Get Florida Specialty Liability Insurance Coverage

Specialty liability insurance is often used by people with unique insurance needs and high-risk accounts. Policies might cover personal items and events, but they can also be commercial policies for the owner’s business and commercial property.

Sometimes, those seeking insurance policies do not understand exactly what specialty liability insurance covers. If you are looking to insure personal items like jewelry, valuable collectible items, guns, etc., then you should look into specialty liability insurance. As for events, specialty liability insurance coverage insures the cost of a wedding postponement, a trip cancellation, and even identity theft.

Businesses use commercial specialty insurance for a variety of other reasons. Think of a fireworks manufacturer, for example. Manufacturing fireworks might be considered high risk, which would carry the potential for higher claim exposure. Special coverage for this provides security and peace of mind, just in case something goes wrong. Specialty liability insurance is also beneficial for trucking companies and construction companies. Trucking companies use liability insurance to insure their trucks and cargo, while construction companies use it because they are often faced with claims and lawsuits.

E&O Specialty Liability Insurance

Specialty insurance can also come in handy in the chance of special business-related risks. Business owners and technicians make mistakes. It will not often happen, hopefully, but it is bound to happen at some point. Take a plumbing business, for example. Out of all the leaks your plumbers fix, one repair could fail and trigger a flood inside a building. Another example involves an accountant’s error that could influence the I.R.S. to audit her client.

These mistakes are costly to the client and the business, which is why the E&O specialty insurance policy exists. E&O stands for errors and omissions insurance. This policy offers liability protection for losses that are not covered by regular liability insurance.

This policy is essential as it protects the business as well as the owner from claims of negligence, errors, or omissions and the lawsuits that follow. Clients are fueled by their financial loss, so they are eager to make their money back in the lawsuit. Specialty liability insurance exists because mistakes can be made by anyone, anytime; a single mistake should not trigger the downfall of a business. Specialty liability insurance offers protection so that businesses are not brought down by lawsuits.

E&O policies are also beneficial as they often cover legal fees, judgments, court costs, and settlements up to a certain limit that depends on the policy contract. These costs are often covered with disregard to whether or not the claim is justified.

E&O is just one of many specialty liability insurance policy types. Specialty liability insurance policies are great for supplementing policies for automobile insurance, homeowner’s insurance, commercial liability insurance, and even umbrella insurance. In the case of umbrella insurance, coverage limits are increased.

Specialty liability insurance is used by so many businesses and individuals who require a bit of extra insurance for special circumstances. If you think this is a good fit for you, contact us today. We will listen to your situation and give our best advice on what policy best fits your needs.