Specialist Business Insurance
Insurance for the not so straight forward
Sometimes a business might need specialist business insurance for many reasons, just the type of trade might be the problem, previous claims, the business activities might be considered to be far to high risk for many insurers, even businesses that are just starting out can also have its issues and unless you are dealing with a broker that has access to many specialist insurers including Lloyds, then it can feel like you are banging your head against the proverbial wall.
Obtaining insurance quotes from online quote systems isn’t generally going to work where your business doesn’t fit the typical mold; this is when you need to speak directly to a broker that not only has the experience and knowledge of dealing with businesses of all types but understands the requirements and has access to specialist insurers who are open to the not so straight forward
What is specialist business insurance
For most businesses looking for insurance, it usually pays to deal with a specialist broker in that trade segment, generally insurance is easily obtainable, it’s usually down to the width of the cover and the premium cost that determines whether it’s purchased or not.
For many businesses though, insurance can be a challenge to obtain and that is where it’s important to deal with a broker that can be creative in the way that it’s put to market, a one-line business description isn’t going to work. As a broker, we work with you in creating the right approach to our range of specialist markets.
Specialist Business Insurance isn’t different from any other type of business that you might require, it’s the markets and the approach that makes the difference.
Where might a business require specialist business insurance cover?
Specialist Liability Insurance, sometimes a straight forward liability insurance policy isn’t quite going to be enough. Liability insurance is designed to protect a business against allegations or claims against it due to a loss they may have caused, such as damage to someone’s property, or they have caused injury.
Specialist Public Liability Insurance will protect you should you be negligent and a loss occurs to the general public or their property. Working in high-risk premises or locations, premises that might have a higher than usual risk of fire for instance. Working with dangerous machinery or hazardous locations would be a decline for all but the specialist insurers who accept and understand in great depth the types of risk they are taking on.
Product Liability Insurance can sometimes be difficult to obtain if your product is deemed to be high risk, whether that be in its use and who is going to be using it such as children’s toys, what it’s made of, is it flammable, could it be poisonous or even an explosion risk.
Employers Liability Insurance is not only essential if you have people who carry out work for you, but its also a Legal Requirement in most cases. People working in higher-risk locations mean that they are exposed to a higher degree of injury and even with the best Health & Safety protections in place accidents can and do happen.
Whilst construction sites might now be one of the safest places to be they are also one of the most dangerous, working at heights, depths, employees hanging off the side of buildings on ropes can make some insurers run a mile.
Confined spaces, working with hazardous chemicals, products that have a potential for longer-term illnesses can all cause a business problems when it comes to finding insurance.
Some business activities might be considered to be very specialist and the risk spans across all sections of what is termed a combined liability insurance policy.
Specialist insurance for business premises
Not all buildings are built equally, and sometimes the trades that go on inside them could be considered higher than normal risk. Chemical manufacturing, paints, solvents manufacture, and storage of gas, trades, and processes not usually for your average insurer.
If there are hazardous processes your “vanilla” liking insurers are not generally going to entertain offering cover. That means specialist markets need to be sought to accommodate such processes, insurers that are happy with properties that are far from vanilla.
Contents Insurance – Using specialist or high-risk processing machinery can sometimes be a challenge to an insurer, if it’s very high value it might need more than one insurer to take part in insuring it as one insurer on their own could consider it far too specialist machinery.
Business Interruption – An interruption to any business can be catastrophic, this is where insurance needs to be in place keeping your business in business. If the premises suffer a loss its important that the correct type of insurance is in place at the right values, something we can help with.
This can be a very complex type of cover but when the business is in a research and development phase, or the machinery used in a manufacturing process is so specialised obtaining an off the shelf replacement is impossible special attention has to be paid to making sure the machinery can be rebuilt and how long it takes.
Fire at a supplier’s premise can cause havoc to your business, particularly if they are the only supplier of that product, this could spell disaster to your business, and what if the supplier of the supplier has a problem. These are the types of issues that mean a business needs far from standard insurance. Specialist business insurance needs to be obtained.
We are not a call center or an insurer so we can provide advice on the best way forward whether that is with products or with covers required.
Why deal with Real Insurance for your Specialist business Insurance requirements?
We understand that sometimes not every business either needs or can obtain easily the type of cover they need, not every business is standard.
Having become specialists in this area our insurer partners understand how we work and will provide flexible and competitive insurance premiums.
When you speak with our brokers, you will be dealing with knowledgeable commercial insurance specialists that understand you, your business, and above all the requirements to obtain the best terms and cover for you.
