When it comes to insurance, most of us will typically think about the standard types of policies: auto, home, or even business insurance. However, there is a whole strange world of insurance out there that can cover just about everything you can think of (and some you didn’t).
We prioritize education at Berry Insurance, aiming to ensure our clients are as knowledgeable about their own policies as they can be. But even though we like to think we’ve seen it all, the world of insurance is always changing and adding new options for us to learn about.
In this guide we’ll be exploring some of the weirder types of things you can insure - some of which you may consider obtaining yourself, and some that are just fun to know exist!
Table of contents:
- Body part insurance
- Cold feet insurance
- Ghost insurance
- Key employee insurance
- Fantasy football insurance
Body part insurance
Yup, we’re starting off strange.
Insuring specific body parts is a unique type of coverage offered by select providers for those whose livelihood would be greatly affected by that part of their body being damaged. This coverage is typically only purchased by wealthy celebrities, athletes, or entertainers.
Everything from Bruce Springsteen’s vocal cords, America Ferrera’s smile, and David Becham’s legs have all allegedly been insured for multiple millions of dollars at one point. Even highly coveted surgeons may be able to insure their steady hands, as they are vital to their important field.
Do I need body part insurance?
In short, probably not. Along with the high price tag to insure a specific part of yourself, it isn’t super practical or necessary as health insurance or disability insurance would offer enough coverage for the average person in the event of an accident.
If you do decide a part of yourself is vital to your livelihood and would be greatly affected in the event of an injury, you could look into obtaining body part insurance. But be aware that you would need to prove that you have invested a lot of time, money, and effort into perfecting the skills of the body part and that losing it or having it damaged would result in a serious financial loss. On top of that, this type of insurance would be costly for the average policyholder.
Cold Feet Insurance
Some happily ever afters just aren’t meant to be. And that’s okay!
But when someone invests a lot of money into funding a wedding, they will want to know their investment is protected in the event “I do” becomes “I don’t”.
“Cold feet” or “change of heart” insurance is a specialized form of event cancellation coverage that kicks in when either wedding party calls off the wedding. Separate from normal wedding insurance, this policy is for the “innocent financiers” of the wedding - meaning anyone who contributed money for the wedding posts like parents, relatives, or friends. Brides or grooms are not eligible for this type of coverage.
Do I need cold feet insurance?
If you are financing a wedding and getting the sense that things might not work out between the couple, or simply want to be covered just in case, this type of policy may be useful for you. In the event that the wedding does not go-through, the policy would cover expenses that you have already paid, such as non-refundable deposits for venues, vendors, entertainment, gifts, or travel.
Ghost insurance
Who you gonna call? Your insurance provider!
Yeah not as catchy.
But in the insurance world there are actually multiple types of “ghost policies”.
For workers’ compensation, a ghost policy refers to a policy with minimum limits for a one-person business. However, the company owner is exempt from this policy, meaning it doesn’t cover anyone - hence calling it “ghost insurance”. This is typically used as a workaround to having to obtain legitimate workers’ compensation policies that are required by your state.
The other type of ghost insurance is a bit more paranormal.
Yes, one insurance company (Spooksafe … seriously) had at one point offered actual insurance policies “protecting” policyholders to damages caused by ghosts, spirits, or other types of supernatural entities. Now, this type of policy seems to have been nothing but an actual ghost story, and would not be available anymore for those of us residing within haunted abodes - but it is funny to know it was a type of policy once available for purchase.
Do I need ghost insurance?
For the spectre variety, probably not. While we don’t want to anger any spirits, their misdoings do not typically warrant coverage - nor is it an easy coverage to track down anyways.
As far as workers’ compensation ghost insurance, we would recommend looking into more legitimate forms of coverage for your business. To learn more about what workers’ compensation insurance will cost you, read this guide: How Much Does MA Workers' Compensation Insurance Cost?
Key employee insurance
If you’re running a business, you likely know the strengths of everyone on your team. But if there is one employee who you know the company couldn’t live without, you’d want to do everything in your power to mitigate their loss.
Key employee insurance essentially acts as a life insurance policy for a business, ensuring that if an important employee (such as the owner, manager, or other key role) were to pass, the company would receive payment to relieve the financial burden of their death.
The money received can be used to replace revenue the employee would have generated, or to cover the costs associated with recruiting, hiring, or training a replacement.
Do I need life insurance for key employees?
If you have any employees who offer so much to your business that your company could not run effectively without them or if they have unique knowledge/skills that couldn’t be replaced or taught quickly in the event of a loss, then having key employee life insurance may be a good choice for your business.
To learn more about life insurance for key employees, how much you need, and what it’ll cost you read this article: What is Business Life Insurance? Why You Might Need Life Insurance for Key Employees.
Fantasy football insurance
When a football player is seriously injured, it could result in an end to that player’s time on the field this season. But if they just so happen to your fantasy football team’s star player, then your chances at a successful season may be over too. However, with fantasy football insurance, you could be covered.
Yes, as fantasy football has grown from a fun game between friends to its own multi-billion dollar industry, it only makes sense that people would want to insure their investment if things don’t go according to plan.
Fantasy football insurance offers coverage for the top players that may be on your fantasy team. Like other types of policies, you would pay a premium to insure your team's key player - and if they miss a significant amount of games due to injury then you receive a payout.
Do I need fantasy football insurance?
While a novelty to think about, you likely won’t need to protect your fantasy fun unless you’ve invested a sizable amount of money into your game. Premiums per player will vary but would typically cost $20 to $30, resulting in payouts ranging from $200-300 (depending on the league and policy).
The strange world of insurance
As you can see, there is practically an insurance policy for everything - some useful and some less so.
But now that you’ve learned about some unique policies (and hopefully had a good laugh) you may be wondering if your current coverage is truly up to snuff.
Beyond the strange and unusual, our Learning Center has articles and videos covering every area of insurance you can think of - breaking down insurance for everything from motorcycles to motorhomes! Want to know how complete your coverage is? Then take our quiz below to get your very own personalized protection score!
