Best Business Insurance for Bodyguards in 2024 (Top 10 Companies)
Identify the best business insurance companies for bodyguards such as AAA, USAA, and Progressive. Unveil the factors shaping rates and delve into tailored solutions, empowering your decision-making process in the dynamic realm of security services.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
UPDATED: Mar 4, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Mar 4, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
When running a bodyguard business, it’s crucial to have insurance coverage to protect yourself against potential risks and liabilities. From claims of negligence to false imprisonment, having the right insurance can safeguard your business and provide peace of mind.
Company Logo | Rank | See Pros/Cons | Safe Driver Discount | Multi-Policy Discount | Best For |
---|---|---|---|---|---|
#1 | AAA | Up to 20% | Up to 25% | Roadside Assistance | |
#2 | USAA | Up to 15% | Up to 10% | Military Savings | |
#3 | Progressive | Up to 10% | Up to 15% | Multi-Policy Discounts | |
#4 | Geico | Up to 15% | Up to 20% | Online Convenience | |
#5 | State Farm | Up to 15% | Up to 17% | Local Agents | |
#6 | Erie | Up to 10% | Up to 20% | Bundling Policies | |
#7 | Travelers | Up to 20% | Up to 15% | Customizable Policies | |
#8 | Nationwide | Up to 10% | Up to 20% | Deductible Program | |
#9 | Allstate | Up to 15% | Up to 20% | Bundling Discounts | |
#10 | Liberty Mutual | Up to 15% | Up to 20% | Customizable Coverage |
#1 – AAA: Roadside Assistance
Jeff Root Licensed Life Insurance Agent
Pros
- Extensive roadside assistance: AAA is renowned for its comprehensive roadside assistance services, offering a wide range of benefits, including towing, fuel delivery, and battery jump-starts.
- Membership discounts: AAA members enjoy exclusive discounts on various services, such as travel, shopping, and attractions, providing added value beyond insurance coverage.
- Strong reputation: With a long-standing reputation for reliability and customer service, AAA instills confidence in policyholders, knowing they are backed by a trusted brand.
Cons
- Membership fee: To access AAA’s insurance services, individuals need to become members, and this may involve an additional annual membership fee.
- Limited availability: AAA insurance may not be available nationwide, limiting its accessibility to individuals in specific regions.
Read more: AAA Insurance Review and Ratings
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#2 – USAA: Military Savings
Pros
- Tailored for military members: USAA is dedicated to serving military members and their families, providing specialized coverage and understanding the unique needs of this demographic.
- Competitive rates: USAA is often praised for offering competitive rates, with military-focused discounts that can result in significant savings.
- Top-notch customer service: With consistently high customer service ratings, USAA ensures that its policyholders receive excellent support and assistance.
Cons
- Exclusive to military members: USAA is only available to military members, veterans, and their families, limiting its accessibility to a specific demographic.
- Limited physical branches: USAA operates primarily online or over the phone, with limited physical branches, which may not suit individuals who prefer in-person interactions.
Read more: USAA Insurance Review and Ratings
#3 – Progressive: Multi-Policy Discounts
Pros
- Multi-policy discounts: Progressive incentivizes customers to bundle multiple policies, such as auto and home insurance, with attractive discounts, providing cost-effective solutions.
- User-friendly online tools: Progressive’s online platform offers intuitive tools for comparing quotes, managing policies, and filing claims, enhancing the overall customer experience.
- Snapshot program: Progressive’s Snapshot program allows safe drivers to earn additional discounts based on their driving habits, potentially lowering premiums.
Cons
- Varied customer service reviews: While some customers praise Progressive’s customer service, others have reported less positive experiences, indicating a degree of inconsistency.
- May not be the cheapest option: While Progressive offers competitive rates, it may not always be the absolute cheapest option for every individual, depending on specific circumstances.
Read more: Progressive Insurance Review and Ratings
#4 – Geico: Online Convenience
Pros
- Online convenience: Geico is known for its easy-to-use online platform, allowing customers to manage policies, make payments, and file claims seamlessly.
- Digital ID cards: Geico offers digital ID cards, making it convenient for customers to access and provide proof of insurance.
- Discounts and Savings: Geico provides various discounts, including those for safe driving, multi-vehicle policies, and military service members.
