Whether people, property, or businesses, alarm systems protect what is most important to us. In light of this fact, the popularity of jobs in security is growing in Canada. A 2020 Statista Research Report shows that the market size of security services in Canada rose steadily from 5.21 to 5.4 billion US dollars from 2015 to 2020. (1) Alarm installation companies and contractors will always be in business as long as people have valuable assets and property to protect. This particular sector within the security industry comes with its own unique set of complications and risks, which is why South Western Group offers specialized coverage tailored to the needs of these businesses.
For brokers wanting to cover this industry, this article will provide an overview of the variety of exposures faced by alarm installers as well as the wide range of coverage options available under SWG’s tailored insurance program.
Alarm Installers and Contractors: An Overview For Brokers
Canadian consumers are becoming more aware of the risks of hiring a security alarm systems provider. If, for instance, a contractor installing a security alarm system is both uninsured and unwilling to cover the damage if an accident or mishap occurs, then the home or business owner would be forced to pick up the cost. The expense of a mishap could be significant if it involves a damaged vehicle, roof, drainage, or air conditioning system. With this risk in mind, many consumers are refusing to hire a contractor that is not insured by a reputable provider.
As careful and professional as these installers might be, there is always a risk of mishap whenever an alarm installer is in the customer’s home or place of business. These risks could include:
● While installing a window sensor, an alarm system worker accidentally breaks the window or destroys the window latch so it no longer locks. Without the right insurance coverage, the alarm installer would have to pay the window replacement costs.
● While working on a ladder to install a sensor, a worker accidentally knocks over a toolbox that falls on a customer’s head. This could result in a lawsuit and/or expensive medical bills.
Since Commercial General Liability does not cover all possible risks, South Western Group offers additional coverages to help provide the most comprehensive coverage possible.
About SWG SECURE
SWG SECURE Security Services Insurance provides coverage not normally offered by traditional insurers. Businesses that provide security guard services, private investigators, alarm systems, and locksmiths as well as others requiring entry to private living quarters, need a unique type of protection.
Our program takes into account all factors relevant to your client’s situation, helping to avoid unpleasant surprises down the road. You can trust us to evaluate the complete risk picture, offering coverage for all potential exposures, including failure to perform, design errors and omissions, bodily injury, advertising liability, legal expenses, property damage, and a host of other circumstances.
You may have turned down this type of high-risk client in the past, but with South Western Group’s support, you can provide a wide range of coverage options at fair and competitive prices.
Commercial General Liability (Occurrence Form):
● Failure to Perform
● No General Aggregate Limit
● Design Errors & Omissions
● Personal Injury
● Intentional Injury in Defense of Personal Property
● Products & Completed Operations
● Care, Custody and Control
● Legal Expense & Defense Cost Reimbursement – $25,000 Each Occurrence; $25,000 Annual Aggregate
● Advertising Liability
● Bodily Injury and Property Damage – Broad Form
● Incidental Malpractice
Other Coverage Available:
● Property Insurance
● Business Interruption – Profits/Gross Earnings/Extra Expense
● Crime Coverage – Employee Dishonesty – Form A
● Fidelity – third party feature
● Cyber Liability
● Employee Benefits Liability
● Employers Liability
● Mechanical Breakdown
● Errors and Omissions – Claims Made – $250,000 Limit Each Occurrence; $250,000 Annual Aggregate (higher limits available)
Visit our product page for more details and to download an application.
Content is current as of the date of broadcast and is subject to change without notice.