In professions where the chances of physical accidents and injuries are high, writing a unique policy to offset these hazards is not unusual. Afterall, dancers have been known to insure their legs, and professional football players have insured their knees. But what about businesses who regularly encounter extraordinary levels of danger based on the industry in which they work? These niche markets often are considered ‘difficult to insure’ because of the high stakes of their liability. For these businesses—big or small—specialty risk insurance is critical to their survival.
Industry leader eMaxx focuses all its efforts precisely on this non-traditional type of policy for companies ranging from transportation and towing services to utility providers, fuel distributors, energy suppliers, waste and recycling firms, construction services and even crane & rigging. Because of its seasoned team of litigation experts, technology specialists and brokers, the eMaxx group takes on what many conventional underwriters cannot. Underwriting is more flexible and tailored to each individual industry. These programs also offer protection against lawsuits.
Also called risk specialty insurance, this type of coverage is a wise choice for companies who need to protect high-stakes negligence claims. According to recent reports from Allied Market Research, the need is growing. The global market was valued at more than $73 billion in 2020 and continues to grow despite the economy’s pandemic-induced instability. It is forecasted to surpass $178 billion by 2030.
Risk and Insurance Magazine reports that brokers and buyers alike want “thoughtful solutions to the risks their companies and clients are facing.” That’s where creative, tech-infused risk management solutions and customized captive programs excel. Specialty risk insurance services have never been so timely. Together, these programs can combat some of the key trends identified by the Wholesale and Specialty Insurance Association at their annual meeting in 2022.
Because of the international work slowdown of the pandemic, some niche markets enjoyed a temporary respite from nuclear verdicts (settlements over $10 million) and frenzied jury activity. However, the past year has seen an increase in trial, courtroom and claim activity. Dollar values are surpassing records of five years ago, largely because of social inflation. And once only a threat to large businesses, cyber attacks (such as ransomware) are now infiltrating smaller companies. Easy targets, these smaller companies are often vulnerable because they lack the sophisticated security mechanisms and dedicated IT staff typically situated in larger firms. These smaller businesses can benefit from partnering with companies that offer tech-driven risk management programs.
A specialty risk insurance company like eMaxx can proactively assess these 21st century threats and deal with them before they become mammoth problems. Its network of independent brokers and agents can deliver granular policies with sweeping coverage that includes: auto liability, general liability excess liability and workers’ compensation coverage. For turnkey risk management that uses cutting-edge tech solutions, unmatched claims management and the best specialty risk insurance programs, contact eMaxx today.
