Best Business Insurance for Security Guards in 2024 (Top 10 Companies)
The best business insurance for security guards are Travelers, USAA, and Progressive offering significant discounts and tailored monthly rates starting as low as $150. These providers ensure security guards can safeguard their businesses effectively and affordably with peace of mind intact.
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UPDATED: Oct 21, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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13,128 reviewsDiscover the top pick for the best business insurance for security guards with Travelers, known for offering affordable coverage rates tailored specifically for security guard businesses. Benefit from customizable policies and expert support, allowing you to focus on your security operations while knowing your business is well-protected.
With rates starting at $150 per month, Travelers stands out among the top three providers, including USAA and Progressive, providing comprehensive coverage and significant discounts of up to 20%. Safeguard your security guard business effectively and affordably with Travelers, ensuring peace of mind for both you and your clients.
Our Top 10 Company Picks: Best Business Insurance for Security Guards
| Company | Rank | Multi-Policy Discount | Low-Mileage Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 15% | 35% | Accident Forgiveness | Travelers |
 | #2 | 5% | 35% | Military Savings | USAA |
 | #3 | 5% | 30% | Online Convenience | Progressive |
 | #4 | 17% | 30% | Many Discounts | State Farm |
 | #5 | 20% | 24% | Usage Discount | Nationwide |
 | #6 | 5% | 10% | Local Agents | Farmers |
 | #7 | 5% | 20% | Policy Options | Chubb |
 | #8 | 25% | 35% | Add-on Coverages | Allstate |
 | #9 | 5% | 15% | Customizable Polices | Liberty Mutual |
 | #10 | 5% | 20% | Deductible Reduction | The Hartford |
Explore the tailored solutions designed to meet the unique needs of security guard operations today. Enter your ZIP code above to get started on comparing business insurance quotes.
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#1 – Travelers: Top Overall Pick
Pros
- Accident Forgiveness: Travelers offers a significant advantage with accident forgiveness, providing peace of mind to security guard businesses.
- Up to 15% Multi-Policy Discount: Travelers insurance review & ratings highlights businesses can benefit from substantial savings by bundling multiple policies with Travelers.
- Up to 35% Low-Mileage Discount: Security guard companies with limited mileage can enjoy remarkable discounts, enhancing cost-effectiveness.
Cons
- Limited Online Convenience: While Travelers excels in discounts, the online convenience may not match the standards set by some competitors.
- Specialized Military Savings Missing: Unlike some competitors, Travelers doesn’t offer specific military savings, potentially impacting attractiveness for security guard businesses with military personnel.
#2 – USAA: Best for Military Savings
Pros
- Military Savings: USAA stands out with exclusive military savings, making it an ideal choice for security guard businesses with military personnel.
- Up to 5% Multi-Policy Discount: USAA insurance review & ratings boasts additional savings by bundling policies with USAA.
- Up to 35% Low-Mileage Discount: USAA offers competitive low-mileage discounts, aligning with the needs of security guard companies.
Cons
- Limited Availability: USAA is exclusively available to military members and their families, limiting accessibility for other security guard businesses.
- Fewer General Discounts: While excelling in military savings, USAA may offer fewer general discounts compared to some competitors.
#3 – Progressive: Best for Online Convenience
Pros
- Online Convenience: Progressive insurance review & ratings spotlights seamless online convenience to modern businesses streamlining insurance processes for security guard companies.
- Up to 5% Multi-Policy Discount: Progressive provides additional savings for businesses bundling multiple policies.
- Up to 30% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, promoting cost efficiency.
Cons
- Limited Local Agent Presence: While online convenience is a strength, Progressive may lack the localized support of agents that some security guard businesses prefer.
- No Special Military Savings: Progressive doesn’t offer specific military savings, potentially making it less appealing for security guard businesses with military personnel.
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#4 – State Farm: Best for Discount Variety
Pros
- Many Discounts: State Farm insurance review & ratings features a plethora of discounts, offering flexibility for security guard businesses to optimize their insurance costs.
