Continuing from my post from last week, I wanted to talk more about Insurance Carriers and the lines of coverage they will write. For Security Guard companies, you’ll most often only need General Liability and Workers Compensation coverage. Depending on what your contracts ask for, or what you want, you can also obtain Commercial Auto, Excess Liability, Umbrella, and Employers Liability.
Most carriers will always write General Liability/Workers Compensation/Excess/Umbrella, but it takes specific carriers to write Commercial Auto and Employers Liability. For example, often you will see a carrier write Commercial Auto, but only if they write at least one other line of business. This is why its so important to find and see your Insurance Broker as an advisor and important part of your team. We always want to make sure we place our clients with the best carrier that suits their insurance needs, for the present and the future.
Another thing to keep in mind is that carrier offers different terms when it comes to the lines they write. For instance, one carrier may offer Monthly Payroll Reporting for Workers Compensation, meaning you pay for how much payroll you accumulated that month. Another carrier may not offer such a program, and want you to estimate your yearly payroll at the beginning of the policy, and have an audit to determine the difference at the end of policy period. Some carriers may even offer better pricing if they control multiple policies for your business.
As brokers, we so often see potential and new clients that weren’t taking advantage of the many specialized carriers and programs out there. Please reach out for a free review of any or all of your security guard companies policies.