What is Specialty Insurance and Why Is It Necessary?

Specialty insurance provides coverage for certain risks that may not otherwise be covered under a general liability policy. This type of insurance covers unique items or ones damaged under unusual circumstances. Because of exclusions in regular general liability clauses, specialty insurance serves to protect a variety of things you’ve worked hardest for.

Examples of Specialty Insurance
Business Insurance
Owning a business, managing office buildings, and hiring paid employees comes with an extensive variety of risks. As a business owner, you are not only financially responsible for your life, but the lives of many. Affordable business insurance specific to your organization’s needs is essential to operate effectively and rectify potential mistakes.

Marine Insurance
Boats and other marinecraft are an expensive investment that are prone to damage from accidents or poor weather conditions. Just like vehicles require auto insurance, watercraft must be covered by marine insurance before facing the unique risks of life at sea.

Umbrella Liability Insurance
With an umbrella insurance policy, secondary coverage kicks in after the limits of your liability policy are exceeded. It costs very little per year to couple with your base insurance and provides you with extra protection for your most important assets.
Benefits of Specialty Insurance
Specialty Insurance also extends coverage to those outside of your household. In the unfortunate event a friend or family member is injured in your home, specialty insurance will cover their medical expenses. Additionally, if you find yourself in a situation like this, your excess liability insurance aids you.

Specialty insurance is something that can be difficult for some insurance companies to get right. It takes an experienced professional to be able to look at a specialty insurance situation and evaluate the risks in a comprehensive manner. Contact us today and let us create a risk assessment of your situation and utilize our resources to meet your specialty insurance needs.