Because of the many functions and vocations within the security industry—such as security monitoring, business security, bouncers, and armed and unarmed guards, to name but a few—security guard insurance is not a one-size-fits-all solution. This coverage consists of several types of policies including general liability, business property, professional liability, and workers’ compensation to protect bystanders, customers, and employees from accidents or professional errors.
Business owners can get one or a combination of several policies for more complete coverage. It is possible to get multiple policies from one carrier, however, prices vary widely depending on factors such as whether or not your guards are armed.
Choosing the right company to suit your security business needs can be complicated. That’s why we reviewed 10 security guard insurance companies, taking into account factors including availability in all states, types of coverage, and ease of application, in order to find you the best providers for your business.
The 5 Best Security Guard Insurance Companies of 2020
Best Overall: All Risks
All Risks works with insurance carriers rated A- or better by AM Best, allowing businesses to find a wide variety of coverage from the most reputable insurers. Plus, as one of the country’s largest independent wholesale brokers, you can find a policy with the best value.
Comprehensive coverage options, including assault and battery coverage
Installment plans and ability to take advantage of flexible down payment options
Requires five years of currently valued loss runs
Workers’ compensation coverage may not be available in all states
No known discounts provided
All Risks was formed in 1964 to provide commercial insurance policies for retail agents and broker partners around the country. With over 27 locations across the country serving their partner carriers, this insurer provides a full-service platform, including contract binding for immediate coverage, which is one of the main reasons All Risks gets our nod for overall best.
All Risks offers a wide variety of security guard insurance, including policies for monitoring companies; armed and unarmed guards; and guards at government, large scale, retail, and bar facilities. Unlike a lot of other carriers, All Risks can cover any type of security guard company of any size, large or small.
Business owners can customize coverage for general and professional liability, workers' compensation, and excess or umbrella liability up to $10 million. Policies include errors and omissions, property, and lost key coverage in addition to care, custody, and control coverage. Some policies also offer terrorism and assault and battery coverage, though it may not always be available in your state.
Deductibles vary by policy but typically start at $1,000, and insurance premiums for general liability start at $2,500.
Best for Home Monitoring Companies: The Hartford
The Hartford offers comprehensive add-ons not available from other insurers for home monitoring companies, such as data breach, business income (including off-premises utility services), green technology replacement for broken equipment, cyber-extortion, and management liability coverage.
Offers specific additional coverage options for alarm contractors and home monitoring companies
Billing based on changes in payroll numbers in real-time for workers’ compensation
Aggregate limit applies on a per-project basis
Not available in Alaska or Hawaii
Does not cover internet security or high-hazard government work
No monoline coverage
The Hartford is one of the oldest insurance companies in the U.S. and was founded in 1810. The company is highly rated by AM Best, receiving an A+ rating. Headquartered in Harford, Connecticut, The Hartford has helped over one million small businesses with their insurance needs.
The Hartford offers a line of specialty coverage with general liability, extended property coverage, umbrella liability, multinational policies, and lost key coverage specific to home monitoring companies. Security companies can also opt for coverage related to cyber security, data breaches, and protections for management. These specialized coverage options for monitoring companies are why we chose The Hartford as best for home monitoring companies where there is an inherently larger risk of property loss.
Additionally, The Hartford offers comprehensive employers' liability and workers' compensation for security guards. Its workers' compensation program is exceptional, offering access to a network of over 50,000 pharmacies for convenience, and the Team-Work Return-to-Work program assists injured employees back to work based on their current abilities. This gets them back on the job in ways that are appropriate.
Once a policyholder, The Hartford has a secure website that houses safety and risk management materials for business owners to review and download. This helps minimize risks, which in turn can help keep premiums down.
Deductibles and policy premiums will depend on the type of coverage your business opts for, but both workers’ compensation and general liability insurance each has a minimum annual premium of $2,500.
Best for Security Guard Contractors: Brownyard Group
Brownyard Group offers comprehensive policy packages for both armed and unarmed guards and for security contractors of all types, even ones who have contracts with the government. Their optional Third Party Employee Dishonesty coverage isn’t available from most other insurers.
Provides coverage for a wide range of security guard contractors
Offers independent in-house claims services
Security guard liability insurance admitted in 48 states
Workers’ compensation not available in Alaska, Ohio, Hawaii, North Dakota, Washington, and Wyoming
Business auto insurance not available in Massachusetts, Nebraska, and Washington
Additional paperwork required for businesses operating less than three years
Brownyard Group was founded in 1950 specifically to serve the security guard industry. It has since evolved into other industries serving as a broker for insurance carriers that are highly rated, many with at least A ratings from AM Best. However, Brownyard Group still focuses a lot of its business on security companies. Unlike a lot of competitors, this company offers an in-house, full-service claims and loss prevention facility. Having this helps the company act faster once a claim is filed.
Brownyard Group’s security guard insurance is for both armed and unarmed professionals who are employed as either private, proprietary, or governmental security contractors. Coverage is also available for those who are in the business of executive protection, plus contractors who work as private security for homeowners associations. Not every company works with contractors so robustly which is why Brownyard is our pick for best for security guard contractors.
Coverage options include general liability, workers' compensation, commercial excess, commercial property, inland marine, and business auto packages. Plus, the insurer also offers Third Party Employee Dishonesty, which protects against contractors who commit dishonest acts toward customers. Policyholders can opt for separate limits for individual contracts and add-on first-party coverage.
You can choose limits from $300,000 to $11 million and minimum premium amounts start at $2,500.
