At Grillo & Associates, we know that just as important as having an insurance policy for your business, is having the right insurance coverage for your firm. That is why whenever a new client consults with our professionals, we ask many questions. This will not only build rapport and trust as well as lay the groundwork for a lasting relationship, but also to ascertain any business needs that might require specific protection. Depending on the type of business you are in, Grillo & Associates may suggest that you consider Specialty Lines Insurance.
Insurance is not a “one policy fits all” type of industry. Not every business is the same and therefore not every insurance coverage will be the right fit for every business. Some examples of businesses that require Specialty Lines Insurance are those that work in an industry where ‘shrink’ or employee theft or fraud is a continuous risk. This can include retailers as well as manufacturers. There are also types of businesses that require specific protection insurance policies such as gun stores, flight schools, skydiving academies, amusement parks and arcades, and even decorators who specialize in selling antiques.
Do not think that if your firm is not similar to these examples that Specialty Lines Insurance is not for you. Simply put, if your primary or any aspect of your business is engaged in high-risk behavior, you will need to consider a Specialty Lines Insurance policy. That is because your type of business subjects the firm to a greater potential for liability claims. Another more common example would be the construction industry. Contactors can reduce their company’s exposure to increased liability risk by taking out a builder’s risk insurance policy to protect the company against any loss or damage on a project. In fact, most municipalities and banks that award commercial building projects insist on proof of this coverage prior to the firm being considered.
Other types of industries that may require specific protection in the form of Specialty Lines Insurance, include highly regulated sectors such as law firms, finance, and healthcare. Healthcare providers in particular need to be aware that standard insurance policies will not cover their sector-specific risks. These risks include equipment failure, patient data breaches, and malpractice claims. That is why healthcare insurance underwriters design policies with specific protections against liability claims.
While specific protection insurance coverage will safeguard against lawsuits, there are numerous other types of Specialty Lines Insurance to consider. Many of our clients have opted for an Errors and Omissions (E&O) policy which protects against negligence lawsuits and compensates for charges related to judgments such as court and legal fees. The most common types of Specialty Lines Insurance include:
- Identity theft insurance
- Flood coverage (if your business is on the South Shore, this coverage is a must.)
- Travel Insurance
- Title Insurance
- Boat Insurance
- Motorcycle Insurance
- Commercial tenants insurance
- Directors and Officers (D&O) insurance
Whatever types of insurance your firm requires to remain in business, Grillo & Associates’ professionals can help. We have assisted many small and midsize businesses on Long Island to obtain the right type of liability insurance to provide specific protection relative to their sector. We invite you to contact us to learn more. Call today!
