When Small Business Needs Specialty Insurance

By Bryan Salvatore | August 20, 2018

  • September 18, 2018 at 5:42 pm
    Joseph S. Harrington, CPCU says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Specialty insurance for small businesses is arguably the most important emerging trend in P&C insurance.

    As much as personal lines will be transformed by insurtech applications (e.g., home sensors), most consumers will still purchase two policies, one for their home and one for their vehicle, plus an umbrella when warranted.

    In commercial lines, large businesses will buy continued to buy customized packages that include more and more coverage for economic losses, in addition to traditional property and liability exposures.

    Small businesses, on the other hand, are increasingly forced to choose among a wide range of coverage for cyber exposures, violent acts, contingent income loss, professional- and management-type liability, employment practices liability, and environmental liability, as well as standard property, liability, auto, and workers comp coverage.

    Over the past 20 years or so, small businesses have come to a point where they must assess insurance options just like large enterprises, but with far fewer premium dollars and rarely with a full-time risk manager. The carriers and producers who are most effective in helping small businesses select coverages, limits, and retentions will be the standard setters.

  • September 18, 2018 at 5:44 pm
    Joseph S. Harrington, CPCU says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Oops, how do you edit a post? The third line should read: “. . . large businesses will continue to buy customized packages . . .”



Add a Comment

Your email address will not be published.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

*