Specialty insurance is necessary for items not covered by your ordinary home owners or automobile insurance. This can include but is not limited to flood coverage, identity theft insurance, mobile home coverage, motorcycle insurance, personal watercraft coverage, boat insurance, pet insurance, private mortgage insurance, travel insurance, title insurance or renters insurance.

Other cases of specialty insurance include insurance for unique items such as actor and actresses who insure their body parts (the ones that are considered their best assets and their money makers), or insurance for a particular project or event that you are spearheading. Specialty insurance for business can also include insuring your entire inventory in case of a fire or theft.

To make the most of specialty insurance basics:

1. Begin by understanding the different types of specialty insurance.

2. Check out various specialty insurance companies.

3. Take a look at the latest specialty insurance coverage and industry news and information.

Action Steps
The best contacts and resources to help you get it done

Start with basic information on insurance for special needs

Look at definition information on insurance for special needs as well as how to choose the different types of specialty business insurance.

I recommend: Look at types of specialty insurance coverage and their definitions from the Insurance Information Institute. They also address frequently asked questions on the topic. The National Federation of Independent Business also offers helpful information on how to choose your speciality insurance.

Check out various specialty insurance companies

Take a look at specialty insurance providers to see the variety of policies that they carry. From something obscure like waterbed insurance to a specialty policy for your business, seek out a specialty insurance company that can answer your questions thoroughly.

I recommend: Great American Insurance Group handles such speciality topics as marine, agriculture business, commercial automobile as well as fidelity and surety coverages. Look at the coverage that American Modern Insurance Group offers for multiple rental dwellings, manufactured home rentals, watercraft rental or for physical damage to you inventory.

Find out the latest news on specialty insurance

Keep up on the most up-to-date information on insurance for special needs. Find out about what specialty insurance other providers are offering and what trends are affecting the industry.

I recommend: Read the latest news and information on Specialty Insurance, Risk Management & Private Equity from the Specialty Insurance Blog, which is a part of Mercator Risk Services. Sign up for the free e-newsletter from InsuranceNewsNet to keep up with the latest industry news and information.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When pricing specialty insurance, be sure and ask for a quote from your current insurance provider. If a competitor comes back with a lower quote for the same service, take that back to your service provider to see if they can potentially match the competitor.

What is specialty insurance? All businesses will have general business insurance that covers your business premise in the event of fire, vandalism and theft. Basic car insurance covers your business vehicles for accidents caused by your employee or the other driver. So when do these normal business needs become specialty insurance?

Specialty insurance providers offer insurance for special vehicles such as catering trucks, tractor-trailer beds, dump trucks and more. Providers of specialty insurance provide coverage for contents not usually covered, such as hazardous materials. They cover products like yachts, furs and fine art. Your business may even qualify to insure body parts, such as the hands of a piano player or legs of a dancer, when your business depends on these assets to function.

1. Choose specialty insurance companies to cover your special vehicles.

2. Select specialty insurance providers for your special business needs.

3. Take out insurance for special needs that your business incurs.

Action Steps
The best contacts and resources to help you get it done

Choose specialty insurance companies to insure your special vehicle

Certain industries need specialty vehicles to perform their day-to-day tasks, such as catering trucks or ambulances. Cover these special vehicles with specialty insurance coverage.

I recommend: Alliant covers your automotive specialty insurance needs with equipment breakdown insurance, cargo coverage and umbrella liability. Unitrin offers specialty insurance for business vehicles. Find the agent near you, and call for a quote on your special vehicle.

Find specialty insurance agencies to cover your special business

Most businesses need specialty insurance for some aspect of their business such as food spoilage in your restaurant. Your basic business insurance policy only covers a portion of your special need.

I recommend: Chubb specialty insurance company offers the solutions to your special business needs with polices such as machinery breakdown and umbrella insurance coverage. Get a quote today for your particular special business need. Allied Specialty Insurance agency offers special event liability insurance and weather insurance in Florida and Texas. Hold those outdoor events with confidence. Specialty insurance covers you against rain and weather events beyond your control.

Get quotes for insurance for special needs of your business

Do you own a piano bar? What happens to your 6 o'clock crowd if your piano person breaks his hand? Do you own a furniture shop? Do you have waterbed insurance in case a customer tries out the bed and it springs a leak? These may sound like far-fetched examples, but this is just what specialty insurance covers. Your specialty insurance provider can help you get this and any other special needs covered for the right price. They evaluate the risk and decide if they can insure your need and then quote your rate.

I recommend: Lloyds finds insurance for special needs, such as waterbed insurance, fine arts, furs and any other insurance needs for your business. Contact them and provide your exact information, and they will go to work to find someone who can underwrite your insurance policy.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Your general business insurance policy may cover some of your specialty insurance needs, so have that evaluated so you do not double insure.
• •  Consider raising the deductible on your specialty insurance policy to lower the cost if the quote is too high.

