Navigating the Ins and Outs of Security Firm Insurance

Placing You First Insurance Podcast by CRC Group

Are you ready to navigate the security guard insurance market? Prepare to arm yourself with the essential knowledge shared by industry specialists Vince Polese and Greg Zschiesche . In our latest episode, we tackle the shrinking pool of insurers, dissect the nuances of liability concerns that have come to the forefront with cases like the Surfside Condo collapse, and analyze the diverse risks associated with various security environments. This is a must-listen for understanding the complexities and challenges that security guard firms face in securing adequate insurance in today's marketplace.
Vince and Greg shed light on the labor dynamics within the security sector, emphasizing the growing presence of retirees and veterans in the field. They share valuable insights on establishing fair contracts and a meticulous vetting process that's critical for recruiting top-tier talent. Furthermore, we discuss how wholesalers like CRC Group can be a guiding light through these intricacies, underscoring the importance of fostering strong relationships and staying abreast of market trends. Whether you're an agent, a client, or simply intrigued by the inner workings of insurance for security firms, our discussion offers a wealth of knowledge that is sure to assist you in charting a course through these challenging times.

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Chapters

1. Navigating the Ins and Outs of Security Firm Insurance (00:00:00)

2. So, for those that haven’t dug into the written companion piece about the insurance marketplace for security guards, can one or both of you give us the short version of what it’s like finding coverage right now? (00:01:12)

3. When the Surfside condo building collapsed, the security firm ended up on the hook for more than $500M of the $1B settlement. Is it common for security firms to be left holding the bag? (00:04:02)

4. What are some of the tougher venues or types of security guard work that makes them more difficult to insure? (00:06:40)

5. Are there things that these firms can do to give themselves the best shot at obtaining optimal coverage? (00:10:02)

6. Knowing that marketplace can be daunting right now, how does working with the right wholesale broker make a difference for agents and clients? (00:11:18)