Nearly anything with financial value can be insured if you’re willing to pay for it
A massive cigar made from 15,000 tobacco leaves. The Game Show “Who Wants to Be a Millionaire.” Keith Richard’s middle finger. What do these things have in common, other than perhaps featuring on an episode of Ripley’s Believe it or Not? The answer: they’re all insured.
When most people think of insurance, they think of health, auto, home, or life policies– but insurance isn’t just for homes or cars. In fact, anything that produces or holds economic or financial value can typically be insured. That includes collectables, such as coins, books and antiques, as well as parts of the human body that are used for specific professions, such as an athlete’s legs or hands.
Insurance can even be taken out to protect against disasters that are extremely unlikely to happen, such as alien abduction or property damage from asteroid collisions. In fact, experts believe that more than $10 million of alien abduction policies were issued throughout the U.S. in recent years. And, in case you were still wondering, “Who Wants to Be a Millionaire” is insured against a client winning the show.
While some things that get insured are extremely out-of-the-ordinary, most item-specific insurance policies are written for more ordinary items that people use to do their jobs or purchase as investments.Company equipment is often insured– no matter the industry
Every day, across the U.S., companies take out new insurance policies on equipment, supplies, and other property that can affect the success of their business, as well as liability insurance on the business itself. This can range from puppets (a well-known puppet maker carries $1,000,000 in insurance), to hotels insuring their beach chairs (though that’s probably covered under a larger hotel insurance policy).
High-profile company employees may also be insured
Some major corporations have been known to take out insurance policies for top executives, since they may sustain a major loss if an executive such as a CEO, CFO, or high-level VP becomes incapacitated, unable to work, or unexpectedly passes away. The company’s livelihood depends on the continued performance of its top execs, so they’re well within their rights to take out a variety of insurance policies, including life insurance policies, on their workers.
While most small businesses may not have much to gain by taking out employee specific insurance policies on their workers, many midsized and larger firms may benefit from doing so. This is especially the case if the employee or executive in question has extremely specific, unique, or proprietary knowledge or expertise. It may also be desirable to insure employees that give their firm a significant reputational boost (i.e. Steve Jobs-type founders), or have unique client relationships that are integral to the success of the firm.
Athletes, artists, singers, actors, speakers, circus performers, and other individuals that use specific body parts to ensure their livelihood can take out body part specific policies
For those whose livelihood is dependent on performing a specific or unusual skill or talent, losing the use or appearance of certain body parts can lead to significant economic consequences. And, like nearly anything else of (legal) economic value, these body parts can often be insured. This trend became well known to many after celebrities began insuring body parts– including Tina Turner, who famously had her legs insured for $3 million. However, you don’t necessarily have to be Elvis or Picasso to have insurance on a body part. If you make a real income from the use of the body part, you can likely take out a specialized insurance policy on it.
Don’t be afraid to take out an unconventional insurance policy– it’s better to be strange (and safe) than sorry
While you might think it odd to own an insurance policy on something other than your home or car, it can be a smart move in many cases. If there’s a decent chance that whatever you’re insuring could break, malfunction, get lost or stolen, insuring it can do you a world of financial good. Whether you’re a musician insuring your instruments, or a collector with $100,000 worth of comic books, unconventional insurance policies can help protect you and your family from all kinds unexpected disasters.
To learn more about how smart insurance policies can help protect you and your family from a variety of risks, contact Avante Insurance today for a free consultation.