As an insurance agent, getting all of your clients covered with the insurance they need can be a tricky. There are hundreds of industries each with its own need for specific policies. In order to make sure your clients can come to you for all of their needs, utilizing a wholesale broker may be a solution, and here’s why.
The first reason a wholesale insurance broker may be better for you is that they have a broader market than what you currently offer. Because these brokers act as middlemen for multiple insurance companies, talking to one about your client’s coverage needs will give you an insider’s look at the best deals, packages, and offers for your clients.
Along those lines, talking to a wholesale insurance broker rather than telling your client you don’t offer that coverage gives you a full-spectrum idea of what type of insurance you can get for them. By getting a better look at what’s out there, you can ensure you get the right policy for your clients and make sure you get repeat and referral business.
Another reason to seek out a wholesale insurance broker when it’s time to help insure your clients is so you can build rapport and cover all of their needs. While you may not be familiar with any insurers in every industry, part of a wholesale broker’s job is help bridge the gap between what you are able to offer your clients and what coverages your clients need.
When you lean on these professional relationships, you gain a unique insight into each insurer’s individual lines of coverage. Wholesale brokers are in the business of finding you the coverage you need. Whether you need something basic like professional liability insurance or more specialized coverage to run a clinical trial, talking to a wholesale insurance broker can help. Having relationships with wholesale brokers will make your offerings more complete and help you build your book of business and save your client’s money.
The third way a wholesale insurance broker can better your offerings is with improved cost efficiency. Because these brokers work with so many specialized carriers that feature so many niche policies, they can find you one that matches your clients needs and budget. Rather than having them shop around themselves and having to buy a policy out of budget, trusting an insurance broker’s expertise can give you confidence that you’re helping them make the right decision on coverage.
One thing to keep in mind is that there will be a fee when you hire a broker’s services. While this fee is customary, as you’re paying them to help you, you’ll likely still sell policies that are a net profit. The service fee covers the broker’s experience, rapport with other companies, and ultimately the finding of an optimal policy. All in all, working with a wholesale insurance broker can help get your clients the coverage they need and keep it all under one roof.
To sum things up, working with a wholesale insurance broker can help get your clients the coverage they need and keep it all under one roof. Whether you are trying to insure an aerospace company or a company that sells personal care items, getting the proper insurance coverage is essential– trusting a broker’s experience can help.