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Insurance 101: Specialty Business Insurance

By March 29, 2021May 4th, 2021Specialty Insurance

Every business is unique. They have unique customer needs, unique processes, and unique risks. A business within one industry does not necessary need what another business needs in another industry. This is true for everything from marketing plans to insurance options. Below are some of the industries that we are involved with that typically require a more custom policy approach. We refer to these industries unique business insurance options as specialty insurance. There are a wide variety of organizations that would fall into what we call specialty insurance.

Some Industries With Specialty Business Insurance Available

Non-Profit Insurance

Non-profit businesses put their mission first to help in a community or situation they feel is in need. However, they must make a profit to keep their doors open just like any other business. They also need to find coverage options best suited to them. Some non-profits will benefit from a simple BOP (Business Owners) policy that bundles general liability insurance and commercial property insurance into one easy to use insurance policy.

Other organizations, such as those who work with the elderly or disabled, will need a more specific policy approach. These organizations should consider additional options on top of their general liability insurance.

Technology Firm Insurance

In the growing world of technology and innovation some of the most at-risk companies are small technology firms. These companies must deal with an increased risk of cyber hackers and scams. When cyber security hacks happen, they can cost a business a fortune in legal fees due to sensitive material being released. Hackers want to use the sensitive data that technology firms have to their own financial benefit. Customers will not only be upset at the fact that their personal information is in the hands of the hackers, but they may also blame your business and file a suit against you. Error and Omissions insurance can help you deal with the cost of legal fees associated with the suit.

Technology firms should also consider cyber liability insurance to protect them against risks that are specific to cyber hacking. For example, if a hacker uses a phishing email to trick one of your account managers into handing over sensitive data about the client. When pursued in a court of law a cyber liability insurance policy will help mitigate the legal costs associated with the lawsuit.

Restaurant Insurance 

Restaurants small and large should consider additional coverage options over a standard liability and commercial property policy. Especially, if a restaurant is planning on serving alcohol. If you want to make your bar a staple in your restaurant you will want to consider liquor liability insurance. This policy can help you if you, for example, have a customer who causes injury or damage after you have served them and they claim that you have responsibility for the damage due to the alcohol you served. Always remember there is a difference between general liability and professional liability. General will protect you from physical damages to people and property outside of your business. Professional liability or otherwise known as Errors and Omissions insurance will protect you from things like food poising claims from customers.

We also recommend insurance that will cover you in the event that you have a short-term closure that results in the loss of a lot of product. For example, if you close one night and do not realize that your industrial refrigerator stopped working that evening. When you come in tomorrow must to throw away hundreds of dollars’ worth of food. You also have to buy a new refrigerator which will take several days to ship to your restaurant. Insurance policies such as systems breakdown insurance can help you mitigate the costs of the spoiled product and the time lost to replace the refrigerator.

Unique Needs and Specialty Business Insurance

At Konen Insurance, we are proud to work with a variety of different businesses. Regardless of industry or size our agents help business owners find insurance policies that are best suited to them. Whether you own a business in one of specialty categories or in a completely different industry contact us and we can help you find the best insurance options to fit your businesses unique needs.

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