Cons
- Average customer satisfaction: Geico’s customer satisfaction ratings are generally average, with some customers expressing concerns about claim processes.
- Limited agent interaction: Geico’s focus on online services may not suit customers who prefer more personal interactions with agents.
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5 – State Farm: Local Agents
Pros
- Local agents: State Farm’s extensive network of local agents provides personalized service and easy accessibility for customers.
- Good customer satisfaction: State Farm consistently ranks well in customer satisfaction surveys, indicating positive customer experiences.
- Diverse insurance offerings: State Farm offers a wide range of insurance products beyond auto, including home and life insurance.
Cons
- Potentially higher premiums: Some customers report that State Farm’s premiums can be higher compared to other insurers.
- Strict underwriting: State Farm’s underwriting guidelines may be more stringent, impacting eligibility for certain discounts.
Read more: State Farm Insurance Review & Ratings
#6 – Erie: Bundling Policies
Pros
- Bundling discounts: Erie offers significant discounts for bundling multiple insurance policies, such as home and auto insurance.
- High customer satisfaction: The company is known for its excellent customer service, with high satisfaction ratings.
- Personalized coverage: Erie allows policyholders to customize their coverage, ensuring they get the protection they need.
Cons
- Limited availability: Erie’s insurance products are not available in all states, limiting its accessibility.
- Less robust online presence: Compared to some competitors, Erie’s online tools and resources may be less comprehensive.
Read more: Erie Insurance Review & Ratings
#7 – Travelers: Customizable Policies
Pros
- Tailored coverage: Travelers stands out for offering customizable insurance policies, allowing customers to tailor coverage to their specific needs.
- Wide range of products: The company provides various insurance products beyond just auto and home, offering a comprehensive selection.
- Strong financial stability: Travelers has a strong financial rating, indicating stability and the ability to meet policyholder claims.
Cons
- Potentially higher rates: Some customers may find Travelers’ rates to be slightly higher compared to other insurers.
- Varied customer service reviews: While generally positive, customer service reviews for Travelers can vary, with some reporting less satisfactory experiences.
Read more: Travelers Insurance Review & Ratings
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#8 – Nationwide: Deductible Program
Pros
- Vanishing deductible program: Nationwide’s Vanishing Deductible Program is a standout feature, allowing policyholders to lower their deductible over time without filing claims.
- Bundling discounts: Nationwide offers multiple policy discounts, encouraging customers to bundle and save on their insurance premiums.
- Financial stability: With a strong financial standing, Nationwide provides reassurance that it can meet its financial obligations, including claims.
Cons
- Standard coverage options: Some customers may find Nationwide’s coverage options to be more conventional, with fewer customizable features compared to some competitors.
- Limited availability: Nationwide’s products and services may not be available in all states, limiting its accessibility to potential customers.
Read more: Nationwide Insurance Review & Ratings
#9 – Allstate: Bundling Discounts
Pros
- Generous bundling discounts: Allstate stands out for its substantial bundling discounts, providing customers with cost-effective solutions when combining various insurance policies.
- User-friendly technology: Allstate’s user-friendly online tools and mobile apps enhance customer experience, making policy management and claims processing convenient.
- Extensive agent network: With a vast network of agents, Allstate offers personalized assistance and guidance to customers, fostering a strong customer-agent relationship.
Cons
- Potentially higher premiums: Some customers may perceive Allstate’s premiums to be on the higher side, particularly for standalone policies without bundling discounts.
- Mixed customer service reviews: While many customers praise Allstate’s customer service, there are occasional reports of inconsistent experiences, with some customers expressing dissatisfaction.
Read more: Allstate Insurance Review & Ratings
#10 – Liberty Mutual
Pros
- Customizable coverage options: Liberty Mutual shines in providing customizable coverage options, allowing policyholders to tailor their insurance plans to meet specific needs.
- Wide range of insurance products: Offering various insurance products, Liberty Mutual provides customers with comprehensive coverage choices beyond standard auto and home insurance.
- Online tools and resources: Liberty Mutual’s robust online tools and resources contribute to a seamless customer experience, making it easy for policyholders to manage their accounts.
Cons
- Varied customer service experiences: Similar to many large insurers, customer service experiences with Liberty Mutual can vary, with occasional reports of less satisfactory interactions.
