Does your business need specialty insurance coverage?

Property insurance. Liability policies. Workers compensation coverage. These are common types of commercial insurance coverages that most business owners know about. 

But what about those companies with needs that are more complex than a common insurance plan may cover? 

That’s where specialty insurance comes into play, otherwise known as excess and surplus (E&S) insurance. 

Let’s look at some businesses that typically benefit from specialty insurance coverage.

1. Businesses that sell rare items.

 Think antique stores or collectible shops, for example. These businesses deal in hard-to-find, rare or unusual items, and that means it can be hard to make sure the best insurance protection is in place. Specialty insurance may be necessary as a more appropriate coverage.

2. Businesses that provide high-risk activities.

Companies that offer products or services geared toward thrill seekers — think bungee jumping, sky diving or fireworks, for example — might have a higher chance of being sued. Because of the higher risk, and higher potential for claims, a specialty insurance policy could be just the ticket when it comes to possible litigation protection.

Is your business high-risk? Contact a UFG broker today for more information. 

3. Industry-specific businesses. 

What does “industry-specific” mean? Well, these are businesses that fall within larger industry groups like construction, healthcare, real estate, weddings, so on. These types of businesses often find peace of mind in errors and omissions insurance protection, a common type of specialty coverage. 

Did you see your business in that overview? Does your business deal in higher-risk activities?

Talk to a UFG broker today to find out if specialty insurance is a good choice for your situation.