Both small and large businesses can have numerous insurance needs. And even though most standard lines of business insurance policies cover most risks, those companies that have unusual or high-risk endeavors involved in their business operations may need even more protection with specialty insurance.
Specialty insurance plans are made specifically for companies that require additional coverage for more unusual needs. These businesses may involve high-risk behavior, high-risk holdings, exceptional business operations or feature objects that are not usually covered under standard insurance policies.
Some examples of businesses that may need additional coverage include... a commercial trucking company needing coverage for their trucks and/or cargo; construction companies who experience frequent claims and lawsuits; a manufacturer who needs protection against the production of faulty products; an accounting business who's error triggers an IRS audit; and even a plumber who fails to repair a leak that causes a building to flood.
There are many types of specialty insurance that protect business operations. One of the most common is Errors & Omissions (E&O). This policy protects the business and its owner from claims if a client sues for negligence, errors or omission that result in a financial loss. This insurance can also cover legal fees, judgements, courts costs and settlements up to the limits of the policy.
There many other specialty policies that help a business fill in the gap with standard insurance policies...
- Directors and officers (D&O) insurance - for protection of wrongdoing by the management team.
- Cyber liability insurance - to cover costs resulting from cyberattacks.
- Identity theft insurance - to cover losses involving comprised bank accounts or assets as a result of identity theft.
- Commercial renters insurance - protecting buildings that your business owns or rents.
- Flood coverage - most standard commercial policies lacks flood insurance.
- Marine and Aviation insurance - if your business is involved with water or air operations
Different types of businesses require different types of coverages, and that goes for specialty insurance also. That's why it is important that you consult your commercial lines agent at J.P. Perry to determine the kind of coverage your business needs.