What Are The Different Types of Specialty Insurance?

As the name suggests, specialty insurance protects enterprises with unique coverage needs. This includes high-risk feature objects and holdings that aren’t typically covered under regular business insurance policies. Here are the various types of specialty insurance.

  • Flood coverage: Flood damage isn’t covered by most business commercial insurance. If your enterprise is in a flood-prone area, you will need to get flood insurance to protect your business property from flood damage. 
  • Cyber liability insurance: In the current digital business environment, one of the biggest challenges that small businesses face is cyber security. The number of small enterprises that fall victim to cyber security threats like data breaches resulting in millions of dollars in losses is rising. As a small company in Denver, CO, you should consider getting cyber liability insurance. This specialty insurance covers your business’s bank accounts from losses related to cyber-attacks and liability from customers who sue you after data breaches. 
  • Boat insurance: Does your business take advantage of a boat? Let’s say you run a mini-cruise line or boat touring enterprise. Traditional commercial insurance won’t provide you with the adequate coverage you need; you will have to go with boat insurance. 
  • Commercial renters insurance: Suppose you rent your business premises. In this case, we at AFI Insurance suggest you get commercial renters insurance to cover your business property on the premises you rent. 
  • Ocean marine insurance: This is a mandatory specialty insurance for enterprises that operate or own sea vessels dock/offload in American ports. This specialty coverage takes care of claims within the Longshoremen’s and Jones Act. 
  • Identity theft insurance: Business managers are regularly targeted by identity thieves who go on to steal money from their business bank accounts. Identity theft insurance cover’s a company from financial loss due to identity theft.

Do you need specialty insurance in Denver, CO? Contact AFI Insurance for expert insurance assistance.