Some businesses have unique insurance needs. In most instances a good insurance professional will identify these situations. Basic policy types may not cover or, in fact, may exclude coverage for certain operations. Or, there may be certain laws or regulations requiring a specialized type of insurance. In considering the types of policies applicable to your business consider the following.
International Operations:If your company does business overseas or has projects overseas, most traditional policies will only cover claims brought in the United States. You will need an International Liability policy and you may need to secure coverage for liability, health insurance, workers compensation and property insurance in the country where you are doing business. Most countries require such coverage to be through an insurance company domiciled in the native country.
Valuable Papers Insurance: Certain businesses such as design firms, law offices, investment firms or accounting firms handle and produce critical documents. Some property and casualty policies will allow you to schedule or list such critical documents, other policies do not. Some policies have a blanket limit covering such documents that may not be sufficient. It may be necessary to procure a separate policy to guard against the loss of such documents.
Scripted Policies: Some things or operations are so unique that an insurer will write a policy specifically for that risk. If your operation owns or operates something unique ask your professional if it is covered or if it can be covered.
Maritime Operations: If your business operates water vessels that dock at United States harbors, you will need Maritime Operations coverage. This coverage will include a specialized form of workers compensation coverage that covers employee claims under the Jones Act and the Longshoremens Act.
Railroad Operations: Most commercial policies exclude coverage for operations taking place within a certain distance of railroad tracks or in a railroad yard. You will need to secure this coverage if your business will be operating around railroads.
Kidnap & Ransom Insurance: If your personnel travel overseas, this coverage may be necessary to aid and reimburse the business in case of a kidnapping.
These policies are unique and complicated. If your business is involved in some of the things identified here, talk to your professional and make sure you are covered.
