Question 1

What is specialist insurance?

Accepted Answer

Specialist insurance refers to cover designed for businesses, activities, or risks that fall outside the scope of standard commercial insurance products. This includes sectors such as hospitality, care, charity, construction, and professional services, as well as non-standard risks such as unoccupied properties, high-value assets, and unusual business activities.

Question 2

Why do some businesses need specialist cover?

Accepted Answer

Standard insurance products are designed for common risk profiles. Businesses with unusual activities, complex operations, or higher-than-average risk exposures may find that standard policies do not adequately cover their needs, or that insurers decline to offer terms. Specialist insurers and Lloyd's of London markets exist specifically to accommodate these risks.

Question 3

What is cyber insurance?

Accepted Answer

Cyber insurance covers financial losses and liabilities arising from data breaches, ransomware attacks, and other cyber incidents. Cover typically includes the cost of incident response, data recovery, regulatory fines, and third-party claims. It is increasingly relevant for businesses of all sizes that hold customer data or rely on digital systems.

Question 4

What is management liability insurance?

Accepted Answer

Management liability insurance protects company directors and officers against claims arising from alleged wrongful acts in the management of the business. It typically combines directors and officers (D&O) liability, employment practices liability (EPL), and corporate legal liability into a single policy.

Specialist Insurance Products