- Up to 17% Multi-Policy Discount: Bundling policies with State Farm unlocks substantial savings, enhancing overall affordability.
- Up to 30% Low-Mileage Discount: Security guard companies with low mileage benefit from generous discounts, aligning with their operational needs.
Cons
- Online Convenience: State Farm’s online platform may not be as intuitive as some competitors, impacting the convenience for tech-savvy businesses.
- Fewer Policy Options: While offering discounts, State Farm may have fewer policy options compared to some competitors, limiting customization.
#5 – Nationwide: Best for Usage Discount
Pros
- Usage Discount: Nationwide caters to security guard businesses with a usage-based discount, ensuring cost efficiency based on operational needs.
- Up to 20% Multi-Policy Discount: Bundling policies with Nationwide unlocks significant savings, promoting affordability.
- Up to 24% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, aligning with their operational patterns.
Cons
- Limited Local Agent Presence: Nationwide’s local agent support may not be as extensive as some competitors, impacting businesses that value localized assistance. Discover additional details by exploring our “Nationwide Insurance Review & Ratings“.
- Specialized Military Savings Missing: Nationwide doesn’t offer specific military savings, potentially making it less appealing for businesses with military personnel.
#6 – Farmers: Best for Local Agent Networks
Pros
- Local Agents: Farmers provides a strength with a network of local agents, offering personalized support to security guard businesses.
- Up to 5% Multi-Policy Discount: Businesses can enjoy additional savings by bundling policies with Farmers.
- Up to 10% Low-Mileage Discount: Farmers insurance review & ratings boasts that security guard companies benefit from competitive low-mileage discounts, promoting cost efficiency.
Cons
- Limited Online Convenience: While Farmers excels in local support, its online platform may not be as user-friendly as some competitors.
- Specialized Military Savings Missing: Farmers doesn’t offer specific military savings, potentially impacting attractiveness for security guard businesses with military personnel.
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#7 – Chubb: Best for Policy Options Specialization
Pros
- Policy Options: Chubb offers a diverse range of policy options, allowing security guard businesses to tailor coverage to their specific needs. Discover more information on our “Chubb Insurance Review & Ratings“.
- Up to 5% Multi-Policy Discount: Bundling policies with Chubb unlocks additional savings, promoting cost efficiency.
- Up to 20% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, aligning with their operational patterns.
Cons
- Limited Online Convenience: Chubb’s online platform may not be as streamlined as some competitors, impacting the convenience for businesses prioritizing online interactions.
- Specialized Military Savings Missing: Chubb doesn’t offer specific military savings, potentially making it less appealing for businesses with military personnel.
#8 – Allstate: Best for Add-on Coverages
Pros
- Add-on Coverages: Allstate insurance review & ratings highlights excellency in offering a variety of add-on coverages, allowing security guard businesses to enhance their protection.
- Up to 25% Multi-Policy Discount: Bundling policies with Allstate unlocks substantial savings, promoting overall affordability.
- Up to 35% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, aligning with their operational patterns.
Cons
- Higher Base Prices: While offering discounts, Allstate’s base prices may be higher than some competitors, impacting businesses with budget constraints.
- Specialized Military Savings Missing: Allstate doesn’t offer specific military savings, potentially making it less appealing for businesses with military personnel.
#9 – Liberty Mutual: Best for Customizable Policies
Pros
- Customizable Policies: Liberty mutual review & ratings spotlights standing out with customizable policies, allowing security guard businesses to tailor coverage according to their specific requirements.
- Up to 5% Multi-Policy Discount: Businesses can enjoy additional savings by bundling policies with Liberty Mutual.
- Up to 15% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, aligning with their operational patterns.
Cons
- Limited Online Convenience: While offering customizable policies, Liberty Mutual’s online platform may not be as user-friendly as some competitors.
- Specialized Military Savings Missing: Liberty Mutual doesn’t offer specific military savings, potentially impacting attractiveness for businesses with military personnel.
