• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

5 Rare Types of Business Insurance

August 28, 2017 1 Comment

Share this:

  • Tweet
  • Email

This article is geared for small business owners as an insurance guide according to the needs of their business. In the present age of litigation, it’s in every entrepreneur’s best interest to make sure they have the right insurance policies. This isn’t too difficult, given the plethora of online resources that can point you in the right direction. In fact, you can conduct a quick search of related businesses in your industry to find out what insurance policies they’re carrying.

5 Rare Types of Business Insurance

The basics tend to include liability insurance, property insurance, health insurance and its derivatives and more. For the latter, you can see more information here. But beyond health and worker’s compensation, there are quite a few more obscure insurance policies that just might be tailor-made for your company.

  1. Storage Tank Insurance and HAZMAT

Specifically, this type of insurance refers to underground tanks – which usually contain hazardous substances. You’ll find that chemical companies and business involved with natural gas have a need for protection from liabilities incurred by tanks.

If for example, the underground storage tank has a leak that adversely affects the environment, you could face a class-action lawsuit.

The insurance policy will handle the costs associated with cleaning up the mess and personal/property damages incurred as a result.

HAZMAT insurance goes together well with storage tank insurance because it’s a requirement for any business or institution that transports hazardous materials.

The long form name is the transportation of hazardous materials liability insurance, and it applies to all manners of vehicular transport.

It takes care of the legal ramifications of site cleanup in case of an accident, damages incurred, on-road spills and the loading/unloading of materials.

  1. Excess Casualty Insurance

If your business sits on the East Coast of the United States, where inclement weather is more common, this type of policy may not be quite as rare as it would be on the West Coast.

Also known as an excess liability policy, it makes up the difference in case your general property insurance policy cannot cover the costs of a catastrophic event such as a tornado causing the office building to collapse.

The casualty aspect of this insurance policy is in case employees or visitors were harmed as a result of the damages done to the premises.

Oftentimes, general property insurance cannot cover such an extensive amount of damage – but this, of course, depends on the policy limits you purchased.

  1. Insurance for Directors and Officers

What if you, as the CEO of a company, make some statements in the media that causes stock prices to plummet? This happens from time-to-time and was the primary motivation for the creation of this policy.

If your actions – or the actions of any other senior officer or manager – results in the loss of revenue or another financial metric, then the benefits of a Directors and Officers insurance policy kicks in if you’re sued because of the loss.

Insurance for Directors and Officers

Personal insurance policies can be considerable, but you cannot expect one to take care of lawsuits with a magnitude characteristic of those levied against companies.

  1. E&O Insurance

The full name of this insurance policy is engineers and consultants. Why would there be such a policy exclusively for this group?

Engineers and consultants are typically the go-to professionals when a company needs advice on moving forward with a product or service.

If an engineer or consultant provides this advice, and damages resulting from it, they can be held liable in a court of law. Having E&O insurance protects them by paying legal fees and the judgment award if any.

  1. Terrorism Insurance

This shouldn’t be a surprise since the terrorist events of September 11, 2001. Terrorism insurance wasn’t a thing before this date; it skyrocketed afterward.

It does what it says: protects your business financially from the after-effects of a terrorist attack. This protection extends beyond physical damage, to anything that results in an unavoidable loss of business.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« Why Drive for Uber?
5 Elements of An Amazing Business Plan »

Comments

  1. james says

    October 4, 2017 at 6:47 AM

    The insurance company paid out for the lost of my house because of the flood. It was a really big help for me.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media