NEXT earned our top spot for the best small business insurer for security companies due to its excellent customer service and comprehensive coverage. However, we recommend comparing quotes from our other top picks, including The Hartford, Hiscox and biBerk.
Best Security Business Insurance
Updated: July 9, 2025
Advertising & Editorial Disclosure
Key Takeaways
NEXT is the best business insurance company for security firms because it offers the best balance of customer service and coverage.
Hiscox offers the cheapest overall commercial insurance rates for security businesses, leading in general liability and BOP coverage costs.
To shop for business insurance for your security business, research industry risks, talk to agents and other security business owners and compare multiple options.
Best Business Insurance for Security Companies
| NEXT Insurance | 93 | 90 | 94 |
| The Hartford | 92 | 91 | 91 |
| Hiscox | 92 | 98 | 87 |
| biBERK | 90 | 91 | 91 |
| Nationwide | 89 | 86 | 91 |
| Coverdash | 89 | 88 | 83 |
| Chubb | 87 | 84 | 87 |
| Progressive Commercial | 86 | 88 | 81 |
| Thimble | 85 | 86 | 81 |
| Simply Business | 85 | 80 | 83 |
*All scores were based on a security business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. NEXT
pros
High customer satisfaction rating
Fast, digital-first quoting process
Competitive pricing on all major policies
cons
Not ideal for firms with complex risk profiles
COMPANY HIGHLIGHTS
NEXT is a top pick for security firms that need fast, reliable coverage without the red tape. Its digital platform allows security company owners to quote, bind and manage insurance entirely online—ideal for small teams or firms in a hurry. NEXT consistently ranks high for service, with a 4.7‑out‑of‑5 rating from thousands of small business customers. While not the cheapest for any single policy, it offers strong value across the board. NEXT is best suited for licensed guards, mobile patrol firms and solo operators who prioritize convenience and clarity.
2. The Hartford
pros
Cheapest professional liability coverage
A+ AM Best financial strength rating
Strong performance across all policy types
cons
Less tech-forward than competitors
COMPANY HIGHLIGHTS
The Hartford is one of the most reliable options for security companies seeking rock-solid coverage and financial security. It offers the lowest rates for professional liability coverage in our data, which is especially critical for firms providing armed or high-risk services. Backed by an A+ AM Best rating, The Hartford has a long-standing reputation for dependable claims service and underwriting expertise. It’s especially suitable for firms operating in high-liability environments like event security, VIP protection, or property patrol. While its online experience is more traditional, the coverage quality is top-tier.
3. Hiscox
pros
Cheapest general liability and BOP coverage
Affordable workers’ comp and professional liability
Strong underwriting for high-risk industries
cons
Limited bundling options for larger firms
COMPANY HIGHLIGHTS
Hiscox is the most affordable option for security companies needing core protection on a tight budget. It offers the lowest rates for both general liability and BOP coverage, and also ranks near the top for workers’ comp and professional liability affordability. Hiscox is known for its deep experience insuring high-risk professions, making it a great match for security firms.
While it may not offer the most robust policy packages for large operations, it excels for small teams or single-location companies. It’s a dependable choice for licensed guards, patrol services and consulting firms looking for affordable, targeted coverage.
Cheapest Business Insurance for Security Firms
Based on our study of business insurance pricing, Hiscox offers competitive rates for security companies, leading in general liability and BOP coverage. These rates apply to security companies with two employees, though you may find different rates based on your specific situation. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Security Companies
With an average monthly rate of $29, Hiscox offers the lowest-cost general liability insurance for security companies. Also consider quotes from biBerk and The Hartford, the next-cheapest options.
| Hiscox | $29 | $353 |
| biBERK | $116 | $1,395 |
| The Hartford | $119 | $1,433 |
| NEXT Insurance | $120 | $1,440 |
| Coverdash | $138 | $1,661 |
| Progressive Commercial | $144 | $1,724 |
| Thimble | $153 | $1,840 |
| Nationwide | $160 | $1,920 |
| Chubb | $177 | $2,123 |
| Simply Business | $257 | $3,086 |
Cheapest Workers' Comp Insurance for Security Companies
Thimble offers the lowest-priced workers' comp insurance for security companies, with typical rates starting at $22 monthly or $268 annually. You may also find competitive rates with Progressive Commercial, Simply Business, Hiscox and The Hartford.
| Thimble | $22 | $268 |
| Progressive Commercial | $24 | $289 |
| Hiscox | $25 | $299 |
| Simply Business | $25 | $299 |
| The Hartford | $25 | $304 |
| biBERK | $26 | $316 |
| Coverdash | $26 | $307 |
| NEXT Insurance | $26 | $312 |
| Nationwide | $28 | $336 |
| Chubb | $30 | $361 |
Cheapest Professional Liability Insurance for Security Companies
The Hartford offers the most affordable professional liability insurance options for security companies, with low average monthly rates of $89. You may also want to compare prices from other low-cost providers like NEXT, Progressive Commercial and Thimble.
| The Hartford | $89 | $1,070 |
| NEXT Insurance | $92 | $1,103 |
| Progressive Commercial | $95 | $1,141 |
| Simply Business | $98 | $1,182 |
| Thimble | $98 | $1,177 |
| Hiscox | $99 | $1,182 |
| Coverdash | $101 | $1,214 |
| biBERK | $103 | $1,237 |
| Nationwide | $108 | $1,299 |
| Chubb | $116 | $1,390 |
Cheapest BOP Insurance for Security Companies
For businesses in the Security industry seeking combined general liability and property insurance in a business owner’s policy (BOP), Hiscox offers the lowest average annual rate at $530. That’s a savings of roughly $1,283 annually compared to biBerk, the second most affordable option.
| Hiscox | $44 | $530 |
| biBERK | $151 | $1,813 |
| The Hartford | $153 | $1,836 |
| NEXT Insurance | $174 | $2,090 |
| Coverdash | $201 | $2,413 |
| Progressive Commercial | $218 | $2,613 |
| Thimble | $238 | $2,853 |
| Nationwide | $239 | $2,864 |
| Chubb | $265 | $3,182 |
| Simply Business | $385 | $4,622 |
What Type of Coverage Do You Need for a Security Business?