Specialty insurance education and training varies from state and state. Each state has their own regulations and laws concerning insurance licenses. Anyone interested in becoming a specialty insurance provider needs to attend a program in their state. Some state licenses may transfer to other states with little to no extra training, however some require extra schooling to transfer the license.

There are two ways to receive specialty insurance education and training before receiving your state license. Online training is available for students who can not attend a college. These online classes offer help with questions and exams. Colleges offer classroom training with a teacher present to answer all questions or concerns. College training is often more expensive than online courses. State incensing regulations are available online for students to review before applying for a license.

1. Locate online training for specialty insurance companies.

2. Find a college in your state with specialty insurance policy courses.

3. Receive a state license for specialty insurance.

Action Steps
The best contacts and resources to help you get it done

Find online training for specialty insurance companies

Online training schools are available to study the required courses for each state. Online training is available at any time from the convenience of your computer. These online schools also have licensing exam classes to help you study.

I recommend: The American Educational Institute offers online courses and exams focused on insurance for special needs. The American Institute for CPCU and Insurance Institute of America provides online programs for specialty insurance.

Attend a college in your state with specialty insurance policy courses

Many colleges offer on-campus classes for aspiring specialty insurance providers. These courses are required by the state before the student can receive an insurance license. The courses teach all the information needed to receive a state license for specialty insurance coverages.

I recommend: Visit U.S. College Search to find colleges in every state that offer specialty business insurance courses. ABTrainingCenter.com provides a list of schools for students to study at for speciality insurance including waterbed insurance and specialty insurance agencies.

Receive a state license for specialty insurance

Find your state's requirements for specialty insurance licenses to narrow down what you need to learn and what needs to done for renewal of the license. Requirements for an insurance license must be met before applying for the license.

I recommend: Study for your specialty insurance coverage licensing test with state-specific courses at Insurance License Training. Union Standard provides contact information and website information for each state's insurance licensing agencies. These agencies can supply all of the specialty insurance licensing and renewal information you need.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  After time, insurance licenses require renewal. Each state has its own renewal policies and regulations. These policies and regulations may change from year to year. Keep abreast of the information to be sure your license stays current.

Insurance coverage options first appear on the market as specialty insurance as a result of rising liability trends. More and more, businesses are wise to protect themselves from liability and loss as an increasing number of scenarios demand insurance coverage options. Without insurance, people and businesses have very few options for recouping from unexpected setbacks. Get to know the details behind some of the market's nontraditional insurance coverage options with specialty insurance key terms.

Action Steps
The best contacts and resources to help you get it done

Identity theft insurance

Identity theft insurance is a concern for everyone, as the possibility of credit card, bank number and similar thefts are increasing. Identity theft insurance does not protect the consumer from getting their identity stolen but it does help them recover should a theft occur.

I recommend: The American International Group defines identity theft insurance. IdentityTheftSentry.com discusses what is typically offered with identity theft insurance policies.

Pet insurance

Specialty insurance companies also handle pet insurance, offering coverage of medical expenses for pets.

I recommend: Pets Best Insurance Services provides answers to some of the most asked questions about pet insurance. Embrace Pet Insurance is a great resource for understanding what pet insurance is, what it covers and other pet insurance tips.

Travel insurance

Travel insurance provides relief in several different travel concern areas, including medical needs while traveling, accidental death, trip cancellation coverage and baggage loss.

I recommend: The Insurance Information Institute explores travel insurance and talks about each of the different kinds that are offered as a specialty insurance.

Title insurance

Consumers seek out title insurance from specialty insurance companies to protect them in the event of a mishap with business or residential property titles.

I recommend: The Mortgage Professor website provides a definition and information to aid in thoroughly understanding title insurance. To learn more about what title insurance covers, visit the California Department of Insurance website.

Umbrella insurance

Consumers often seek out an umbrella insurance policy for businesses or personal applications in order to increase existing insurance coverage. This type of policy increases coverage on different policies already in place, providing financial protection that exceeds the limits on those policies or covering areas that are not already covered.

I recommend: Better Business Insurance defines umbrella insurance. Explore umbrella insurance policies specifically for businesses at Buzzle.

Special event insurance

Special events require special insurance coverage that many people overlook. Special event insurance handles concerns of financial liability for the entirety of a single or recurring event. This coverage can include equipment, vendor coverage, event cancellation and special guests.

I recommend: Supple-Merrill & Driscoll explains the intricacies of the various aspects covered under special event insurance. Wells Publishing talks specifically to agents about special event insurance.