The award was given out in London recently and was accepted by Rodgers' son, musician Steve Rodgers. Paul was unable to attend the event as he was in New York where he was performing two nights at the Beacon Theatre as Joe Bonamassa's special guest.
"Bad Company" hit the top of the chart in the U.S. last year when Las Vegas-based metallers Five Finger Death Punch recorded and released their version.
The original track was released as the third single from the 1974 Bad Company self-titled debut album. Co-written by Rodgers and drummer Simon Kirke, the song's meaning comes from the movie of the same name featuring Jeff Bridges and Barry Brown.
It is also a rare instance of the artist, album and song names being the same; other examples include "Black Sabbath" (1970) and "Iron Maiden" (1980).