Specialty insurance coverage is used to provide protection for special risks and or for risks that might not otherwise be covered under another policy because of some unusual aspect or exclusion.
There are many niche industries that all of their basic coverage’s may be considered Specialty Insurance. As Insurance Brokers, Greenway can general find coverage for just about any type of business.
Most business owners are familiar with Life, Health, Workers Compensation, General Liability Bonds, Property, Vehicle and Equipment coverage’s. Some people believe that General Liability covers all potential Liabilities and simply stated, nothing could be further from the truth. There is a whole host specialty insurance policies available that some Businesses are not even aware of that they should never be without. Some of the more common types of specialty insurance policies that you may have heard of are Professional Liability, Product Liability, Inland Marine (it may not be what you think), and Liquor Liability. There are countless examples of other specialty coverage’s that many people do not even know exist. Some examples are Special Event, Key Employee Life, Sexual Harassment, Employee Theft, Employee Fraud, Many types of Bonds, Errors and Omissions, Excess and Surplus Lines. The list goes on and on. There is even insurance for Golf Courses to share the risk of somebody Winning a Car in a Hole in One contest.
Specialty insurance policies are not available with all insurance carriers and that means that you may have to do some research in order to find the best carrier for the item that you wish to insure. Lloyd’s of London is one example of a famous specialty insurance carrier who has the reputation of being willing to insure anything as long as the insured is willing to pay the price. Other, less know , carriers are available but knowing how to find them and which ones will provide the appropriate coverage for the lowest premium is where companies like Greenway Insurance earn your business.
Specialty insurance is not as expensive as many businesses believe it to be. When the amount of a loss could put a company out of business, it can actually be a great value in terms of the potential risk versus premium. Call a commercial specialist today for a FREE ANALYSIS of your Business Insurance and Potential Risks to make sure you truly have Full Coverage! 1-888-873-4918.