Security Services Industry
Whether you are a sole-trader or a national company providing security services we will be able to source you competitive quotes. The AICAS Scheme covers many security activities either automatically or by endorsement, but excludes Crowd Control and Cash in Transit activities. For those operators specialising in Crowd Control or Cash in Transit will need to obtain separate cover. Both these activities are considered high risk and many insurers either will not offer cover or will place restrictions, exclusions or high deductible on your policy. When considering insurance cover, it is important to remember that many insurers will not offer you terms if your business activities are predominantly crowd control. It is therefore wise to mix your business activities with a cross section of security services, such as static guarding.
The security industry is one that relies heavily on the use of sub-contractors. When considering whether to engage sub-contractors you must take into consideration the deeming provision under Work-cover or workers compensation insurer. If the sub-contractor predominantly works for you or earns most of there money from you then, even though they are sub-contracting, you may still be obliged to cover them under your workers compensation insurance policy. With Work-cover premiums for security guards being rated in the region of 3% of the gross wage, you could end up with a large Work-cover bill. There are various processes to determine whether someone is a deemed employee and we would recommend that you visit your relevant Work-cover authority website to ensure that you have assessed the person correctly.
New Employment Legislation
With the introduction of new employment legislation there are new rules that apply to security guards and it is important to factor these in when calculating your hour rate. Remember once you have entered into a contract to supply guards at a particular rate then you will be bound by the contract even if you can’t find the guards at the rates that you wish to pay.
Budget for Claims
Just because you are insured doesn’t mean that it is a simply a case of reporting the claim and that’s the end of it, you must factor in the excess. All policies with have an excess or deductible, which will be applied to each and every claim. Taking a higher excess to reduce your premium may save you money in the short term, but long term the excesses could seriously eat into your business profits. With the increase in incidents involving crowd controls it would be wise to maintain a contingency fund to cover your excess payments.
If you require a quote, please complete the Security Proposal Form and return to us and we will source you quotes from the market.