Specialty insurance for business, does my business need it?
We often cover the ‘basics’ of business insurance in our articles. As a rule of thumb, most businesses need general liability, property insurance, commercial vehicle, and if the business has employees, worker’s compensation insurance.
However, some businesses have specialized insurance needs which may be covered, or quite, excluded from the insurance you have in place. Sometimes, certain laws or regulations require the need the additional specialized insurance coverage for your business. While your licensed insurance professional should recognize this, the bottom line always falls back to the business owner to insure the risk exposure is covered.
Here are some types of specialty insurance:
International Operations – Most insurance policies for business only cover claims in the United States. In addition to an international liability policy, you may have to get insurance coverage in each country where you are doing business. In fact, most countries require insurance be purchased from a company located in that country.
Maritime Operations – If your company owns or operates vessels that dock or off load in U.S. Ports, you need to have Maritime Operations insurance. This type of coverage will cover claims under the Jones Act and the Longshoremen’s Act.
Kidnap and Ransom Insurance – If you or your employees and their families travel work overseas, this coverage will aid and reimburse the business in the event of a kidnapping.
Valuable Papers Insurance – Certain businesses handle and produce critical documents. While some basic policies may offer some coverage, discuss options and additional coverage with your agent.
These are a few types of specialty insurance available for business. Check with your licensed insurance professional as well as the state department of insurance to research coverage needed and options that are available.