Bodyguard Business Insurance
Getting insurance for your bodyguard business is essential.
Bodyguard businesses need to be protected against things like claims of negligence, breach of contract, false imprisonment, and excessive force.
For example, one of your bodyguards could unlawfully prevent a client from leaving a location or use excessive force against a third party while protecting a client.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Bodyguard Business
General liability insurance is — generally speaking — one of the most important insurance policies for bodyguard businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
On top of general liability insurance, bodyguard businesses often find the following types of insurance can be beneficial:
- Professional liability insurance
- Workers’ compensation insurance
- Commercial auto insurance
- Commercial umbrella insurance
You will find that there are two options available to you when it comes to selecting an insurer to buy from:
- Traditional brick-and-mortar insurers: Well-established providers in the industry that have become renowned for the trustworthiness and customizability of their policies. However, due to the expenses of the physical storefronts and team of insurance agents, these insurers’ prices may be steep for new or small businesses.
- Online insurers: A new type of provider, these insurers offer insurance policies quickly and conveniently by taking advantage of AI. While they offer similarly reliable insurance policies to those of traditional insurers, they are able to do so at more competitive rates thanks to their lower overheads.
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Cost of General Liability Insurance
On average, bodyguards in America spend between $400 - $700 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a bodyguard business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Bodyguard Business
Example 1: While visiting your place of business, a potential client slips on the stairs leading into your office, breaks a hand, and demands your company pay for her medical treatment. General liability insurance would cover her medical bills related to this injury.
Example 2: A competitor claims you stole his company logo and sues your business. General liability insurance would pay for your legal defense and any required settlement.
Example 3: An employee accidentally spills coffee on a client’s recording equipment, damaging it beyond repair. General liability insurance would cover the cost of replacing the client’s damaged property.
Other Types of Coverage Bodyguard Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
While you and your employees strive to deliver the best possible service for your clients, there’s always a chance someone might claim your professional services caused them harm. If a client sues your business based on a negligence claim, professional liability insurance would cover your legal fees and any required settlement.
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. This coverage protects your bodyguards and other employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a work-related accident.
Commercial Auto Insurance
Any vehicle you use primarily for business requires commercial auto insurance to protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured but also sufficient protection for any business materials you carry in your vehicle.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your bodyguard business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Bodyguard Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Yes. When it comes to managing the risks faced by a bodyguard business (injury, property damage, etc.), it’s crucial to acquire insurance proactively. Failing to do so leaves your business at the mercy of any liabilities or legal complications it may face.
This doesn’t even cover situations in which your business may be required by law to carry certain types of insurance (e.g., workers’ compensation and commercial auto insurance).
Not necessarily. Certain exceptions may be written directly into your bodyguard business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.