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Meeting Your Business’s Unique Insurance Needs

By CAN Capital

1 minute Read

Every industry is unique. Nothing in the world of small business absolutely covers the needs found in all industries, especially insurance policies.

The insurance industry has developed coverage aimed at industry-specific situations, such as liquor liability coverage for restaurants or hired vehicle coverage for the utility and repair industries. It is important that you are aware of how each type of available coverage pertains to you and your company.

Some common specialized insurance policies include:

  • Workers’ Compensation Coverage: Medical coverage for employees and independent contractors injured on the job as long as required screenings, timelines, and requirements are met.
  • Liquor Liability Coverage: Coverage against damages, lawsuits, and claims involving bodily or property damage on or off the premises caused by patrons who were served alcohol at your establishment.
  • Assault and Battery Coverage: Coverage against patron to patron or employee to patron assault and battery, also considered to be a third-party liability.
  • Hired or Non-Owned Vehicle Liability Coverage: Coverage protecting vehicles hired, purchased, or provided for business use.
  • Glass Coverage: Coverage for broken or damaged glass windows or doors that are not covered by a property coverage policy.
  • Money and Securities Coverage: Coverage against money or securities loss as a result of a hold-up or theft.
  • Loss of Earnings Coverage: Coverage against earnings loss in the event of business closure due to restoration or damage incurred by natural disaster, theft, or fire.
  • Accidental Medical Coverage: Coverage for accidental injury to employees, sub-contracted workers, customers, volunteers, performers, etc.
  • Machinery Coverage: Coverage protecting your business from machinery malfunction or breakdown if the equipment is not covered by a warranty. Also allows for business loss due to a lack of production.
  • Valet Coverage: Coverage protecting your property against auto theft or damage if you provide valet parking.
  • Boiler Coverage: Coverage protecting your business from boiler malfunctions in the event that your boiler provides a vital service to your business’ manufacturing and operating.
  • Hazardous Material Protection: Coverage protecting your employees and consumers against possible hazardous waste by-products produced by your company or industry including waste management, chemical transport, and laboratory facilities.
  • Credit life or “croak and choke” coverage: Coverage ensuring that you will be reimbursed for large credit amounts should the customer die before the debt can be repaid.

Specialty insurance protects your business from random occurrences that may not fall under your general liability coverage. As more industries flourish, insurance companies are finding it necessary to develop new policies designed for specialized equipment and services. Ask your insurance agent if any of these specialized policies apply to you. Work with your agent to build a package designed to optimize your coverage while saving you money in premiums. Spending a little time researching different plans or discussing your business’ interests with your agent is well worth the savings you might find.

 

Photo credit: iQoncept/shutterstock.com

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