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#10 – The Hartford: Best for Deductible Reduction Specialization
Pros
- Deductible Reduction: The Hartford provides a unique advantage with deductible reduction, offering cost savings in the event of a claim.
- Up to 5% Multi-Policy Discount: Businesses can enjoy additional savings by bundling policies with The Hartford.
- Up to 20% Low-Mileage Discount: Security guard companies benefit from competitive low-mileage discounts, promoting cost efficiency.
Cons
- Limited Online Convenience: While excelling in deductible reduction, The Hartford’s online platform may not be as streamlined as some competitors. Explore further insights on our “Hartford Insurance Review & Ratings“.
- Specialized Military Savings Missing: The Hartford doesn’t offer specific military savings, potentially making it less appealing for businesses with military personnel.
Protecting Security Guard Companies With the Right Coverage
Safeguarding your company against potential risks is paramount. Explore the key insurance policies that every security business should consider to protect against liabilities, property damage, employee injuries, and cyber threats:
- General Liability Insurance: General liability insurance covers basic third-party risks, including bodily injury and client property damage. It is advisable to bundle this coverage with commercial property insurance for additional savings.
- Business Owner’s Policy (BOP): A business owner’s policy combines general liability coverage and commercial property insurance at a discounted rate. It offers protection against common lawsuits and property damage.
- Workers’ Compensation Insurance: Most states require workers’ compensation insurance for security guard and patrol companies that have employees. It not only fulfills legal obligations but also safeguards self-employed security guards from work-related injury costs that may be denied by health insurance. Know more information on our “Best Health Insurance For Security Officers“.
- Professional Liability Insurance: Also known as errors and omissions insurance (E&O), covers legal costs when a security guard is sued for a mistake or oversight that results in financial harm. It provides essential protection against potential lawsuits.
- Commercial Auto Insurance: Commercial auto insurance covers financial losses in the event of accidents involving vehicles owned by your security business. In many states, business auto insurance is mandatory for company-owned vehicles.
- Cyber Liability Insurance: Given the increasing prevalence of data breaches and cyberattacks, cyber liability insurance is highly recommended for security guard companies that handle sensitive information. It provides coverage for recovery and associated costs in the event of a cybersecurity incident.
Ensuring comprehensive insurance coverage is not just about meeting legal requirements; it’s about safeguarding your security company’s future.
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How does insurance work? Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. By investing in the right insurance policies, you can mitigate risks, protect your assets, and maintain peace of mind as you focus on providing top-notch security services.
Key Factors Influencing Insurance Costs for Security Guard Companies
What is premium in an insurance? Do you pay a premium every month? An insurance premium is the amount you pay each month (or each year) to keep your insurance policy active. Your premium amount is determined by many factors, including risk, coverage amount and more – depending on the type of insurance you have. This does not apply to all types of insurance.
To determine what is cost of insurance, this is influenced by various factors. Firstly, the size of the business plays a significant role. Smaller security firms generally tend to pay less for insurance compared to larger enterprises due to lower risk exposure. Explore our “How does the insurance company determine my premium?” for more insights.
Best Business Insurance for Security Guards
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Travelers | $150 | $300 |
| USAA | $140 | $280 |
| Progressive | $160 | $320 |
| State Farm | $145 | $290 |
| Nationwide | $155 | $310 |
| Farmers | $165 | $330 |
| Chubb | $175 | $350 |
| Allstate | $170 | $340 |
| Liberty Mutual | $180 | $360 |
| The Hartford | $170 | $340 |
Additionally, the number of employees can impact insurance costs. Companies with a larger workforce may face higher insurance expenses due to increased liability risks. Furthermore, the coverage options chosen by a security guard company can affect insurance premiums directly. The types and extent of coverage selected will impact the cost of insurance.
Lastly, the geographic location of the business can also influence insurance costs. Different regions may have varying regulatory environments and crime rates, which can impact insurance pricing. It is important for security guard companies to evaluate these factors and work closely with insurance providers to understand how they contribute to insurance costs or what is insurance paid for.
