Many security businesses are unaware of the importance of using a specialist broker such as Security Insured for their insurance needs and often think of protecting their security products, services and personnel as an afterthought. But the very nature of the security business makes it one of the higher risk industries when it comes to insurance claims, and selecting the right broker who specialises in your field can save you a lot of time and trouble. And if you’re still not convinced, here’s 5 more reasons why your security company needs a specialist broker:

  1. Detailed Knowledge of Your Industry

A security industry broker specialises in your field and understands the challenges and threats that your business faces on a day-to-day basis, as well as complicated industry terminology and jargon. Specialist brokers are up-to-date with the latest changes in your industry, such as new legislation that affects your company or security personnel.

In short a specialist such as Security Insured, saves your business time through their in depth knowledge of the marketplace and their ability to understand what you do quickly.

After all, you wouldn’t buy a fire alarm from a travel agent and I’m betting you wouldn’t book a holiday with a locksmith. No matter how diligent your insurance broker may be, if they don’t specialise in the security industry, they won’t be as well equipped to advise you on the risks and opportunities unique to your business.

  1. Access to Specialist Insurance Underwriters

A specialist broker has access to specialist insurance underwriters. And longstanding professional relationships with important insurance providers within the security industry. They can intercede on your behalf in the event of any problem or misunderstanding between your company and the insurer, and will have extensive knowledge of any complaints procedures. Specialist security industry brokers can advise you on how to answer questions on applications for insurance and how to effectively elaborate your answers to the underwriters setting your premiums.

  1. Cost-Efficiency

Specialist brokers who understand your industry inside and out will be more cost-effective for your company on a long term basis. They’ll be able to find the best possible rates through longstanding professional relationships and broker discounts.

Premiums are lower using an insurance broker because the overall risk is lower for the insurer. Why? Because insurance brokers are professionally trained to choose the right policy for your business; and a specialist security industry insurance broker will be especially equipped to know the exact value of your assets and not under-insure any parts of your business. This will avoid unnecessary claims and ensure that the right premiums are maintained.

You already know that using an insurance broker will save you the time of personally calling around several different providers to check rates, but a specialist broker will be that much more efficient, making useful suggestions based on a deep knowledge of the environment you operate in. You also won’t have to waste phone call after phone call explaining what a CPO is or who NASDU is for the third time.

  1. Personalised Service

All insurance brokers will offer a personalised service. But going with a specialist in the security field means that you really will be a name and not a policy number to them. Their businesses are smaller and more targeted, which means they can provide a higher level of service that you simply can’t get at a larger company.

You’ll have your own personal security broker who knows you; your company, your fleet, your locations; and can provide valuable insights and advice on the best strategies and practices to handle any potential setbacks or risks to your business.

  1. They Can Tell How Competitive Your Premiums Are

Specialist brokers have intimate knowledge of the state of the security industry insurance market, and will know the underwriters’ criteria for evaluating applications. This means that they will always be able to present your security company in the best possible light.

Insurance markets are fluid and circumstances can change quickly, meaning that the premium that was right for your firm last month, may no longer be the most competitive today. A specialist broker can tell in an instant how competitive or fair your premiums are and make sure you’re never paying out extra cash each month unnecessarily.

Blog Written by: Nicholas Hems