- Potentially higher rates: Some customers may find Liberty Mutual’s rates to be relatively higher compared to other insurers, affecting the overall cost of coverage.
Read more: Liberty Mutual Review & Ratings
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Choosing the Right Insurance for Your Bodyguard Business
When it comes to choosing the best insurance for your bodyguard business, there are several key policies to consider. General liability insurance is the foundation and covers risks such as injuries, property damage, and legal defense costs. In addition to general liability, other types of coverage that can benefit your business include:
- Professional liability insurance: Protects against claims of professional negligence or errors in your services.
- Workers’ compensation insurance: Provides medical coverage and wage replacement for employees injured on the job.
- Commercial auto insurance: Essential if you use vehicles for business purposes, it protects your vehicles, drivers, and others on the road.
- Commercial umbrella insurance: Offers additional coverage beyond the limits of your primary policies, safeguarding against large claims or lawsuits.
These policies work together to provide comprehensive protection for your bodyguard business, ensuring you are prepared for a variety of potential risks and liabilities.
Securing the Ideal Coverage for Your Bodyguard Business
When it comes to securing the right insurance coverage for your bodyguard business, it’s crucial to work with insurers who understand the unique risks associated with your industry. Look for insurers experienced in providing coverage for security-related businesses, as they can tailor policies to suit your specific needs.
Consider the following five steps to find the coverage that best suits your bodyguard business:
- Assess your risks: Evaluate the potential risks and liabilities specific to your bodyguard business. This could include claims of negligence, false imprisonment, breach of contract, or excessive force.
- General liability insurance: Start with general liability insurance, which is essential for covering common risks such as bodily injury, property damage, and legal defense costs. Ensure the policy includes coverage for incidents that may occur both on and off your premises.
- Additional coverage: Consider other types of insurance coverage depending on your business’s unique needs. Professional liability insurance protects against professional negligence claims, while workers’ compensation covers employees’ work-related injuries and illnesses.
- Customization options: Look for insurers that offer customization options, allowing you to tailor the coverage to fit your specific requirements. This ensures that you are protected against the risks most relevant to your bodyguard business.
- Obtain multiple quotes: Request quotes from several insurers specializing in security-related businesses. Compare coverage options, limits, deductibles, and pricing to find the most suitable and affordable insurance for your bodyguard business.
Remember, the right coverage goes beyond just fulfilling legal requirements; it provides comprehensive protection for your business, clients, and employees. Take the time to carefully evaluate your needs and work with reputable insurers who can provide the coverage necessary to safeguard your bodyguard business.
Decoding the Price of General Liability Insurance for Bodyguard Businesses
The cost of general liability insurance for bodyguards typically ranges between $400 and $700 per year for $1 million in coverage. However, several factors can influence the price of your policy. These factors include:
- Size of your business: Larger bodyguard businesses may have higher premiums due to increased risk exposure.
- Number of employees: More employees may lead to higher premiums, as there is a higher likelihood of incidents or claims.
- Location of operations: If you operate in an area with a higher risk of lawsuits or claims, your premiums may be higher.
- Claims history: If your business has a history of claims or incidents, insurers may consider you a higher risk, resulting in higher premiums.
Purchasing general liability insurance as part of a business owner’s policy (BOP) may offer potential cost savings. BOPs combine multiple coverages into a comprehensive package, including general liability, business interruption, and property insurance.
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Common Incidents Covered by General Liability Insurance
General liability insurance covers a wide range of common situations that may occur in your bodyguard business. Here are a few examples:
- Bodily injuries: If a client or third party sustains injuries while under your protection, general liability insurance would cover their medical expenses and any related claims.
- Property damage: Accidentally damaging a client’s property during the course of your duties, such as breaking equipment or furniture, would be covered by general liability insurance.
- Personal and advertising injury: If your business inadvertently causes harm through defamation, slander, or copyright infringement, general liability insurance can provide coverage for legal defense costs and settlements.
- Slip and fall accidents: If a client or visitor slips, trips, or falls on your premises and sustains injuries, general liability insurance would cover their medical expenses and potential legal claims.
- Products liability: If you provide security-related products or equipment and they cause harm or damage, general liability insurance can protect you against claims and lawsuits.
