Have you ever thought of such an interesting business concept, talked to your friends, and decided it was time to venture into uncharted territory? Whether the idea was as simple as a home-made utensil company or something unconventional like exotic animal rentals (Tiger King, anyone?), there has to be some sort of insurance coverage right? You’d be surprised to know that there is always a company out there to insure you and your business with specific policies, no matter how far out a business’ idea may be. Also remember that there may be another avenue where additional business insurance may be needed.
Here is a list of five businesses we have quoted or insured that were considered “off the beaten path”.
1. Oyster Farm Liability and Commercial Boat
Yeah, you read that right. We have successfully provided coverage for an oyster farm! There was insurance coverage for the machinery, the workers, the boats and the structure used to house the oysters.
2. Auto stereo & Alarm Installation
We have general auto insurance that can cover the driver, the vehicle, and others driving the vehicle but what about the modifications to electronics inside the vehicle? This one is pretty interesting. You may not think about your car’s stereo or alarm system but they need to be insured as they may be more than your stock equipment. The installer also has liability as workers work with electronics and wiring.
2. Hunting Club Liability
While clubs may be nonprofit or private, they may be run similarly to a business and will also need to have coverage for all different types of needs. This club, which involves firearms or weapons, definitely needed liability coverage against any injuries sustained while out in the fields.
4. Combined residential and E-commerce Business
This type of business may have been uncommon a decade ago, but now it seems like a growing industry. E-commerce businesses (selling stuff or services exclusively online) utilizes the world wide web to do business. In this case, we have a business being run inside of a home. Even though we offered both commercial and homeowner policies, this case has helped us embrace more businesses like this.
5. Mobile Golf Cart Repair Service
It is always refreshing to hear such interesting ideas from seasoned and novice entrepreneurs. We quoted an individual who wanted to repair damaged golf carts on site, rather than having them be dropped off to a shop or picked up. While this may not be totally uncommon, it is definitely tricky to insure businesses that are always on the move.
If a light bulb goes off in your head, you should move fast to make your idea a reality. Unfortunately, obtaining a commercial business quote will take longer due to a few factors. Personalization is one of the most time consuming steps in the process because everyone’s business operations are different. Some may need additional consideration while others need to establish which big idea to focus on. Keep communication open with your Agent as they advocate for you among the insurance companies underwriters. The more they understand your business, the more they are able to ensure your covered properly.
Here’s something else to consider:
When you have your business name and EIN number, that’s when you should start the process of getting business insurance.
We hope that the cases presented in this article will inspire you to pursue your passion and get the proper insurance policies you need for your big idea. If you plan on opening a business, you must determine how much risk management you need by shopping for insurance. A great policy will provide protection and peace of mind. Everyone’s level of risk will be different from business to business, but what holds true is insurance being an absolute necessity. Check out our ever-growing list of businesses we’ve provided policies for. You never know what will be added next and we hope it’s one of your start-ups!
Need some extra information, assistance, or an agent to help shop for your next business policy? We are available by phone at 850.244.2111 or email at service@harrisinsurance.com.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
