Have you ever thought of risks that go beyond the usual worries of car accidents or home damage?
Imagine a café owner’s high-end espresso machine.
A La Marzocco Linea Classic, crucial for crafting signature lattes.
It grinds to a halt due to a faulty pump and boiler malfunction.
It racks up a $5,000 repair bill for specialised parts and expert technician service.
Most of us think of insurance as a safety net for obvious, common risks like property or tool issues.
But what about the less obvious threats that could disrupt your life or finances?
Enter specialised, unconventional insurance coverages designed for niche or emerging risks.Â
Curious about these unique protections? Dive in and learn more about these less common covers!
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Exploring the Realm of Unconventional Insurance
Having worked with hundreds of businesses as an insurance broker in Sydney, we often come across business that need unconventional insurance.
These are businesses that deal with risks that standard policies often overlook. Here’s a rundown of some covers that are unconventional.
1. Income Protection for Certain Professions: Wondering what is Income Protection Insurance? It’s typically a policy that replaces a portion of your income in situations where you’re unable to work because of illness or injury.Â
For persons in high-risk or niche professions, such as actors, athletes, or tradies, there are specialised Income Protection coverages that deal with unique risks, whether it’s a short-term contract or a physical demand. In Australia, only around 31% of workers have this coverage, leaving many vulnerable and exposed.Â
2. Event Cancellation Insurance (Not Just Weddings): Forget just nuptials because Event Cancellation Insurance extends to financial losses resulting from cancellation of marathons, music festivals, art exhibitions, or family milestone celebrations due to unforeseen issues, be it terrible weather or illness.Â
Unlike wedding-specific policies, Event Cancellation Insurance covers different types of events, so you’re sure that your deposits and other non-refundable costs are protected.Â
3. Legal Expenses Insurance:  Sued by your client over a freelance gig? Unexpected legal actions, costing thousands (even millions), can dry up your pockets. Here’s where Legal Expenses Insurance makes a difference. It covers legal fees and settlements, giving peace of mind to businesses facing such risks.
4. Professional Indemnity Insurance: This insurance is a critical yet often overlooked cover for professionals. Professional Indemnity Insurance keeps you safe from costly claims of oversight or carelessness. It also covers a range of risks including possible damage to your reputation. Additionally, it complements other unconventional insurance. As a result, you’ll have a solid safety net tailored to your needs.
5. Business Insurance: Wondering what’s unconventional about Business Insurance since it is often seen as a standard package? Business Insurance addresses niche, emerging, or industry-specific, risks that traditional policies often overlook. It can have specialised coverages suitable for dynamic markets, like Cyber Security Insurance for small e-commerce retailers or Legal Liability Insurance for third-party claims.Â
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Why Consider Unconventional Insurance?

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Engaged in professions filled with extraordinary risks that standard insurance policies don’t fully cover?
Are you a content creator?
Are you a pro surfer?
Maybe your'e a pet sitter?
Or maybe a charity run coordinator?
Getting unconventional insurance cover is important.
Here’s why they’re worth considering:
- Evolving Risks: Cybercrimes and digital reliance are continuously growing every year. Based on the Australian Signals Directorate’s (ASD) Annual Cyber Threat Report for 2023 to 2024, there were more than 87,000 reports of cybercrime. Unconventional insurance policies, like Cyber Insurance, can help address these modern risks.
- Professional Hazards: There are jobs with distinctive risks that standard policies don’t cover. Say stunt performers or sole traders. Here’s where specialised, unconventional insurance, such as Income Protection, proves useful. It ensures financial stability and keeps the bills paid, so you can focus on your recovery.
- Protecting Investments: Major events or exotic pets represent significant financial commitments. Unconventional insurance, specifically Event Insurance or Pet Insurance, covers these investments.
- Peace of Mind: Knowing you’re covered for unexpected issues, like legal actions or cyberattacks, lets you focus on living your life and handling your business. That’s priceless peace of mind.
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How Can Insurance Brokers Assist You?
Navigating unconventional insurance can be quite tricky. But an insurance broker makes it easier. Here’s how they can help you:
- Personalised Assessments: Insurance brokers evaluate your lifestyle, profession, and assets to identify your niche insurance needs.
- Access to Specialist Insurers: Brokers get you tailored policies from reliable specialist insurance providers that you might not find on your own. Whether it’s Cyber Security Insurance, Event Cancellation Insurance, or One Off Event Public Liability Insurance, brokers will look for it on your behalf.
- Clear Explanations: Insurance brokers break down complex terms and simply jargons to ensure that you fully understand what’s covered. With their assistance, you’re sure of what you’re getting.
- Tailored Packages: Brokers combine standard covers, such as Public Liability Insurance for Events, with unconventional ones for comprehensive protection.
Put yourself in the shoes of a freelance photographer whose client’s data was compromised.
Worrying, right?
All the more reason why you must seek out the helping hand of an insurance broker.
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What’s Your Risk Profile?
Take the time to pause and think about the things that make your life unique. Look beyond standard insurance. Here are some questions you can ask yourself:
- Your Job: Do you have irregular income or physical demands? Are you a freelancer or stunt double? Income Protection can address the uncommon risks you are exposed to.
- Your Hobbies and Passions: Do you host events? Got a pet python? Pet Insurance or Event Insurance might be worth exploring.
- Your Digital Life: How about frequent online banking or social media use? These activities increase your cyber risks. So, Cyber Insurance would be a smart choice.
- Your Memorable Moments: Planning a big event? Getting an Event Cancellation Insurance can protect your investment.
Reflecting on these allows you to see the protection you need.
But that’s only the first step. Seek the services of an insurance broker to get a personalised risk assessment to address your vulnerabilities.
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We Can Help as an Insurance Broker in Sydney
Insurance isn’t always foolproof.
While home and car cover are essential, unconventional options protect you against a broader range of financial risks so you’re prepared for any unexpected curveballs, from cyber scams to event mishaps.Â
Excited to explore your options?
‍Connect with Tank Insurance now to discuss your unique needs with us and discover protections that go beyond the basics.