3 Types of Specialised Insurances To Consider in 2022!

by Glenn Maxwell

3 Types of Specialised Insurances

With all that’s going on in the world these days, it has become more necessary than ever to prepare for unforeseen circumstances. Whether you have a business, or you’re planning to travel, the perfect insurance coverage is crucial.

While you might be familiar with the general insurance covers for your home and business, it might be time to consider a few more in-depth options. Specialised insurance covers, such as  Airbnb insurance and travel insurance are well worth considering.

Opt For a Specialised Insurance Cover

The last thing you want is to find yourself or your business in a situation where your current insurance policy doesn’t cover a crisis you face. Keep reading as we cover a few specialised insurances that might come in VERY handy.

1.      Airbnb Insurance

Are you considering turning your vacant apartment, room or even home into an Airbnb? While the thought of making extra money is appealing, it’s crucial to protect your property and potential guests.

A specialised Airbnb insurance covers aspects specific to the needs of an Airbnb host. Some of the helpful options of Airbnb insurance include:

  • Theft by tenant: Since there’s no guarantee that your guests will be honourable visitors, a cover that includes protection against theft is essential. This will cover the loss of home fittings, artwork and even appliances.
  • Malicious vandalism: This aspect covers the willful damage of your property or contents caused by any Airbnb tenants.
  • Accidental damage or loss: With this cover, you have a specific cover for your home’s contents and structure. It also includes damages to fixtures and fittings such as carpets and curtains.
  • Fire, storm, flood & lightning: As four different covers, you can receive cover against fire, storm, flood and lightning damage. The storm option also covers damage done by hail, snow or violent winds.
  • Explosion: This covers any loss or damage in the unfortunate event of an explosion on your property such as those caused by gas leaks.
  • Earthquake & Tsunami: Damage caused by earthquakes and tsunamis can be devastating. Having coverage against these types of natural disasters is crucial in areas susceptible to extreme weather.

2.      Church Insurance

Every organisation carries a certain degree of risk. Churches, monasteries and nunneries are no different. Therefore, finding a church insurance company may be just as essential as regular business or private insurance if you manage a ministry.

The most common types of insurance covers that are available to churches and ministries include the following:

  • Building & content: This covers physical loss as well as destruction or damage to church properties.
  • Public & products liability: As with any other organisation, accidents can happen on church property. Having this type of cover protects against personal injury or property damage to third parties in instances where the church is responsible.
  • Professional Indemnity: This option protects church employees against damage claims as a result of a breach of professional duty.
  • Personal accident for voluntary workers: Many churches rely on volunteers for various functions. It’s essential to have 24/7 coverage against personal accidents while the volunteers perform church activities.
  • Church bus/vehicle insurance: If your church has a bus or other vehicle that’s used for church business, it’s necessary to have insurance. This option covers loss or damage to any of the church-registered vehicles.

3.      Travel Insurance

With the easing of travel restrictions all around the world, Australians are keen to get out and about. Whether you’re planning a local weekend away or an international holiday, it’s always a great idea to invest in travel insurance.

Essentially, travel insurance aims to protect against financial losses and potential risks that could occur during travelling. What does travel insurance cover and why should you invest in it?

  • Medical emergencies: Having travel insurance means you’ll be in safe hands and costs covered in the event of a medical emergency.
  • Trip delays: Having your trip put on hold by flight delays can be very frustrating, especially when it means you need to spend additional money to make new arrangements.
  • Lost, damaged or stolen luggage: Lost luggage is a sure way to spoil any trip. Opt for a cover that won’t let this ruin your budget.
  • Trip cancellation: If you have to cancel your trip at the last minute due to an unforeseen illness, death of a travelling companion or a non-travelling family member, this type of cover will ensure that you don’t suffer a financial loss as well.
  • Emergency evacuation expenses: In the event of a natural disaster or potential terrorist activities, expenses such as return flights will have the required cover.

Final Thought

To many people, additional insurance might just seem like an extra expense. However, depending on your unique situation, changing a general insurance cover to a more specific option could potentially save you from financial loss. Having the right insurance cover also gives you peace of mind—you, your family and business are safe!

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