What is specialist sector insurance?
Specialist sector insurance is cover built for businesses with high level risks which wouldn’t fit a standard insurance policy. Most off-the-shelf policies are made for businesses that have similar set-ups and would be considered ‘lower risk’, which can mean they might not be suitable or able to cover work that’s hazardous or heavily regulated.
As a specialist insurance broker, we build the cover around what your business does, rather than trying to fit your business to a ready-made policy. We take the time to understand how you work and the level of risk that comes with it.
What does specialist sector insurance cover?
Although every policy is different and built for your business, a typical policy would bring together:
- Industry-specific cover which focuses on risks that are specific to the work you do and the risks that come with it.
- Specialist liability cover for the risks that are specific to your work, for example, professional or medical negligence.
- Property, stock and equipment protection for any tools you or your team use, including heavy machinery that will be high-value.
- Public and employers’ liability insurance which we’ll ensure covers any addition risks associated with your work and industry
- Business interruption support which will cover your company financially if an incident or sector-related issue has caused you to stop trading.
- Bespoke extensions which is extra cover that standard policies usually leave out.
Who needs specialist sector insurance?
Specialist cover is for businesses with risks that a standard policy would not properly cover. You’ll usually need this insurance if you fall into one of these groups:
- Specialist trades which includes high-risk work, such as roofers who work at height in all weather conditions, and scaffolders or asbestos removal teams.
- Specialist services businesses with niche or technical skills, such as tech firms which would handle cyber risks, recruitment agencies or logistics companies.
- Professional services with qualified professionals such as solicitors, architects and accountants, who will need professional indemnity cover for the work they do and the industry rules they need to follow.
- Large-scale manufacturing with large-scale operations which deal with complex supply chains, heavy machinery and product liability.
It is also worth talking to us about a specialist insurance quote if you have been turned down for standard insurance, you’ve been offered a policy from a lender that has gaps in cover, or you work in a sector where a claim could cause you a significant cost.
Speak to our team today to talk through your business needs and understand what specialist cover is best for your industry risks.