- Completed operations: If an incident or injury occurs after you have completed your services, general liability insurance can cover any resulting claims or legal actions.
It’s important to review your specific policy to understand the exact coverage and any exclusions that may apply.
Critical Coverage for Bodyguard Businesses
In addition to general liability insurance, there are several other types of coverage that are crucial for bodyguard businesses. These additional policies provide specialized protection and help mitigate specific risks. Consider the following types of coverage:
- Professional liability insurance: Also known as errors and omissions insurance, professional liability insurance covers claims of negligence, errors, or omissions in the services provided by your bodyguards. It offers financial protection in case a client alleges that your business caused them harm due to a mistake or failure to perform professional duties.
- Workers’ compensation insurance: Required by law in most states, workers’ compensation insurance provides coverage for medical expenses, lost wages, and rehabilitation for employees who suffer work-related injuries or illnesses. In the event that one of your bodyguards gets injured while on the job, this insurance helps cover their medical costs and provides income replacement during their recovery period.
- Commercial auto insurance: If your bodyguard business utilizes vehicles for transportation or surveillance purposes, it’s crucial to have commercial auto insurance. This coverage protects your vehicles, drivers, and any third parties involved in accidents. It covers property damage, bodily injury, medical expenses, and legal costs resulting from auto incidents.
- Commercial umbrella insurance: While general liability insurance provides a certain level of coverage, there may be circumstances where the claims exceed the policy limits. It also serves as an additional layer of protection. It provides coverage above and beyond the limits of your primary policies, ensuring that your business is adequately protected in case of a significant claim or lawsuit.
- Property insurance: If your bodyguard business owns or leases office space, equipment, or other valuable assets, property insurance is essential. This coverage protects your physical assets from damage or loss caused by events like fire, theft, vandalism, or natural disasters.
Having the right combination of insurance coverage ensures that your bodyguard business is protected from various risks and potential financial losses. It’s important to consult with insurance professionals who specialize in security-related businesses to customize a comprehensive insurance portfolio that meets your specific needs.
Taking Further Measures to Safeguard Your Business
In addition to having the right insurance coverage, there are several additional steps you can take to enhance the protection and resilience of your bodyguard business. By implementing these measures, you can minimize risks, ensure professionalism, and maintain the safety of your clients and employees. Consider the following five steps:
- Implement proper risk management: Conduct a thorough assessment of potential risks specific to your bodyguard business. Identify areas of vulnerability and develop protocols and procedures to minimize those risks. This may include conducting background checks on employees, implementing safety protocols during assignments, and regularly reviewing and updating security measures.
- Establish clear policies and procedures: Create comprehensive and well-documented policies and procedures for your bodyguards to follow. This includes guidelines on professionalism, code of conduct, conflict resolution, and emergency response protocols. Clearly communicate these policies to your team and provide regular training and reminders to ensure compliance.
- Regular training and certification: Invest in continuous training and certification programs for your bodyguards. This includes providing them with specialized training in areas such as threat assessment, defensive tactics, first aid, and emergency response. Keep them updated on the latest techniques, industry best practices, and legal requirements.
- Maintain strong communication channels: Foster effective communication within your bodyguard team and with your clients. Encourage open dialogue, provide clear instructions, and establish reliable communication channels for real-time updates during assignments. Regularly communicate with clients to understand their security needs and promptly address any concerns.
- Stay informed about legal and industry changes: Keep yourself updated on relevant laws, regulations, and industry developments. Regularly review and assess your business practices to ensure compliance with legal requirements. Stay informed about emerging security threats and industry trends to adapt your strategies and maintain a competitive edge.
By combining insurance coverage with these proactive measures, you can create a robust framework for safeguarding your bodyguard business and providing the highest level of service to your clients. Remember, security is a continuous process, and regularly reassessing and refining your strategies will help you stay ahead of potential risks.
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Case Studies: Insurance Solutions for Bodyguard Businesses
Case Study One: AAA Business Insurance for Bodyguards
A bodyguard is providing protection to a high-profile client during a public event. In the chaos of the crowd, a bystander accidentally trips and falls, sustaining injuries. The injured person decides to file a lawsuit against both the client and the bodyguard for negligence.
