Special Risks

Business coverage with a specific purpose


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Customized coverage with special requirements.


How do you protect that?

You may have a business that requires attention for a special type of risk. Specialty risks involve difficult-to-insure liability or loss exposures involving specialty equipment, vehicles or groups. These exposures are usually handled by agents who have the necessary knowledge required to custom insure such specialty markets.

Coverage for specialty exposures is also limited by type of risk and geographical area. Types of risks in this category may involve construction, transportation, unusual equipment or technology, communities or affinity organizations and special purpose facilities. CIG works with qualified agents to design and write special risks requiring custom endorsements and exclusions within traditional policies.


Coverage descriptions are for illustrative purposes and are intended solely to provide a general overview of potential coverage. Information included does not represent a contract or any other obligation. Only an insurance policy can define actual terms, conditions, rates and exclusions. Please consult your local agent for complete details.

Availability: CIG Specialty Business Markets coverage is currently available from a limited number of CIG Insurance Advisors with CIG Commercial policies written in Arizona, California, Nevada, Oregon and Washington. Types of policies may vary from state to state.


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Top Business Risks

According to Forbes magazine, here are six very real risks that every business should consider:

Credit Risk.
The pain of the credit crunch persists.

Legal Risk.
Being sued for compromised data, faulty products or hazardous working conditions is a real possibility.

Regulatory Risk.
Making products and delivering services while covering costs is hard enough. Anticipating how governments might change the rules of the game — and are they ever changing them now — is virtually impossible. But you have to try.

Operational Hiccups.
These in-the-trenches risks include inventory gluts and shortages, poor quality, unattractive product mix, ballooning overhead, culture clashes, overaggressive expansion, data breaches and fraud.

Concentration Risk.
Many small businesses double down on a few big customers — a dangerous strategy in a bad economy.

You.
Entrepreneurs are eternal optimists. This keeps their energy and enthusiasm up, but it also can cloud their vision.


Minimize your risks

Bankrate.com offers seven ways for small businesses to manage risks:

  • Be cash-conscious.
  • Insure against your specific risks.
  • If your business changes, your insurance should, too.
  • Insure key people.
  • Use contractual indemnification clauses.
  • Give yourself an out.
  • Create separate entities.

To read the complete article go to "7 ways to minimize small-business risks."