What is specialty insurance? All businesses will have general business insurance that covers your business premise in the event of fire, vandalism and theft. Basic car insurance covers your business vehicles for accidents caused by your employee or the other driver. So when do these normal business needs become specialty insurance?
Specialty insurance providers offer insurance for special vehicles such as catering trucks, tractor-trailer beds, dump trucks and more. Providers of specialty insurance provide coverage for contents not usually covered, such as hazardous materials. They cover products like yachts, furs and fine art. Your business may even qualify to insure body parts, such as the hands of a piano player or legs of a dancer, when your business depends on these assets to function.
1. Choose specialty insurance companies to cover your special vehicles.
2. Select specialty insurance providers for your special business needs.
3. Take out insurance for special needs that your business incurs.
Action Steps
The best contacts and resources to help you get it done
Choose specialty insurance companies to insure your special vehicle
Certain industries need specialty vehicles to perform their day-to-day tasks, such as catering trucks or ambulances. Cover these special vehicles with specialty insurance coverage.
I recommend: Alliant covers your automotive specialty insurance needs with equipment breakdown insurance, cargo coverage and umbrella liability.
Unitrin offers specialty insurance for business vehicles. Find the agent near you, and call for a quote on your special vehicle.
Find specialty insurance agencies to cover your special business
Most businesses need specialty insurance for some aspect of their business such as food spoilage in your restaurant. Your basic business insurance policy only covers a portion of your special need.
I recommend: Chubb specialty insurance company offers the solutions to your special business needs with polices such as machinery breakdown and umbrella insurance coverage. Get a quote today for your particular special business need.
Allied Specialty Insurance agency offers special event liability insurance and weather insurance in Florida and Texas. Hold those outdoor events with confidence. Specialty insurance covers you against rain and weather events beyond your control.
Get quotes for insurance for special needs of your business
Do you own a piano bar? What happens to your 6 o'clock crowd if your piano person breaks his hand? Do you own a furniture shop? Do you have waterbed insurance in case a customer tries out the bed and it springs a leak? These may sound like far-fetched examples, but this is just what specialty insurance covers. Your specialty insurance provider can help you get this and any other special needs covered for the right price. They evaluate the risk and decide if they can insure your need and then quote your rate.
I recommend: Lloyds finds insurance for special needs, such as waterbed insurance, fine arts, furs and any other insurance needs for your business. Contact them and provide your exact information, and they will go to work to find someone who can underwrite your insurance policy.
Tips & Tactics
Helpful advice for making the most of this Guide
- Your general business insurance policy may cover some of your specialty insurance needs, so have that evaluated so you do not double insure.
- Consider raising the deductible on your specialty insurance policy to lower the cost if the quote is too high.
The official source of Specialty Insurance is the Specialty Insurance page at Business.com
Related Resources from Business.com
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