It is absolutely important that security alarm firms have a Liability Insurance because you are helping others to protect themselves from any danger. Therefore, you spend a lot of time working in your customer’s place while doing so. Because you also offer monitoring service, you take care of reacting to alarms and letting the authorities know. There could be injuries, major property damage or even death.
When you get a Liability Insurance just make sure that it has the following:
- Commercial general liability Insurance or CGL: This gives coverage for expensive claims and lawsuits. Should your company is accused of incurring third-party physical injury or damage to property, the CGL takes care of what you should pay if you do not have this policy. It likewise covers claim for libel, slander, and advertising injury.
- Cyber liability insurance: For data breach that involves you. It pays the afflicted customers, P.R. and investigation expenses and even more.
- Commercial umbrella insurance, or excess liability coverage: Provides complementary liability protection is an extra protection in case of a major judgment against your firm that could ruin everything. It is could be your life saver.
- Employment practices liability insurance: This will protect you should an employee sue you for prejudicial employment practices.
Businesses that install burglar alarms and security systems has to have professional liability insurance also known as errors and omissions insurance. This is for failure in fulfilling services that you initial agreed upon that caused the customer to lose financially. It provide coverage for:
- Smearing ones character
- Defamation and maligning
- Emotional distress
- Failure to provide the products or services that were agreed upon
- Mistakes and failures that resulted to financial loss of the client.
- Professional carelessness
You might also want to get an Employee Insurance since you have employees who installs and repairs and surely they use vehicles that are owned by the company. But whether you have a truck or not, you need to have insurance for your alarm installers. Commercial vehicle insurance can provide protection for any vehicle you utilize for your company. It covers physical harm and property damage coverage, and so on.
You also need a workers compensation insurance not just for alarm installers but other staffs who were hurt on the job. This will take care of the medical expenses and the salary they lost due to the damage.