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What is Specialty Insurance and Why Does It Matter?

If you don’t have speciality insurance options, you may unintentionally be leaving your business vulnerable to risk. 

Specialty insurance has been increasing in popularity recently as more and more business owners are realizing just how important it is–in fact, the market for this coverage type is expected to hit $178 billion by 2030

But what is speciality insurance, and how can you tell if you actually need it? Read on to learn what speciality insurance is, a few key examples of speciality insurance, and its primary benefits.

What Is Specialty Insurance?

Specialty insurance is a coverage plan designed for businesses that need very specific protections. These businesses may not normally be able to get coverage due to owning high-risk holdings or if they have properties or equipment that are not covered in a typical business insurance plan.

Most businesses do not necessarily need specialty insurance coverage. However, specialty businesses require specialty insurance to make sure their assets are covered as needed.

To get a better idea of whether that applies to your business or not, let’s take a closer look at examples of this insurance.

Examples of Specialty Insurance

One very common form of specialty insurance is flood insurance. When you want to insure a business property, flooding is often not part of your standardized coverage package. If you want the extra peace of mind that comes from having flood insurance, you will need to get special coverage.

Some businesses get specialized umbrella coverage policies. These help to provide you with extra liability insurance, which may be needed if you own a business where visitors may get injured.

And both individuals and businesses that deal with boats need special insurance. The boats themselves need marine insurance, and businesses that own a marina need the right marina insurance.

Benefits of Specialty Insurance

If you’re still on the fence about whether you need specialty insurance or not, let’s take a closer look at the benefits of this insurance.

One of the most significant benefits is that this insurance provides additional liability coverage. In certain types of businesses where it’s very easy for someone to get injured.

An injured person can sue your business, and even if you defend yourself, the legal costs can put you out of business. Specialty insurance gives you additional liability protection to safeguard yourself and your finances.

Beyond that, the chief benefit of specialty insurance is peace of mind. Nobody knows what the future holds, and it can be tough to insure certain businesses. But specialty insurance remains your best way to protect your business against tomorrow’s unknown threats.

Get the Insurance You Need Today!

Now you know what specialty insurance is and what it can do for you. But do you know where you can find the coverage you need?

Here at the Oliver L. E. Soden Agency, we specialize in protecting businesses just like yours. To see what we can do for your company, come request a quote today!