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A Guide to Securing Insurance Coverage for Security Guard Companies
Obtaining business insurance for your security guard company is a relatively simple process. Here’s a general overview of how you can obtain the right coverage:
- Gather necessary business information. Before applying for insurance, ensure you have the relevant business details readily available, such as revenue and the number of employees.
- Research insurance providers. Explore reputable insurance providers that offer coverage for security guard businesses. Consider their reputation, customer reviews, and the range of insurance products they offer.
- Obtain quotes and compare coverage. Request insurance quotes from multiple providers and compare coverage options, exclusions, deductibles, and premiums offered. What is the limit and deductible in insurance? Your deductible is the amount you pay out-of-pocket before your policy takes effect. However, every policy type only covers up to a certain amount, known as a limit.
- Purchase the insurance policy. Once you have decided on the insurance provider and coverage, complete the necessary paperwork, make the required payments, and obtain your insurance policy. Ensure you fully understand the terms and conditions before finalizing the purchase.
- Obtain a certificate of insurance. After purchasing the insurance policy, request a certificate of insurance from your provider. This document serves as proof of insurance coverage and may be required when working with clients or for legal purposes.
By following these steps, you can confidently navigate the process of obtaining business insurance for your security guard company. Remember, investing in the right coverage is an investment in the long-term stability and security of your business.
Don’t hesitate to reach out to insurance professionals for guidance, and ensure you regularly review and update your coverage to align with the evolving needs of your company.
Business Insurance for Security Guards: Real-life Examples of Insurance Utilization in the Security Guard Industry
In the security guard industry, having comprehensive insurance coverage is crucial to mitigate risks and protect businesses from potential liabilities. Below are real-life case studies showcasing how different types of insurance have been utilized by security guard companies in various situations.
- Case Study #1 – General Liability Insurance: A security guard damages artwork while on duty. General liability insurance covers repair costs and protects the company from potential lawsuits.
- Case Study #2 – Workers’ Compensation Insurance: A security guard slips and falls while patrolling, resulting in injuries. Workers’ compensation insurance provides medical treatment and compensation for lost wages.
- Case Study #3 – Professional Liability Insurance: An oversight by a security guard causes financial loss for an event organizer. Professional liability insurance covers legal costs and damages, safeguarding the company’s reputation.
- Case Study #4 – Commercial Auto Insurance: A security guard vehicle is involved in a collision. Commercial auto insurance handles repair costs and compensates for third-party injuries, minimizing financial losses.
These case studies underscore the importance of having adequate insurance coverage tailored to the needs of security guard businesses. Whether it’s general liability, workers’ compensation, professional liability, or commercial auto insurance, comprehensive coverage ensures to mitigates risks.
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It also ensures the smooth functioning and reputation of security guard companies in the face of unexpected incidents. By understanding these real-life examples, businesses can make informed decisions to protect themselves and their employees effectively.
In Summary: Protect Your Security Guard Business with Comprehensive Insurance
In conclusion, securing comprehensive insurance coverage is crucial for protecting your security guard business. What is insurance in business? Business insurance can help protect business owners and independent professionals against everyday risks, such as mistakes, stock or premises damage, and legal costs. Some policies can even protect against business interruption and supply chain breakdown.
General liability, workers’ compensation, professional liability, commercial auto, and cyber liability insurance are key types of coverage to consider.
By comparing rates from reputable providers, you can find the best coverage options to ensure financial security, client confidence, and a strong professional reputation. Take proactive steps now to safeguard your business and enjoy a secure and successful future.
Our free comparison tool makes it easy to stick to your business insurance budget – enter your ZIP code below to get started.
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Frequently Asked Questions
What types of insurance coverage are essential for security guard businesses?
Security guard businesses should consider key coverage types such as general liability insurance, workers’ compensation, professional liability (errors and omissions), commercial auto insurance, and cyber liability insurance to ensure comprehensive protection for their operations.
Take a closer look at our “Professional Liability (Errors & Omissions) Insurance” to discover more.
How do Travelers, USAA, and Progressive rank among insurance providers for security guard businesses?
