When you’re selling some second-hand item from your attic, don’t you think about how to find the right buyer? For example, if you had an old 1970’s automobile to sell, where would be the best place to find the highest price? In your general community paper, or on a website dedicated to classic car buffs?
Seems obvious, right?
Your insurance agent is selling “you”: your organization and the risks it entails. So, where is that agent going to sell “you”? To the same companies it sells every other type of organization? Does your insurance agency really know your organization type? Do they place many of them into the insurance markets? Or are you the only one like you in your agency’s portfolio?
You’d be surprised, or maybe you wouldn’t, at how much finding the right insurance company can save you in premium. For example: quotes for youth organizations can vary by as much as 100% depending on the insurance company. Same is true for other organizations perceived as “high-risk” by generalist markets (nursing homes, schools, churches, buses, etc.). However, each of those classes has specialist insurers who understand, and specialize in, those classes. Knowing and finding the right specialist is important to finding you the best coverage and the best price.
But finding the right specialist for a given class of business takes time. It takes experience. And your insurance agent might not have access to that company. The right insurance agency brings value through expertise, speed and efficiency, and strong relationships. Specialist agents often have years of experience in their areas of specialty and have successfully navigated both hard and soft insurance markets. They’re able to adapt to changing market dynamics and embrace new and emerging risks with speed and clarity. With that, they also have strong relationships with insurance carriers because they’re able to find coverage for hard-to-place risks, often at quite an attractive rate.
So if you’re a specialist in what you do, make sure you’re getting insurance from a specialist who understands what you do, and can approach the right insurance company on your behalf.