Does it feel like everyone is using an alarm or security service these days?
If so, you might be onto something.
Security and fire alarm services is one of the fastest-growing industries in the world, and in the United States, more businesses are turning to professional security services. After all, keeping your employees, customers and business safe is of the utmost importance – because even if you have insurance to support you, you still want to be safe.
Acumen Research estimated the U.S. alarm and security services industry at a net worth of $52 billion in 2021 with a steady path to continued growth. We could be looking at an industry worth more than $100 billion by 2030, as more businesses turn to professional monitoring services.
But why do companies use professional alarm and security services?
Not only does security and monitoring protect the business and those associated with it, the service also affords 24-7 responses to emergencies and added safety. Most if not all businesses have insurance, but they would rather not file multiple claims if they don’t have to – and security monitoring has proven to be a sound mitigation tactic.
As the alarm services industry grows, so too should your client portfolio
Insurance brokers are always looking to beef up their portfolio, and there is no better time than now to add alarm and security businesses to yours.
With forecasted growth two and three times the industry’s current size over the next decade, there are certain to be more security businesses starting up and in need of the right insurance coverage.
Unique business risks of the alarm and security services industry
A business that is protected against inherent risks is one that is set up for success, both now and into the future. Every industry comes with its risks, and that is no different for the alarm services industry.
Risk management in security systems means protecting employees and the business, as employees will be those servicing the alarm and monitoring technology.
Injury to workers
Comprehensive coverage for security systems companies is important, and first and foremost because of potential injury to employees.
Property damage
If something goes wrong while an employee is on the job, the business will need coverage to protect and help the worker while also taking care of the company (and the company impacted).
Legal action
A client may opt to take legal action against their alarm or security services company, and that contractor/business will need to be protected. These reasons, among others, are why security system coverage matters to the businesses who provide the services.
Five reasons why AlarmPro is an advantage for security services clients
AlarmPro is comprehensive and all-encompassing, and the only insurance partner that security and monitoring clients need. For more than 35 years, AlarmPro has provided A+ rated insurance coverage to businesses in the security industry, giving business owners the confidence of knowing they’re backed by the best.
That is a significant advantage as you, the insurance broker, look to add these businesses to your portfolio. And the benefits aren’t limited to the client, either; there are legitimate perks to adding these clients to your brokerage.
Potential growth and profitability
As the security systems industry grows, the number of potential clients for your brokerage grows as well. By demonstrating you can protect alarm industry clients and offer comprehensive coverage, you can grow your portfolio and profits with burgeoning businesses.
Confidence = client retention
Think about how many times people change car insurance companies. The rate goes up? See you later, we’ll go somewhere else. It’s a bit different in professional contractors’ insurance, but your clients want to have confidence that you can protect against all risks and challenges they may face. Clients who trust you are far more likely to stick around long-term.
Niche insurance expertise for niche clients
“Knowing your stuff” is always a plus, and it’s true for the alarm and security systems industry. It’s a niche industry but it’s a growing industry, which means there are a lot of businesses who could use an experienced and knowledgeable insurance broker – perhaps, that’s you.
An advantage over your competition
It goes without saying that insurance brokers who provide services that others don’t have a unique advantage. Why not get out in front of your competition and show that you’re the most qualified to support security systems clients?
Risk management that is unmatched
Clients who know you’re prepared to support them when accidents happen are more likely to not only stick around, but they’re more likely to spread the word about your services. With AlarmPro, your brokerage can offer unmatched risk management that covers everything a security services client may need.
What coverage does an alarm services company need?
We’ve arrived at a key question. Now that we’ve established how beneficial it is to have security systems clients in your portfolio, it’s time to talk a bit more about what they will need.
AlarmPro is, as we mentioned, a comprehensive insurance offering that directly addresses risks that alarm services and security companies will face. These may include, but are not limited to:
- Installation, service and/or repair of alarm systems
- Professional monitoring services for security systems
- Installation of industrial or commercial communication equipment
- Installation, inspection or repair of office machinery and/or technology
AlarmPro writes industry-specific insurance policies to help security businesses get customized coverage, keeping them in compliance with any and all regulations and protecting them against risk.
General liability coverage
AlarmPro provides a lead line of coverage that businesses need, and serves as an overarching policy that covers several general business risks.
Property coverage
With AlarmPro, property coverage protects your business against damages to any property owned or leased by your business.
Commercial auto coverage
Does your client’s alarm services business use company vehicles to visit job sites and make repairs? Whether vehicles are owned or leased, commercial auto covers physical damage in the event of an accident.
Professional insurance (errors and omissions)
If there are economic consequences, due to a professional services error by an alarm services employee, or an omission by an alarm services company, this is coverage for those being held legally liable.
Workers’ compensation
This is legally required in most U.S. states for a business to be in operation. Workers’ compensation protects alarm services employees in the event of unforeseen circumstances while on the job.
Risk control services from AlarmPro
AlarmPro is uniquely positioned to provide specialized, custom solutions to reduce interruptions to your security clients’ business operations – along with minimizing risk and frequency/severity of claims.
Every insured broker partner has access to NIP Group/AlarmPro’s proprietary risk control learning management system (LMS), with access to hundreds of online training courses. There is also an expansive resource library with employment-related and workplace best practices articles, to pair with tailored risk control services.
The comprehensive approach of AlarmPro and its industry-leading expertise
NIP Group has been insuring the alarm industry for more than 35 years, making us experts in providing the best insurance for security systems businesses. AlarmPro is the largest national liability insurance program for security companies with the most experience protecting these specialized businesses with the most complete, customized insurance coverage.
Learn more about AlarmPro and how it can protect your clients’ security systems business by visiting our website.
