Innovative companies may need specialty insurance to meet the demands of taking risks in business. These unique risks may require an insurance broker commercial lines provider that offers a broad range of specialty insurance lines. There are many types of commercial insurance specialty lines and many of them have been developed to cover risks which are rare in most industries. The two most common are probably general liability and inland marine insurance. General liability is an extended form of commercial liability insurance which can insure companies in high-risk industries from devastating financial loss due to accident or injury, since injuries may be much more likely in that industry. This can include risks such as defects from products sold by that company. Inland marine coverage insures products and components while being shipped over land.
There are many other types of specialty insurance. Garagekeepers liability insurance is one type of specialty insurance which can protect businesses from loss while storing or repairing customer property. Another type of specialty insurance is builder’s risk insurance, which provides coverage against damage to buildings and other construction being built by the insured business. Contractors insurance may be necessary for contractors and subcontractors in order to work for other companies. Niche businesses and those engaged in high-risk industries should contact an insurance broker commercial lines provider to help them determine if they need specialty lines insurance to protect them from financial loss due to an accident or another catastrophe.