Those who live under public scrutiny typically lead lives that are fundamentally different from most people. Although they may have privileges that most don’t, they also have concerns that are beyond what the average person experiences. One of the most significant concerns is the need for private security services. Celebrities, CEOs, pro athletes and other high-profile individuals often feel they need to be on their guard 24/7 due to threats from overzealous fans, opportunistic criminals and others. Private security can help alleviate these anxieties.
Certain businesses can also benefit from having private security on hand. The presence of professionals can deter vandalism, prevent theft of assets and sensitive information, and help the public feel more secure. From the armed guards present at financial institutions to personnel who patrol shopping complexes, finding a firm to provide this level of protection is one of the smartest moves a business can make.
Considering what’s at stake for a VIP or a commercial enterprise, however, hiring private security does not come without a price tag. Read on to learn how much it can cost to have personal security watching over you or your business.
Considerations Before Hiring Security
If you are thinking about hiring a personal security detail or protection for your business, there are some questions you need to ask yourself. Do you believe you need protection on an on-going basis, or just in certain situations? You also should think about how many professionals will be sufficient to keep watch. What level of experience do you believe those watching over you should have? What are some of the biggest challenges to securing your home or place of business? Are there any specific vulnerabilities that should receive special attention?
The answers to all these questions and more play a crucial role in determining the level of security you require. Consequently, these factors determine how much you’ll need to spend.
The basic level of personal protection is a single bodyguard. For short-term stints — such as during a public appearance or at a trade event — a VIP can expect to pay roughly $100 per hour for a single armed guard. Around-the-clock bodyguard services can cost more than $70,000 per month, depending on the circumstances. This means a full year of security for a single person can cost nearly $900,000.
This might sound like a lot, and it is, but you need to remember that trained bodyguards need to have a very particular set of skills. Part of their job description is to put their lives in front of your own, so the compensation has to match the effort.
Certain VIPs need a driver who is more than a chauffeur and is ready to respond to a threat at a moment’s notice. Drivers who are trained in security can typically be hired for about $350 per day, $500 per day if they need to carry a firearm. Bear in mind, however, that these professionals generally do not provide any additional services once the individual under protection reaches his or her destination.
These pros serve in more of a consultatory or advisory role, using their expertise to analyze potential risks and develop strategies to mitigate them. They tend to be former military or law enforcement personnel, and their services can cost roughly $500 per day, depending on their level of experience.
For large-scale events such as trade shows, concerts and festivals, it’s important to have trained and experienced professionals providing a watchful eye over the proceedings. They can perform entrance screenings, patrol the grounds and intervene in case of disturbances. Hiring these individuals can cost approximately $45 per hour and up, based on the provider.
Protecting commercial properties such as office buildings and shopping malls typically requires the services of a professional security firm. These companies provide clients with guards who can move around the property and watch for signs of trouble; monitor those coming in and out; and in some cases respond to any incidents that may occur. As you might expect, the cost of these services depends greatly on numerous factors. These include the number of personnel required, the amount of time they will need to be on the job, the size of your property and more.
It is true that hiring private security to protect you and/or your assets can be far from cheap. However, compared to the cost of not having trained professionals looking out for your best interests, it is well worth the expense.
AUTHOR BIO: Lauren Hoyt is SEO specialist for Galls, LLC, a leading provider of police and public safety uniforms. For over 50 years, Galls has serviced the needs of America’s public safety professionals with a full range of duty gear and apparel from top brands, as well as uniform fittings and customizations.