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Whatever your business model, you may potentially face unusual risks that aren’t addressed by BOPs or other standard business insurance policies. Every business is different, and in many industries, rules and regulations that may impact potential liabilities change frequently. That’s why it’s critical to thoroughly understand your unique risk exposures. Your business insurance program needs to anticipate these and make certain that they’re addressed.

Do You Need Specialized Business Insurance?

What kind of business are you in? Obviously, certain types of business practices seem to invite more liabilities than others. Medical professionals clearly require highly specialized approaches to liability protection. But many other professionals are also vulnerable to liabilities, as well as fairly unique property losses. Architects and attorneys, for example, face very specific risks in terms of professional liabilities; and every business that opens its doors to the public faces the potential for lawsuits.
These are some of the most common small-business professions and industries that typically require specialized coverages:
  • Physicians and medical practices; allied health professionals; veterinarians
  • Financial professionals
  • Other professional service providers such as attorneys and architects
  • Auto service and repair
  • Building construction and related services like plumbing and electrical
  • Exercise and sports facilities
  • Marine-focused businesses
  • Manufacturing
  • Retail businesses
  • Restaurants and bars
  • Trucking and transportation
  • Web developers and other technology service providers
It’s important to remember that commercial umbrella insurance will not cover losses associated with professional liability or errors and omissions insurance policies. That’s why professional services providers need a business insurance policy that carefully addresses the liabilities to which they’re uniquely vulnerable.
If your business involves operating machinery and physical work by your employees – if you’re a building contractor or own a landscaping business, for example – your risks will be different. These industries pose the potential for both lawsuits from customers and employee injury claims. Do your employees work with hazardous chemicals? How about exposing your customers to cyber-related risks by accepting credit card payments? The point is, the range of risks for each industry will vary, but there are likely to be many issues to consider.

Game Plan

  • One of the best sources of information on the unique risks posed by your industry will be your industry trade or business group. You may want to contact this organization to learn more about specialized insurance approaches – and insurance companies – they’d recommend. Your membership in a trade organization may even qualify you for reduced rates.
  • For more basic information on BOPs and other small-business insurance policies, start with these articles:
Need Business Insurance?

Need Business Insurance?

For more than 200 years businesses have trusted The Hartford. We can help you get the right coverage with an online quote.
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