Legal minimum requirements
Any business employing one or more members of staff is required by law to have Employers’ Liability Insurance.
Vehicles are required to have a minimum or third party cover (please note where a person uses their own vehicle for business, the cover should include appropriate business use).
Whilst other types of insurance may not be legal requirements, IPSA recommends that businesses have policies including all insurance products relevant to services provided.
British Standards requirements
Many of the industry codes of practice published by BSI include insurance requirements or guidance. Listed below are some of the common examples:
Static site guarding and mobile patrol
BS 7499:2013 – requires “insurance cover commensurate with the business undertaken and the number of persons employed” and fidelity guarantee, then lists the following as examples: public liability, contractual, efficacy, employer’s liability, vehicle insurance, loss of keys, wrongful arrest and product liability.
Keyholding and response services
BS 7984-1:2016 – requires “insurance cover commensurate with the business undertaken and the number of persons employed”, then specifies: public liability, employer’s liability, efficacy, loss of keys, consequential loss of keys, fidelity guarantee, professional indemnity, wrongful arrest and vehicle insurance.”
BS 7960:2005 – requires “public, contractual, efficacy and employer liability insurance at a level of cover commensurate with the nature of the business undertaken and the number of persons employed.”
BS 8549:2006 – requires “public liability and professional indemnity insurance”
Requirements for IPSA membership
IPSA requires its member companies to be compliant with relevant standards, so UK companies are required to have insurance cover as stipulated in the relevant British Standard.
Each insurance provider may use different terminology for the different insurance types and/or bundle types into packages. This can then be cross referenced against the above recommendations.
IPSA recommends that security companies ensure that their insurance provider understands the specific needs of the business and hence can ensure that the insurance offered is appropriate.
Listed below are IPSA member companies which provide insurance for security companies: