taken into consideration. One of the most important things to think about is that a large number of guards is often required to keep a property safe. A small number of guards may not be able to watch over an entire property at once.

This gives criminals the opportunity to hide from guards and then strike when the coast is clear. To keep a property safe, many guards are usually required, which means increased costs. Unfortunately, even with a large number of guards, it may not be possible for them to watch over an entire site, depending on the size and layout of your property.

Another cost to consider is that many businesses require security 24/7. If this applies to your property, then you can expect to pay higher costs.

A situation that has become more of an issue recently is security guard scarcity. In the post-pandemic economic climate, some businesses in some areas are finding it tough to get enough qualified security guards to meet their needs. Since guards are in higher demand, this tends to increase costs. Businesses that are still recovering from the pandemic may not be able to afford these costs.

Security Guard Alternatives

While security guard costs may be quite high, depending on your region and your requirements, there are other options that can provide similar (if not greater) protection at a comparable (or even lower) cost.

One option is live remote monitoring. Like security guards, live remote monitoring service are an active security solution. This means that agents can spot situations as they develop and interject (often using two-way speakers) to resolve these situations before they escalate.

This means that remote monitoring agents can prevent crimes from happening.

However, unlike guards, remote agents can view an entire property with ease thanks to high-definition cameras installed around the site. This gives them an advantage over traditional onsite guards. In addition, remote agents can work in nearly every condition and cannot be distracted or intimidated by criminals at the site.

For more information on remote video monitoring, and to find out how it can potentially improve your safety and reduce your costs, please contact Birdseye Security Solutions today.