Specialty insurance is made specifically for businesses that need special coverage. Therefore, it is not intended to be a one-size-fits-all policy; the underwriting will be specific to your company’s industry and needs. For instance, healthcare research companies and IT companies both need specialty insurance but will have very different coverage inclusions. Some of such coverage that was started as specialty insurance is now common for many business establishments because of the new model of business practices that are emerging. To name a few of them are cyber security insurance, credit insurance, clinical trials, etc. We have a team of experts who can research out a specific insurance plan as per your requirements.
Who needs specialty insurance?
Any type of business that serves clients who engage in high-risk behavior will have to research specialty insurance plans. For instance, a skydiving company may be considered very high-risk and be subject to higher incidences of liability claims.
Many insurance providers offer specialty insurance plans to businesses in certain industries. For instance, Liberty Mutual has specialty options for the healthcare, environmental, real estate and energy industries. Underwriting is more flexible with this type of coverage, since nontraditional coverage is necessary.