From a dentist who was kicked out of a window by a sedated patient to a shop owner who had their window smashed in by a jumping sheep, there have been lots of weird and wonderful insurance claims made over the years.
Now, while these incidents might be unique and, let’s face it, a little humorous, they also highlight the importance of getting the most accurate and comprehensive business insurance in place for your company.
With each year, as new claims are made, insurance companies are able to gather more and more insights into what it is that businesses actually need from their policies. This is especially important for more niche or high-risk industries where specialist insurance policies are required.
So, if you run a risky or niche business and you need to get yourself covered right away, this guide can give you a better understanding of the types of insurance policies that you might need to consider. To do this, we’re going to look at nine examples of businesses that need specialist insurance policies.
The farming industry is vast, complex, and unfortunately, there are lots of things that can go wrong. As such, lots of providers have created specialised farm insurance to help farmers protect their livelihoods. The type of insurance you need will depend on the type of farm you have, this could be dairy, arable or livestock insurance.
And as well as classic policies, such as employer and product liability insurance, farms also need to cover important aspects such as farming equipment. Not only this, but they need specialist protection from environmental factors such as pollution or bad weather conditions.
The construction industry is not only high-risk for injuries whilst on the job, but there can also be other issues like property damage, negligence, environmental factors and more. There are certain types of policies and certificates that every contract worker and project must have in order to go ahead.
Now, when we say the construction industry, we are using this term very generally to include the different aspects such as building, groundwork, engineering, electrics and demolition. All of these require specialist insurance cover to protect everyone involved.
As such, some of the more specialist insurance providers might include a ‘contractors all risk’ policy, as well as cover for plants and equipment, professional indemnity and structural warranty.
Similar to the above, the healthcare industry is crucial to our daily lives, but there is also a lot of risk involved and, therefore, a lot of potential for claims from employees or clients. This is particularly true in the private healthcare space, and those businesses offering private procedures should certainly look at more specialised cover.
So, as well as typical cover when working with members of the public, medical practitioners should also consider specialist policies, including professional indemnity insurance, insuring their equipment and medical malpractice cover.
4. Banking and financial services
Businesses that concern themselves with money and financial services rather than products often need specialist policies. In particular, banks and financial institutions need tailored packages that contain cover such as fidelity guarantee clauses. These fidelity guarantees are important for protecting businesses against the loss of money as a result of a dishonest and fraudulent act from an employee or volunteer.
Not only this, but the huge amounts of cash flow in these businesses means they have to prepare themselves for scenarios that lots of other companies don’t. This means specialist financial insurance will offer crime, directors and officers insurance and venture capital liability.
Another industry that relies on things like fidelity guarantees is the charity industry, largely because these institutions rely on money via donations – and some can raise substantial amounts. This cover protects businesses against dishonest volunteers or employees that could be fraudulently stealing or redirecting money.
Charity businesses also need to secure specialist insurance that covers them for things like professional indemnity, cyber liability and cover for fundraising events. It is also a legal requirement for many charities that they have trustee indemnity insurance as part of the package.
6. Driving instruction
Standard car insurance policies, coupled with other cover like public and employee liability are not enough if you run a business teaching others to drive. Because policies like hire and reward cover are a legal requirement in the UK, specialised insurance is a must-have for driving instructors.
Plus, with all the risks that come with new and inexperienced drivers, it’s understandable that instructors want to protect themselves and their business with specialised policies.
7. Wedding planners
The running of someone’s wedding day is a big responsibility and planner’s need to protect themselves, their clients and their guests should something go wrong. And unfortunately, there is plenty that could go wrong.
Specialised wedding planner insurance is designed to do just that. It will of course cover the important things like public liability insurance but it also covers important aspects such as professional indemnity insurance should the couple be left disappointed for any reason.
8. Antiques and arts dealers
When dealing in antiques and art, businesses can be handling some very rare and expensive items. Not only this, but they have to trust that what they’re buying and selling is legitimate. As such, there are specialist providers out there that cover the different issues an antiques dealer might face.
For example, as well as needing typical liability insurance for the shop, antique dealers will also look for policies that cover stock and goods in trust, pound breach and defective titles. These will help to protect them against some of the more industry-specific issues that other policies might not.
9. Window cleaning
A window cleaner will understandably need to cover themselves for the potential risks that come with the job. But often we only think of the smaller independent ‘man and his ladder’ type provider. However, for the companies that tackle even bigger challenges like scaling the side of huge buildings, specialist insurance is a must.
These businesses must look for policies that don’t just cover accidents or public liability. They must be tailored to ensure that they are covered to do important jobs like cradle window cleaning, abseiling and using a cherry picker.