Most companies with employees are legally required to carry workers' comp insurance, and businesses that use vehicles must have commercial auto coverage. Many clients or contracts also require businesses to carry general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED SECURITY BUSINESS COVERAGE
Security companies should carry general liability insurance because it covers common risks like bodily injury, property damage and legal defense costs. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. It's especially helpful for security businesses with commercial contracts or high-risk jobs, like technical, legal, or customized services.
Coverage Recommendations by Security Company Type
We've broken down risk considerations and coverage recommendations by security business type, ordered from highest to lowest risk for claims frequency. Understanding these distinctions helps businesses choose the right insurance coverage, with higher-risk services needing broader protection.
Security Business Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Armed Guard Services | General Liability (high limits), Professional Liability, Workers’ Comp, Commercial Auto, BOP | Use-of-force incidents, weapon discharge, injury to third parties | Excessive force lawsuits, wrongful death claims, negligent hiring or training |
Unarmed Guard Services | General Liability, Workers’ Comp, Professional Liability, BOP | Slip-and-fall while on duty, failure to prevent theft, client injury | Negligence claims, breach of contract, property damage allegations |
Mobile Patrol or Vehicle Response | General Liability, Commercial Auto, Inland Marine, Professional Liability | Auto accidents, damage during patrol, missing equipment | Vehicle damage claims, failure to respond, breach of duty |
Event or Venue Security | General Liability (high limits), Workers’ Comp, Umbrella Policy, BOP | Crowd control injuries, assaults, failure to screen guests | Bodily harm lawsuits, negligence during emergencies, inadequate staffing claims |
Security Consulting/Private Investigation | Professional Liability, Cyber Liability, General Liability | Advice-related losses, breach of confidentiality, defamation | Malpractice claims, privacy violation suits, client financial loss |
How to Get the Best Cheap Business Insurance for Your Security Company
Here's a step-by-step method for finding the best and cheapest business insurance for your security company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
To get the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This will give you a measuring stick for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To further narrow your list, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The best way to find the lowest rates is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Security Business's Liability Risk
Reducing risk helps security businesses manage liability and keep insurance costs down. We've organized risk mitigation strategies by business type or risk tier to help you find the best approach for your needs.
Risk Level | Included Types | Risk Mitigation Tactics |
|---|---|---|
Highest | Armed guard services, event security, mobile patrol units | Require extensive training and licensing. Maintain detailed incident logs. Carry high-limit liability and umbrella coverage. Screen all employees with background checks. |
Moderately High | Unarmed security services and on-site guards | Use standardized procedures and post orders. Provide de-escalation training. Maintain clear communication with clients. Carry workers’ comp and E&O insurance. |
Moderate | Security consulting firms, investigation agencies | Use disclaimers in contracts. Maintain professional liability insurance. Keep thorough documentation for all client interactions and findings. |
Moderately Low | Small local security teams with basic patrol duties | Limit assignments to low-risk areas. Use contracts to define responsibilities. Ensure proper reporting systems are in place. |
Lowest | Sole proprietors with advisory-only roles | Maintain professional liability and cyber coverage. Avoid fieldwork without proper endorsements. Include clear service disclaimers and limits of responsibility in all contracts. |
Best Insurance for Security Business: Bottom Line
NEXT is the best insurer for security business insurance, while Hiscox offers the cheapest option overall. We also recommend getting quotes from The Hartford and biBerk. For the best deal, talk to agents, research providers and pricing and compare multiple quotes side by side.
Security Business Insurance: FAQ
Below, we answer common questions about security business insurance.
Who offers the best security business insurance overall?
NEXT Insurance stands out as the top provider for security business insurance, with exceptional customer service and an impressive MoneyGeek score of 93 out of 100. The Hartford is a close contender.
Who has the cheapest business insurance for security companies?
Here are the cheapest business insurance companies for security firms by coverage type:
- Cheapest general liability insurance: Hiscox at $29 per month
- Cheapest workers' comp insurance: Thimble at $22 per month
- Cheapest professional liability insurance: The Hartford at $89 per month
- Cheapest BOP insurance: Hiscox at $44 per month
What business insurance is required for security organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for security businesses, with requirements varying by state. While not legally mandated, general liability insurance and surety bonds are effectively required by most commercial clients and property leases.
How much does security business insurance cost?
Business insurance costs for security companies depend on your services, number of employees, and the level of risk your contracts carry. Below are the average monthly costs for key policies:
- General liability: $131 per month
- Workers comp: $26 per month
- Professional liability: $100 per month
- BOP insurance: $207 per month
How We Chose the Best Security Business Insurance
We selected the best business insurer for security companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Three-person business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.
- NEXT. "Customer Reviews." Accessed June 16, 2025.