AAA’s general liability insurance comes into play. The policy covers legal defense costs and potential settlement or damages awarded to the injured party, protecting the bodyguard and their client from significant financial loss. AAA’s reliability in providing unbeatable roadside services extends to comprehensive business coverage, ensuring peace of mind for bodyguard businesses.
Case Study Two: USAA Business Insurance for Bodyguards
A bodyguard is providing executive protection services to a high-profile individual. Despite the bodyguard’s utmost professionalism, an incident occurs where the client’s confidential information is compromised due to a cyber attack. The client holds the bodyguard responsible and decides to sue for damages.
USAA’s professional liability insurance, catering exclusively to military members, covers legal expenses and potential settlement costs arising from the cyber attack claim. This ensures that the bodyguard’s reputation and financial stability are protected. USAA’s specialized solutions for military and veterans uniquely address the specific needs of bodyguard businesses serving such clientele.
Case Study Three: Progressive Business Insurance for Bodyguards
A bodyguard is involved in multiple incidents, including a physical altercation during duty that results in the bodyguard sustaining a serious injury. Additionally, there’s a situation where a client’s property is accidentally damaged during protection services.
Progressive’s multi-policy discounts and comprehensive coverage come into play. General liability insurance covers the legal and medical expenses related to the injury incident. Property damage coverage addresses the costs associated with the damaged client property.
Progressive’s innovative approaches and cutting costs through multi-policy savings ensure that both incidents are handled efficiently, reducing the financial burden on the bodyguard business.
Summing Up: Empower Your Bodyguard Business With Comprehensive Insurance Protection
Obtaining the right insurance coverage is essential for protecting your bodyguard business from potential risks, liabilities, and legal complications. General liability insurance is a foundational policy, covering incidents such as injuries, property damage, and legal defense costs.
By working with insurers who understand the unique needs of the security industry, you can find personalized and affordable coverage options that meet your specific requirements. Acquiring insurance as part of a business owner’s policy (BOP) can offer comprehensive coverage and potential cost savings.
Additionally, implementing additional measures such as proper risk management, clear policies and procedures, regular training, strong communication channels, and staying informed about legal and industry changes further strengthens the security and resilience of your bodyguard business.
Remember, insurance should be combined with proactive steps to protect your business comprehensively. By prioritizing safety, professionalism, and adhering to industry best practices, you can enhance the overall security of your bodyguard business, provide the highest level of service to your clients, and ensure peace of mind for both you and your team.
Frequently Asked Questions
Why is insurance important for a bodyguard business?
Insurance is crucial for a bodyguard business as it provides protection against potential risks and liabilities. Whether it’s claims of negligence, false imprisonment, or property damage, the right insurance coverage ensures that your business is safeguarded, offering peace of mind and financial security.
What are the key types of insurance coverage recommended for bodyguard businesses?
General liability insurance is the foundation, covering risks like injuries, property damage, and legal defense costs. In addition to this, other essential coverage includes professional liability insurance, cybersecurity insurance, and property damage coverage. These policies work together to offer comprehensive protection for various risks.
How do I choose the right insurance for my bodyguard business?
It’s essential to work with insurers experienced in providing coverage for security-related businesses. Look for companies that understand the unique risks associated with the industry and can tailor policies to suit your specific needs. Additionally, consider factors such as reputation, customer service, and cost when making your decision.
What is the cost of general liability insurance for bodyguard businesses?
The cost of general liability insurance for bodyguards typically ranges between $400 and $700 per year for $1 million in coverage. However, several factors can influence the price, including the size of your business, location, and specific services offered. Purchasing insurance as part of a business owner’s policy (BOP) may offer potential cost savings.
How can I enhance the protection of my bodyguard business beyond insurance?
In addition to insurance, consider implementing proactive measures such as proper risk management, clear policies and procedures, regular training, strong communication channels, and staying informed about legal and industry changes. These steps, combined with the right insurance coverage, create a robust framework for safeguarding your business.
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Michael Leotta
Insurance Operations Specialist
Michael earned a degree in Business Management degree with an insurance focus, which led to a successful 25-year career in insurance claims operations and support. He possesses a high-level of business acumen across multiple areas of the insurance industry. Over the course of his career, he served in multiple roles supporting claims operations including: Claims Specialist, Claims Trainer, Claim Au...
Insurance Operations Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.