Insurance Coverage for Special Situations

Traditional insurance policies offer safeguards for common liabilities experienced by the average business or individual. At times, a situation requires a more unique approach to coverage, either through high-risk exposure or an uncommon event or company. The higher risks of accounts like these usually require the coverage of specialty lines of insurance.

The Common Liabilities Influencing Specialty Coverage

There are risks associated with any business operations, and whether you operate a transport company or pony rides at birthday parties, there are some typical concerns. There is the potential for property damage or personal injury, a claim of negligence, or breach of contract claim. Specialty insurance addresses the losses that may not be covered by a traditional liability policy. These could entail personal or professional needs, such as identify theft, coverage of valuables, or errors and omissions claims for professionals.

The Applications of Specialty Coverage

Since a specialty line is an added form of protection, this policy could supplement commercial liability insurance, homeowners insurance, or automobile insurance. The underwriting process crafts limits and exclusions unique to the situation you present through your exposures or potential areas of loss. Those who seek out specialty coverage tend to have higher risks than the average clients, requiring an insurance provider to have strong knowledge of the market and liabilities in order to recommend the right the policy.

Your operations may leave several coverage gaps under your general business policies. Check with your insurance agent to find out if you should pursue specialty coverage.