Those looking for a specialty insurance definition need not spend too much time conducting research. In reality, the meaning of “specialty insurance” is rather straightforward: The coverage protects items and institutions deemed special or unique. In other words, if something is not protected by a typical insurance policy, then specialty insurance provides the necessary security.
What Does Specialty Insurance Protect?
There are many types of specialty insurance. Some policies protect antique vehicles, whereas others offer security to rental homes. The insurance does not solely focus on items; it also protects various institutions. Home health care and hospice centers, some of the most important healthcare organizations, are also protected by specialty insurance. These institutions have a wide range of exposures, and it is only through specialty insurance that they are shielded from financial harm.
What Types of Coverage Does Specialty Insurance Offer?
Specialty insurance offers various types of coverage to healthcare institutions, including:
- Professional liability
- General liability
- Workers’ compensation
- Directors and officers liability
- Employment practices liability
VNAs, hospice centers, and other medical organizations can never have too much financial protection. They are regularly exposed to a wide range of risks and vulnerable to liability claims. With insurance, these institutions are able to obtain security as well as peace of mind.
The specialty insurance definition is largely self-explanatory. When regular insurance fails to protect an item or institution, people turn to specialty insurance for assistance.