There’s no single set premium for insurance for security companies in Australia: costs vary with the work, staffing and cover required. Public liability limits commonly range from A$5 million to A$20 million, so the right figure can also depend on what a client contract demands.It’s understandable to want a clear cost before committing, especially when insurance needs differ between guarding, patrols and consultancy. This guide explains the cover security businesses may need, the factors that influence premiums, and how to compare policy limits with contract requirements.You’ll learn what public liability and professional indemnity may cover, how staffing and operational risks affect insurance needs, and what to consider when setting limits. The aim is to help you assess your business’s requirements with greater confidence. Key Takeaways Match your public liability limit to each client contract, as commercial and government work may set minimum requirements. Consider professional indemnity cover if your security work involves advice, design or supervision, where financial loss may be a concern. Compare indicative premiums by looking at the work you perform, staffing, use of force and the cover your operations require. Build a practical insurance program around your business activities, including workers compensation where you employ security staff and commercial motor cover for patrol vehicles. Table of Contents Choosing policy limits for client contracts What does security industry insurance cover? Indicative security insurance costs MyGen Insurance Brokers: Business Insurance Choosing policy limits for client contracts Security businesses commonly carry public liability limits from A$5 million to A$20 million. Contract terms, property access and the work performed shape the limit to consider.Matching limits to client contracts Start with each contract’s insurance clause. Many commercial clients and government contracts require at least A$10 million in public liability coverage. Compare that minimum with your existing policy limit, named insured details and any required endorsements before accepting work. In Victoria, public liability insurance is mandatory for applicants for a Security Business Licence under the Private Security Act 2004 (Vic).Clients may require proof of cover, such as a certificate of currency showing the insured business and relevant policy details. Compare the certificate with the contract’s stated limits and coverage requirements.Property in care, custody and control Public liability policies may treat property in your care, custody and control differently from other third-party property. Check the wording for exclusions, sub-limits and conditions that apply when staff hold keys, manage access or guard equipment. For example, guarding a client’s warehouse may involve exposure to claims involving valuable equipment, so consider this when reviewing contract terms.Care, custody and control cover can address this … [Read more...] about Insurance Costs and Cover for Australian Security Companies