The differences in operations and services by businesses across industries require options where insurance coverage is concerned. Liability coverage that can specifically address the coverage needs of your business is best found through special risks insurance brokers.
Who Needs Specialty Insurance?
Specialty lines of insurance are options for niche business that could include:
- Sporting events
- Environmental services
- Community associations
What Can it Provide?
Liability insurance only offers coverage for general claims involving bodily harm, fire or water damage. Specialty insurance will cover the gaps left by general liability when a company is exposed to unique risks over a prolonged period of time. An insurance broker will be able to assess what policy is right for your company. Several policy endorsements beneficial to your services may be:
- Named perils coverage– specifically listed perils in the policy are covered
- Open perils– insures against loss to property from unnamed perils
- Special perils– insures against undefined loss except where exclusionary clauses preempt coverage
Insurance brokers representing special risk coverage companies should be experienced and current on liability threats and risk management. Their expertise should span a variety of industries, making them qualified consultants concerning necessary coverage. Areas in which they excel might include equipment leasing, general contracting, manufacturing, medical facilities, and restaurant services.
To narrow down your options with the most qualified special risks insurance brokers, consider their areas of expertise, their portfolio of clients and the specialty lines of coverage.