This is widely debated topic, and the answer is not a straightforward one, and similarly to many other products or services in life, there are several factors which can impact the overall cost.
Like other service-based industries there is also a vast spectrum of starting price points, and particularly in recent years the unfortunate scenario of many companies severely undercutting others in an attempt to gain traction, ultimately to the downstream detriment of not only the operatives, but also to the clients themselves.
The reality is that all high-quality security companies should always endeavour to provide the best operatives to their clients; individuals that not only fit the desired profile, but are also experienced, trustworthy and highly-competent. Particularly in the UK and USA these individuals will often hail from prestigious careers in the Military or the Police, and will also have a demonstrable and proven track record providing Close Protection services to other UHNW clients. It should come as no surprise then, that this calibre of person does not come cheap.
When pricing up a Close Protection or Executive Protection quote, there are several factors to be aware of which may influence the total cost (such as threat level, location, amount of travel required, vehicles, etc). However these elements aside, the absolute minimum one should be looking at paying for a single bodyguard is £500 per day (or just over $600). However this price can be higher, particularly for operatives with specific attributes (languages, build, unique qualifications etc) especially in affluent areas such as London, Paris, New York, and Los Angeles, or alternatively if there is a higher-level of danger involved i.e. in hostile environments or on adventurous expeditions etc.
There are several important reasons for paying the right price for Close Protection:
1. High-Quality People. First and foremost, ensuring that clients get quality assurance, experience and professional competence from their operatives. Purely and simply, high-quality people are in demand and they know their worth. If a security company are not charging the client the right price, it is a fair assumption that the personnel they are subsequently providing are not being properly compensated, and therefore are unlikely to be the highest-quality.
2. Consistency & Continuity. It is no coincidence the most prestigious security teams in the world will often contain personnel who have not only been working there for multiple years, but are also compensated well; and this is something all of the top companies strive for. This is not only so that they can ensure that can employ the best talent from the outset, but to also ensure that their personnel are paid well enough to want to remain on permanent basis. Teams which are always subject to personnel changes due to members leaving for a better paid contract, is not only detrimental to the client but also to the integrity and operational effectiveness of the security detail.
3. Due-Diligence and Infrastructure. There is much more to a successful Close Protection or Private Security detail than simply providing a team of good operatives. Paying the right price for Close Protection not only allows the company to provide the highest-quality operatives, but also allows them to provide proper due-diligence. This includes enhanced vetting, detailed background checks, and even training/assessments and continued professional development for all of their operatives.
As mentioned previously, a quick Google search will certainly find companies advertising bodyguards for a lower price, and worryingly there are even reports of individuals advertising unregulated bodyguard services on sites like Craigslist.
Within Private Security, Close Protection, Executive Protection or Bodyguarding…whichever umbrella term is used, it is unanimously known that high-quality people and high-quality companies really do make all the difference when it comes down to it. Whether buying a house, a car, or employing a Close Protection team, the quality of the product or service is very often a direct reflection of the price point.
When it comes to personal security the overriding question is; it is really an area where corners should be cut?