According to our guide, Travelers, USAA, and Progressive are identified as top insurance providers offering tailored rates for security guard businesses. To get specific details, you can read the reviews for each provider.
Protect your business today by entering your ZIP code below into our comparison tool for free commercial insurance quotes.
How can security guard companies minimize insurance costs?
Security guard companies can manage insurance expenses by evaluating specific needs, implementing risk management strategies, and exploring coverage options. It’s essential to work closely with insurance providers to understand how factors like business size, location, and security measures contribute to insurance costs.
Can you provide real-life examples of insurance utilization in the security guard industry?
Certainly, the guide includes case studies illustrating how different types of insurance, such as general liability, workers’ compensation, and professional liability, have supported security guard businesses in various situations. These examples showcase the practical benefits of having comprehensive coverage.
What is the process for obtaining business insurance for a security guard company?
Obtaining business insurance for a security guard company involves comparing quotes from top-rated providers. Businesses can use the free quote tool mentioned in the guide to explore rates and choose coverage that aligns with their needs.
What is an insurance limit?
Also known as your coverage amount, your insurance limit is the maximum amount your insurer may pay out for a claim, as stated in your policy. Most insurance policies have different types of coverages with separate coverage limits.
Is security guard a profession?
A Security Officer is a professional who watches over surveillance cameras, guards the inside and outside of buildings, and ensures people and valuables on the property are safe and prevents harm’s way.
Explore further details on “What is Prevention?” to know more.
Why security is the best job?
A career as a security guard can be both exciting and fulfilling. If you’re thinking “Can security be a good career?”, unlike many other jobs, a security guard’s duties are always changing, from patrolling a property to responding to alarms. Security guards are responsible for keeping people safe in many different situations.
What is the best security guard company to work for?
Here are the top-rated security guard companies in the United States: Contemporary Services Corporation (3.8 rating, 1,742 reviews), US Department of Homeland Security (3.8 rating, 4,386 reviews), Admiral Security (3.3 rating, 673 reviews), Allied Universal (3.1 rating, 36,208 reviews), and Securitas (3.2 rating, 26,784 reviews).
What is the highest paying security guard job?
High-paying security jobs include bodyguards, security researchers, administrators, operations managers, specialists, privacy analysts, personnel security specialists, and security intelligence analysts. Salaries for these positions vary, offering competitive compensation for individuals seeking employment in the security industry.
What is higher than a security guard?
Security officers have a more dynamic and administrative role. In addition to being present at similar job sites as security guards, they perform additional duties that require a higher level of expertise and responsibility.
What are the qualifications of a security guard?
Undergo a pre-licensing training course (PLTC) at any accredited training center. You will need to secure documents such as your birth certificate, barangay clearance, police clearance, NBI clearance, and diploma or transcript of records.
What is the most effective types of security?
The top 10 effective security measures for small businesses include access control systems, CCTV surveillance, intruder alarms, security guards, automated gates and barriers, suitable lighting, security system monitoring, and safe storage solutions. These strategies help safeguard premises and assets, enhancing security against potential threats and vulnerabilities.
Delve into our “Best Business Insurance for Alarm Companies” to gain more knowledge.
What is the difference between a bodyguard and a security guard?
The primary function of a security guard is to protect property, people, and assets. They may work in a variety of settings, including commercial buildings, schools, and event venues. Bodyguards, on the other hand, are focused on protecting an individual, typically a high-profile or VIP client.
Who is professional security guard?
Professional security guards will identify the problem long before it happens. Thus, having observation skills is a must. They pre-emptively stop unwanted behaviour or threats to keep the environment secure. Alertness and vigilance are instrumental in dealing with potential risks.
What is the first rule of security guard?
A security guard must always stay alert, refrain from engaging in illegal activities, and avoid using excessive force.
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What are the challenges of security guard?
Working as a security guard entails facing various challenges. These include dealing with difficult or aggressive individuals, maintaining high levels of vigilance for extended periods, handling emergency situations decisively, and coping with boredom and harsh weather conditions.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.