Insurance is not something any business can afford to ignore.
When you have spent months, or even years, building a successful business, you need the right insurance policies in place to protect your business, staff and assets.
Many types of insurance are even a legal requirement, so forget to insure at your peril.
However, what about the more unusual types of insurance, are these necessary for a small business, or can you get by with standard products such as employers’ liability and professional indemnity insurance?
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Insurance is there to protect your business against various events.
For example, if you don’t have professional indemnity cover, it can destroy your business if an irate customer sues you for giving them bad advice.
On the other hand, if your businesses premises burn down because of a fire, with buildings and contents insurance, you will be able to recover and move on.
Nevertheless, although it is sensible to have generic business insurance policies in place to guard against everyday events, many businesses require specialist underwriting to protect them against events that are more unusual.
There are also businesses operating in niche sectors for which regular insurance just isn’t enough.
So, whichever box your business ticks, here are some unusual insurance policies you might like to consider.
However, you will not find any of these on price comparison websites.
War and Political Risk Insurance
The world is a dangerous place right now, with a number of politically unstable hot spots.
The threat of terrorism is never very far away, so it makes sense to look into War and Political Risk insurance if you run an international business or you have assets in areas of major conflict.
Insurance will not prevent your business from attack, but it could protect your interests if damage occurs.
Is your business eco-friendly? If it is, the environment will probably play a big part in your everyday activities.
For example, if you operate in an area of outstanding natural beauty, an environmental disaster could spell disaster for your business.
Environmental insurance is there to protect human and physical assets from the effects of pollution exposure, so you can carry on running your business without worrying about major oil spills or other catastrophic events.
Zombie Apocalypse Insurance
Some people are very concerned about the prospect of a zombie apocalypse.
The Doomsday Preppers, as they are known, like to be prepared to guard their families, homes and businesses against a marauding horde of raging zombies.
An arsenal of advanced weaponry will help, but if you are a forward thinking type of person, it doesn’t hurt to have a Zombie Apocalypse insurance policy in place to help you rebuild the business once normality returns.
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Body Parts Insurance
Insuring body parts against the risk of accident, disease or amputation is nothing new.
Dolly Parton reportedly insured her bust for $600,000, whilst Holly Madison of Playboy Mansion fame thought her bust was worth an eye-watering $1 million.
Daniel Craig, meanwhile, insured his body for $9.5million during the filming of "Quantum of Solace".
For these people, their income is dependent on the asset insured, so if your business success is dependent on a body part, it makes sense to insure the part in question for a sensible sum.
Many businesses take part in trade shows and product launches.
Many require a significant investment, particularly if the event is being held in another country.
This will be money well spent if the event goes ahead and is a big success, but if it is cancelled or disrupted in any way, your business could lose out financially.
Contingency insurance will protect your business from unexpected cancellation, so if you do a lot of networking, this is a good buy.
Alien Abduction and UFO Crash Insurance
Alien abduction conspiracy theorists firmly believe that little green men have been visiting us for decades.
If you believe this to be true, you might wish to insure your business against the possibility hostile aliens from outer space decide to conduct a planetary takeover.
In the event a UFO crash-lands on your premises, UFO Crash Insurance could prove pretty useful.
Haunted House Insurance
Ghosts and hauntings are nothing new. Not everyone believes in poltergeists, ghosts and ghouls, but there are too many unexplained incidences of paranormal activity, haunted houses, or other events that rational minds cannot explain.
If customers come to you because of a ghost, which might be the case if you run a hotel with a resident ghost, you might not wish to see the back of your spooky friend, but if that ghost is, a violent poltergeist with a penchant for throwing furniture around, haunted house insurance is a good investment.
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Paranormal Investigators Insurance
Paranormal investigation is a legitimate business and there are many investigators who spend their working days (or nights) looking into reports of paranormal activity.
Unfortunately, due to the nature of the business, it can be dangerous, so specialist insurance is always advisable if you spend your time hunting ghosts or checking reports of poltergeists and demonic possession.
As you can see, business insurance not always clear-cut. Key man insurance or employee term life insurance might protect your business from the most obvious risks, but there will be many more that you have not considered.
For this reason, it is a good idea to consult with an experienced business insurance broker to ensure your business is adequately protected in all areas.