The task of securing an emergency response planning service is not one to be taken lightly. It requires a meticulous approach that appreciates the complexity of the task at hand, whereby the right decision could mean the difference between a well-contained emergency and a disastrous situation. It is, therefore, essential to engage in a holistic, yet critical evaluation of potential service providers, taking into account an array of factors that go beyond cost considerations.

First and foremost, it is crucial to understand the concept of emergency response planning and its relevance in the contemporary world. In essence, emergency response planning denotes the creation of procedures and protocols aimed at protecting people and property during crises. These procedures are designed to provide a systematic approach to manage emergent situations ranging from natural disasters to man-made crises such as fires and chemical spills. The role of these service providers, thus, is to design, implement, and continually evaluate these plans to ensure optimum emergency readiness.

Hiring the right emergency response planning service necessitates a keen look into the potential provider's experience and expertise in the field. Notably, the probabilistic nature of emergencies requires a service provider with a history of successful execution of emergency response plans. The experience factor is fundamental as it offers an insight into the provider's ability to handle different types of emergencies and their potential outcomes. Moreover, expertise in this case is gauged by the service provider's knowledge and understanding of laws and regulations governing emergency response planning, such as the US Occupational Safety and Health Administration's (OSHA) codes of practice.

Technological prowess is another pivotal factor when engaging an emergency response planning service. The advent of modern technologies such as Geographic Information Systems (GIS), Remote Sensing, and Artificial Intelligence has revolutionized emergency response planning. GIS, for instance, can be used to map out evacuation routes and assembly points during emergencies, which can be crucial in saving lives. Therefore, a service provider that is adept in the use and application of these technologies would undoubtedly be better positioned to offer efficient and effective emergency response planning services.

Timing, undoubtedly, is of paramount importance in emergency response planning. The ideal service provider should be able to deliver a plan within a reasonable timeframe, as the delay might leave your organization vulnerable to emergencies. Therefore, it is advisable to discuss expected timelines during the initial consultation phase, with room for adjustments as necessary to ensure a comprehensive and efficient plan.

While the aforementioned factors are crucial in the selection process, the buck stops at the cost of the services. Economic theory suggests a correlation between price and quality, but this is not always the case. It is prudent to conduct a cost-benefit analysis, taking into account the potential losses that could be incurred in case of an emergency. However, it is essential to ensure that the cost of the service does not disproportionately outweigh its benefits.

The hiring process, in this case, is not a linear procedure but a cyclical one that involves continuous evaluation and adjustment of the selected service provider. This approach emanates from the Black Swan theory, coined by Nassim Nicholas Taleb, which posits that rare events with severe impacts, such as emergencies, are unpredictable. Therefore, the best defense is to continually evaluate and improve the existing emergency response plan to accommodate new risks and vulnerabilities.

In sum, hiring the right emergency response planning service is a critical task that requires a comprehensive understanding of emergency response planning, an evaluation of potential service providers' experience, technological prowess, and cost considerations. It is a decision that requires due diligence and critical analysis to ensure the safety and security of people and property in the event of an emergency.