Helping small business clients find affordable workman’s comp insurance can be challenging. Some carriers may be hesitant to assume the risk of covering small businesses, and if they are willing, they may charge premiums that are out of the client’s price range. A wholesale brokerage firm can help you find a policy that is affordable and effective for your clients.
A managing general underwriter (MGU) assesses risk, but his or her role does not stop there. To help you better serve your client, an underwriter engages in the following tasks:
- Analyze level of risk posed by insuring client
- Determine policy specifications that serve the client while minimizing that risk
- Negotiate solutions to potential issues
- Set premiums for policy
Once the MGU has a grasp of the risk involved in providing workman’s comp insurance coverage to the client, he or she can call upon the firm’s vast network of carriers to find the ideal policy to meet the client’s needs. The success of wholesale brokerage firms depends largely upon their ability to cultivate relationships with A-rated carriers. When you use their services, you reap the advantages of those relationships.
A wholesale brokerage firm can help you serve your client better. In most cases, it can usually help you secure better coverage for a more reasonable price. Let the firm’s experience work for you.