Some businesses have unique risks. And some business risks are so distinctive that
they aren’t covered by general insurance policies. In certain cases, specialized
business insurance policies are needed to ensure a business is fully protected against
uncommon or atypical risks that some businesses face.
Let’s take a look at four types of specialized business insurance policies:
- Valuable papers insurance. If your business handles a large number of documents,particularly the old-school paper type, you may learn that your business insurancecoverage contains a blanket limit on payment if something should happen to your
documents. Other policies ask you to list critical documents you want covered. Either
way, it may be necessary to have a separate valuable papers insurance policy to
protect against loss of such documents. Typical businesses that need valuable papers
insurance are accounting firms, law offices, investment firms, and design firms,
to name just a few.
- International liability insurance. Does your business have overseas projectsor do business international? If so, you should know that most traditional insurancepolicies only provide coverage for claims initiated in the United States. In order
to obtain coverage for liability, property, and workers’ compensation for your business
operations abroad, you’ll need international liability insurance, which is one of
the most important types of specialized business insurance policies available.
- Kidnap and ransom insurance. If you or any of your small business employeestravel international for business, there is a risk of being kidnapped and held overseasfor ransom. Kidnap and ransom insurance coverage can reimburse your business for
kidnapping expenses to safety recover you or your employees. Because kidnap and
ransom insurance is complicated, it’s best to speak with your insurance agent to
understand the intricacies of these types of specialized business insurance policies.
- Maritime operations. Does your business operate a boat that is docked atharbors in the United States? If so, then you’ll need to be covered by a maritimeoperations policy. A maritime operations policy is a type of workers’ compensation
coverage that covers claims brought forth by your employees.
One of the keys to business success is an ability to recognize unique risks your
business, employees, and customers face. Specialized business insurance policies,
such as those described above, are designed to address the specific risks that your
industry and business are subject to.