Worried that insurance has become nothing but a commodity-driven business? It's not a concern for agents or carriers specializing in hard-to-insure, high-risk businesses: Think medical malpractice liability, financial institution directors and officers' liability, cyber liability coverage and property protection in flood-prone areas.

For even the riskiest lines of business, insurance availability can be difficult but seldom impossible, according to experts. Carriers are leaving no stone unturned in their search for new growth, and part of that approach involves crafting extremely specialized coverages for niche industries in high-risk areas. As a result, agents and brokers with a solid understanding of even the riskiest businesses can usually find creative ways to protect their customers' assets and generate profits in the process.

“I don't think the U.S. is getting any less litigious, so these coverages will continue to grow,” said Glenn Clark, president of Rockwood Programs, which has been specializing in employment practices liability (EPL) insurance since the first policies emerged in the early 1990s. “Buyers need the advice of their agents more than ever before. When there is a problem placing risk, people come to us. If an agent really knows the business, it's a great opportunity to demonstrate your expertise because a standard agent can't place it.”