How to grow your book with our Security & Alarm Program
In our grandparents’ day, no one locked their doors. Security “systems” deployed by businesses were chain link fences and mean-looking dogs. Fast-forward to today, where the global security market is slated to surpass $100 billion by 2020, of which nearly half is for residential security, according to a recent Inc.com article.
It’s a booming business. And as a commercial lines producer, it’s a business segment you owe it to yourself to consider. As a low-voltage electronic security provider for business and residential solutions, Arrowhead’s Security and Alarm Program provides affordable general liability and errors & omissions insurance coverage.
Why choose Arrowhead?
- Broad, customized General Liability and E&O insurance with coverages specific to the security and alarm industry
- Carrier is Underwriters at Lloyds, rated “A” by A.M. Best, acceptable to any vendor
- Excess limits or umbrella coverage also available
- Easy access to veteran underwriters with 13+ years of experience
- Agents can produce and quickly send certificates to clients
- Receive an unusual endorsement or special request? Our team can quickly answer your questions and help you process the request. Email us at [email protected]
- Competitive commissions: 15 percent on new business policies $50,000 or less in total premium; 12.5 percent on new policies greater than $50,000 total premium; 10 percent on renewals
What does Arrowhead’s Security & Alarm Program offer that other programs don’t?
“Ease of doing business – and that makes agents’ lives much easier,” explained Cheryl Jones, lead underwriter for Security & Alarm Program. “Our binding process is more streamlined than many. Our form is less complicated – it’s just two pages. Our goal is to get your quote back to you within 24 hours. We can bind same-day, where others may take up to 30 days at times.”
“Another primary difference is that additional insured completed operations and blanket additional insured endorsement is included at no additional cost,” she added.
“We also include Third Party Action Over coverage,” Jones added. “This coverage comes in to play all too frequently when an injured employee, after collecting workers’ compensation benefits from the employer, also sues a third party (a security and alarm company) for causing or contributing to the employee’s injury.
“Then, because of a contractual relationship between the third party and the employer, the liability for the employee’s lawsuit is passed back to the employer,” she explained. “Most policies exclude this feature, but we include it automatically in our coverages.”
Chris Bell, commercial lines agent for Merrill Insurance in Florida and an Arrowhead producer, agrees: “The program you provide for the alarm industry meets and exceeds what our competition offers, and with the addition of some new optional coverages, I believe this to be the best in the market place.”
Jones listed several other points of difference in Arrowhead’s program:
- There are no exclusions for subcontracted work and no warranty requirement that there must be a signed contract in place for coverage to apply.
- Minimum premiums for smaller companies start at $1,000.
- There are no capital charges, subscription or membership fees or other expensive add-ons.
- Her team is able to quickly manuscript endorsements and certifications to meet vendor needs.
- Clients whose business is up to 25 percent unarmed security guards are acceptable.
Finally, Jones noted, Arrowhead provides coverage for difficult exposures like PERS (personal emergency response system) and medical monitoring. “Right now, our current underwriting authority allows us to cover companies whose business is up to 50 percent PERS (gross sales break out). We’re working to expand that to companies whose operations are 100 percent PERS by the end of this summer.”
What’s your appetite?
“The most common types of risks we cover are security and alarm installation and maintenance, including low-voltage electrical work such as installation and service of cable TV, communication equipment, home automation systems, computer systems or lighting systems,” Jones explained. This can range from alarm sales consultants to installers, and from home theater systems to PERS. It includes
- Alarm/access control/burglar/monitoring/security systems designers and integrators, plus maintenance and repair
- CCTV/access control sales, installation, repair and locksmiths
What tips can you provide that will help the rate/quote/bind process move more quickly?
“Provide all the information up front – this will expedite your quote tremendously!” Jones replied. She added, “Be sure to include the insured’s contract and claims history. When filling out the application, please don’t skip the question that asks for your operations breakout by percentage (how your gross receipts percentage is derived).”
What have producers and insureds told you they like best about the program?
“All the liability coverage that a security and alarm company needs is in this one policy. It includes Errors and Omissions, which many other policies exclude,” said Jones. “With our carrier, we’ve created a program that is tailor-made for this industry.
“They also love our competitive rates and commission structure, and the fact that we can accommodate smaller companies whose premiums start at $1,000,” she added.
“We placed a client with Arrowhead in 2015, loved the policy form and the coverage it provides the client. Arrowhead has one of the broadest policy forms in the industry. You also have great underwriting and servicing teams. I truly value the working relationship we have with you and all the Arrowhead group, the expansive knowledge and passion you display for this product reminds us of why we partnered with you over three years ago.” – Chris Bell, Merrill Insurance, FL.
“You rock! Thanks so much for your promptness. This is why I stayed with you and your company! Your service is always point on.” — Jacki Brown, Diversified Alarm Services, AL.
“Thanks for your quick turnaround!” — Scott Millward, The Insurance Center, UT.
“We love dealing with Cheryl Jones at Arrowhead. She is prompt, courteous and professional. Keep up the stellar work.” – Jon Lipton, Castle Rock Capacity, NY.
Ready to grow your book with Security & Alarm? Start here.