In the security guard industry not only is it important to have the proper coverages and limits, but to also ensure your insurance carrier is financially sound. Luckily there is rating agency that allows people to see the stability of the carrier they choose. AM Best is a Nationally Recognized Statistical Rating Organization, designated by the US Securities and Exchange Commission. AM Best reviews the insurance carriers ability to meet its obligations to policy holders. The higher the rating a carrier has, the more financially stable it is. On the other hand, if a carriers rating is low, they might have trouble paying claims for their policyholders.
Here is a break-down of the AM Best ratings
As depicted above, A++, and A+ (Superior) are the highest ratings a carrier can achieve, you should strive for a company that carries this rating. Anything that is a B or below is considered financially vulnerable.
When it comes to your insurance policy, make sure you choose a carrier that has the history and ratings to prove they are financially responsible to insure your business.