Why you should get a specialised insurance package

Make sure you have insurance that is tailored to your needs.
Posted on May 30, 2016 in Business

Insurance is an obvious imperative for businesses of every kind, but what if you operate in a niche industry or offer a very specific product? How can you be certain that you are getting the cover you really need from a general, one-size-fits-all package?

This is where specialised insurance comes in, which can be tailored by a broker to fit the particular requirements of your business. From pet insurance to protection for crops, a niche insurance product can provide you with the cover that will help you in real circumstances, not just on paper.

Having specialty insurance minimises the risk of your claim being excluded.

1. Specific to your needs

Just as every business is different, they also have different needs from their insurance. Yet, unusual industry conditions can cause a problem when it comes to making a claim, with business owners thinking they have adequate protection, only to find their particular issue is excluded. This is why having tailored cover is essential. 

For example, a self-employed trades person is not covered by workers compensation, but faces just as much risk of injury as employees do. They therefore require a personal accident policy that will protect them from loss of income that is caused by being injured and unable to work.

2. Cover in all circumstances

There are a wide range of unexpected things that are not covered by generic products but nonetheless need to be insured. For instance, how often do we hear news stories about a celebrity insuring body parts? It is crucial you have the right cover for anything that could affect the running of your business, no matter how unusual. If it could affect your livelihood, it needs protecting.

A niche insurance policy will help ensure you have the specific security you need and are not left high and dry if something goes wrong. Specialty products can be adjusted to accommodate the peculiarities of your business, such as travel insurance for your speech processor or theft in theft in open air cover for your caravan park.

Do you have the right cover for your caravan park?Do you have the right cover for your caravan park?

3. Industry Experts

Lastly, an insurance broker that provides specialty cover is more likely to have a good understanding of your industry and the risks that come along with it, as opposed to a large-scale provider that lacks awareness of the individual. The Houston Chronicle points out that niche companies such as specialist brokers have a more singular focus on their products, meaning you are likely to get better services.

If you are looking for specialty business insurance in Australia, get in touch with MGA Insurance Brokers and make sure you get the cover you really need.