We all have a tendency to forget where we placed our wallet, our keys, our cell phones. My wife would say that I lose them more than most. Your guards can be entrusted with several of your customer’s keys at any given time during their shift. While we hope they are always at the top of their game and don’t lose them, mistakes do happen and your company may be left on the hook to replace locks and keys. This may not seem like a huge expense, but it can be a sizable expense that you were not prepared to shell out. You can imagine how the cost of replacing several if not dozens of locks/keys in one building can add up.
Lost key insurance coverage is usually an endorsement, or rider, to a general liability policy. It is a mini-policy that you add to the coverage you already have for other types of liabilities for your business. I have seen too many lost key claims over the last 20 years and am always happy to remind my clients that they chose to add this endorsement. If you would like me to review your insurance policy to see if you have a lost key endorsement, please reach out so I can assist.