As an insurance agent, you know that no two risks are the same. While you may be able to place standard risks easily, you may encounter unique risks that require specialized coverage. In these situations, working with a specialty insurance wholesaler can be invaluable. In this article, we’ll explore why insurance agents should work with specialty insurance wholesalers to place a unique risk.
What is a specialty insurance wholesaler?
A specialty insurance wholesaler is a company that specializes in providing insurance products and services to insurance agents and brokers. These wholesalers have relationships with a variety of insurance carriers that specialize in providing coverage for unique or unusual risks. By working with a wholesaler, insurance agents can access a wider range of insurance products and carriers than they would be able to on their own.
Why work with a specialty insurance wholesaler?
There are several reasons why insurance agents work with specialty insurance wholesalers to place a unique risk:
- Access to specialized expertise
Specialty insurance wholesalers have expertise in placing coverage for unique risks that many standard insurance agents may not have. They have relationships with carriers that specialize in providing coverage for niche risks, such as construction defects, cyber liability, or environmental liability. By working with a wholesaler, agents can access this specialized expertise and find coverage for even the most unique risks.
- Access to a wider range of insurance carriers
Specialty insurance wholesalers work with a wide range of insurance carriers, including both admitted and non-admitted carriers. This means that agents can access a wider range of insurance products and carriers than they would be able to on their own. This can be particularly useful when placing coverage for a unique risk, as it may require a carrier with specialized underwriting expertise.
- Faster turnaround times
When placing coverage for a unique risk, insurance agents may need to provide a lot of information to carriers to help them assess the risk. This can be a time-consuming process, particularly if agents are not familiar with the carrier’s underwriting requirements. Specialty insurance wholesalers can help to streamline this process by providing agents with guidance on what information is needed and working with carriers to ensure that the process moves quickly.
- Risk management and loss control services
Specialty insurance wholesalers may also provide risk management and loss control services that can help agents to reduce their clients’ risks. This can include providing advice on how to mitigate risks or providing training to help clients reduce the likelihood of a loss. These services can be particularly valuable for unique risks, where clients may not have a clear understanding of the risks they face.
Working with a specialty insurance wholesaler can be invaluable when placing coverage for a unique risk. By providing access to specialized expertise, a wider range of insurance carriers, faster turnaround times, and risk management and loss control services, wholesalers can help agents to find coverage for even the most unique risks. If you encounter a unique risk that you’re not sure how to place, consider reaching out to DOXA today for assistance.
- “The Value of Specialization: Wholesale Brokers and Specialty Insurance” by The National Underwriter Company: https://www.propertycasualty360.com/2019/05/31/the-value-of-specialization-wholesale-brokers-and-specialty-insurance/
- “Why Agents Should Work with Wholesale Brokers” by Insurance Journal: https://www.insurancejournal.com/magazines/mag-features/2017/02/20/441452.htm
- “Wholesalers, MGA’s: A Diverse and Growing Industry” by Insurance Journal: https://www.insurancejournal.com/magazines/mag-features/2017/02/20/441457.htm