Best for Startups: GuardPro Insurance
GuardPro offers a transparent way for startups to understand what they’ll need to apply for and bind coverage—most insurers require more paperwork for new companies. Plus, the company's three tiers offer a clear pricing structure with what’s included in a policy.
Receive a quote as soon as 24 hours
Offers three tires with clear pricing structure (for startups)
Premium can be financed after deposit is paid
Limited offerings such as aggregate limits
Relatively new company
Little information online for established businesses
Founded in 1996, GuardPro is a division of Pacific Venture Insurance Services, a specialty insurance company headquartered in Ladera Ranch, California. The company has expanded its proprietary programs such as “brokkrr,” an insurtech company, with Alkeme Insurance services, a group of companies focused on using AI to create a new distribution platform. This platform makes it easier for security guard startups to get insurance without a loss-history report or years of professional experience, which is why it is our top pick for startups.
The company offers general liability policies for both armed and unarmed security guards, plus workers' compensation, business auto insurance, and umbrella insurance. Businesses can also purchase liability and property insurance through Pacific Venture Insurance Services.
The three tiers of general liability coverage are Basic, Pro, and Pro Plus. All offer $1 million per occurrence with a $2 million aggregate and a $1,000 deductible. Annual premiums start at $4,250. The Pro tier adds firearms to the package, increasing the premium to $5,000 a year. The Pro Plus tier increases the aggregate coverage to $3 million and includes firearms, blanket additional insured, and primary non-contributory wording endorsements. This top tier is $5,500 annually.
These tiers make it easy for a new company to choose a plan and know exactly what to expect in terms of coverage and costs.
Best for Armed Guards: Crum & Forster
Crum & Forster underwrites all their policies and participates in the admitted and non-admitted marketplace, helping businesses find the best policy among a wider variety of insurers for both startups and established companies with both armed guards and armored vehicles, not common with many insurers.
Rated A from AM Best
Offers coverage for training schools
24/7 emergency response teams to process urgent or catastrophic events
No known discounts for training or trade association memberships
No monoline policies
Founded in 1822, Crum & Forster is part of parent company Fairfax Financial Holdings, which has over $22 million in revenue and $71 billion in assets. It received an A rating from AM Best and is one of the best-known commercial insurance companies in the U.S. This company maintains a self-reliant unit, C&F Security, dedicated to the security industry, giving them the expertise and experience needed to underwrite the biggest security risks, and making them our choice as best for armed guards.
Crum & Forster offers security guard insurance across the gauntlet with armed and unarmed security guard firms, private investigative or detective firms, and armored car services. Coverage options include general liability, commercial excess, commercial property, business automobile, and workers' compensation. Depending on the policy chosen, it may include up to $10 million in excess liability which specifically raises the general liability and professional liability limits under one simple, cost-effective policy.
Policy deductibles vary depending on the policy but start at $1,000 for policies with general liability limits of $1 million per occurrence and $2 million aggregate. Policy premiums begin around $5,000 per year and there are no known discounts for additional training and protocol.
What Is Security Guard Insurance?
Security guard insurance includes the various lines of insurance products designed for those working in the security industry. Those in the industry include bouncers, security monitoring firms, business security, and private security guards—which include both armed and unarmed guards. The purpose is to cover a wide variety of liabilities that an employee and/or a security company may face when protecting against the types of activities that put clients' property or personnel at risk. That means when there is property damage or bodily injuries to security guards or bystanders, security guard insurance is designed to cover these losses.
What Does Security Guard Insurance Typically Include?
Security guard insurance will have different types of coverage depending on whether you have liability or workers’ compensation coverage. Most general liability policies tend to cover injuries a client or a bystander has sustained who have directly interacted with the security guard or were on the premises at the time the incident happened. Plus, professional liability covers claims mentioning the guard didn't do their job according to professional standards which led to an injury or death—like a security guard who didn’t follow protocol that led to someone's harm.
Workers’ compensation coverage covers the employees at the company. That means if an employee is hurt on the job, the policy will pay for the medical cost. For example, if an employee were protecting a client and broke their arm while doing so, the workers’ compensation policy would cover the medical costs related to that incident.
What Does Security Guard Insurance Typically Exclude?
Security guard insurance typically excludes coverage for injuries that occurred because of a false or citizen’s arrest. In addition, any intentional or criminal acts that aren’t deemed part of safety protocol are usually excluded from policies. For example, guards or employees using unlicensed firearms tend to be excluded from security guard insurance policies.
What Does Security Guard Insurance Cost?
Security guard insurance tends to cost more than other types of business insurance due to the inherent risks of the industry. Underwriters look at factors such as payroll, logged hours, and the types of contracts security companies receive. General liability policies tend to start around $2,500 and go up if you’re insuring armed security guards. Premiums reflect the increased risk of carrying a gun.
Of course, as security guard businesses add on additional coverage such as workers’ compensation and umbrella coverage, the price goes up further. Insurance companies do help by allowing security companies to pay a down payment (usually a minimum of 25%) and finance the remainder for the policy year.
How We Chose the Security Guard Insurance Companies
We aim to ensure that the recommendations we make are ones we are confident would help you and your business be well-protected when choosing between security guard insurance companies. After looking at 10 companies, we chose the top providers based on several factors. These include availability in all states, types of coverage, ability to customize policies, and ease during application and bonding process.
AM Best. "Hartford Fire Insurance Company." Accessed June 17, 2020.
Venture Pacific Insurance. "Venture Pacific Insurance Services CEO, Curtis Barton, Chosen for Business America's Hot 100 List." Accessed June 23, 2020.