Some business risks are so specific to certain types of business that they aren’t covered by the general run of business insurance policies. It’s unlikely that you’ll need these specialized forms of business insurance, but if you happen to be in one of the businesses at which such policies are aimed, you may find them essential. Ask your insurance agent or broker about what kinds of coverage are available. Specialized policy types include:
- Maritime Operations Coverage: Do you operate boats as part of your business? Do they dock at harbours in Canada? Then you may need a Maritime Operations policy, a form of workers’ compensation insurance policy.
- Railroad Operations Coverage: Check your existing business insurance policy and see if it includes an exclusion for work that takes place on or around a railroad. Surprisingly, many policies do. If yours is one of them and your business uses the rail road for commerce, then you’ll want a specialized policy that covers that kind of work.
- Valuable Papers Coverage: If your business deals with documents, especially the old-fashioned paper kind, you may find that your business insurance coverage places a limit on how much it will pay if something happens to those documents. Given that loss of documents could be devastating to your business, you may need specialized insurance with a higher limit.
- International Operations Coverage: Is your insurance policy good for work that takes place beyond the borders of the Canada? Many policies drawn up by Canadian insurance companies are not. If your company does business outside the country, you’ll need specialized coverage that protects you internationally as well as domestically.
- Kidnapping and Ransom Insurance: You’ve probably heard frightening stories about executives from large companies being kidnapped overseas and held ransom, often by terrorist groups. Well, it can happen to businesses of all sizes, including yours, if you or your employees need to spend time in other countries on business. Kidnapping and ransom insurance will pay the expenses and assist in operations to safely recover the victim
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