What are the types of insurance for companies with special needs?

Saturday, May 30th, 2009

Business insurance for special needs

In addition to the basic property, liability, and business interruption insurance coverage options, some businesses have special insurance needs. These types of business insurance are not usually available as part of package policies and may be expensive. So it’s important to consider how realistic a particular risk is, to help decide if the insurance coverage is necessary.

Life insurance for key employees is one special need for some companies. This is something that small businesses may purchase, if the loss of a key employee will cause the business to have trouble operating.

Kidnap and ransom insurance is specialized coverage, and may be something to consider for businesses operating in areas with known kidnapping of executives. This insurance can cover the expenses of dealing with kidnapper, ransom demands, and even lost wages.

Businesses with vehicles require automobile insurance – liability, collision, and comprehensive. Although the basics are the same as for a personal automobile insurance coverage, the details are quite different.

Crime insurance covers businesses that suffer a loss of equipment, inventory, or even cash or securities. This is an important coverage for many types of businesses, as these are items that basic business property insurance does not typically cover.

Additional special types of business insurance include:

  • Business identity insurance to protect businesses against the theft of electronic data
  • Directors and officers insurance to protect those individuals against personal liability for the business
  • Professional liability insurance to protect businesses that give advice or offer recommendations.

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