Who Needs Speciality Insurance Coverage?

Most businesses are aware of general liability coverage, commercial property insurance, commercial auto insurance—and if the business has employees—worker’s compensation insurance. These are all common insurance policies.

Specialty insurance is insurance that you can purchase to cover unique items, services, or risks. Specialty insurance falls outside what standard insurance policies cover. It can also cover what may be excluded from coverage. 

Examples of Specialty Insurance

What are some types of specialty insurance?

• Ocean Marine Insurance: If your company owns or operates vessels that dock or offload in US ports, you need marine insurance. This type of coverage will cover claims under the Jones Act and the Longshoremen’s Act.
• Commercial Auto Insurance: Do you have an antique or classic car? You may need a specialized automobile insurance policy.
• Flood Insurance: Flood claims are often excluded from property insurance. So if your business is in a flood zone, consider specialized flood coverage. 
• Pet Insurance: Insurance to protect your pets falls outside standard insurance coverage. Many insurance companies that specialize in protecting your pets. 
• Wedding Insurance: Usually referred to as “special event insurance,” this policy can protect you from liability for accidents or injuries. Many events can be covered under this type of policy.
• Jewelry Insurance: This can cover an expensive piece of jewelry that falls outside homeowners coverage. 
• Cyber Liability Insurance: You can protect your customers and your business from data breaches with this insurance. 
• Commercial Umbrella Insurance: An umbrella policy can often cover exclusions from underlying policies. It can be a more affordable way to extend the policy limits of underlying policies.
• Kidnap and Ransom Insurance: If you or your employees and their families travel for work overseas, this coverage will reimburse the business if a kidnapping for ransom happens.
• Directors and Officers Liability Insurance: Directors and officers liability insurance protects individuals, their spouses, and their personal assets from losses if they’re sued for actual OR alleged wrongful acts while they manage a company or organization.
• Travel Insurance: Travel insurance can provide protection for you and your property while traveling, domestically or abroad.

These are just a few types of specialty insurance policies available for businesses. Check with a licensed insurance agent to help you research insurance coverages you may need and specialty insurance products that are available.

Items to Consider Specialty Insurance For

Specialty insurance is designed to cover rare and/or expensive specialty items or events. There are specialty insurance carriers that cover leisure activities and travel for consumers. Others cover specialty items like boats, classic cars, jet skis, etc.

What else can you seek specialty insurance coverage for? Art, coin collections, watches, exotic animals, jewelry, historical documents and books, furniture, and so much more. There are likely insurance services that have a policy designed for any item you may need covered.

Some specific industries need specialized insurance, such as those that face higher risks (i.e. construction, real estate, doctors, etc.)

Specialty Insurance Doesn’t Have to Break the Bank

There’s a misconception that specialty insurance is costly or expensive. The cost of a policy depends on your specific industry, the risks you face, and the amount of coverage you need for something. We recommend that you speak with an agent that has experience with specialty insurance. If you need help connecting with someone, give us a call at 877-907-5267. Or complete the form at the top of the page for help finding specialty insurance. We can walk you through best practices and help you determine the protection you need.

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