By Scott Watkins, Account Manager: Remember when the iPhone first came out? The classic commercial with the catchy tag line “there’s an app for that?” Now 12 years later, that couldn’t be truer and thankfully it’s true for insurance as well. No matter the industry, most likely “there’s a specialist for that”. Contractors? Absolutely. Grocery Stores? You bet. I even know a gentleman who specializes in Deer Farms. Yes, Deer Farms all throughout the region.
Niche-focused brokers? Yes, you read that correctly. The industry of insurance is changing. Why? Because customer’s needs are changing! No longer can a generalized broker keep up with the intricacies of every specific industry risk that each of their customers lives and breathes every day. Being one of the most important parts of your business, your insurance should be ahead of the game and well versed regrading your risks and needs. They should be educating you on your potential risks and how to protect against them…not the other way around. The only way to accomplish this is with a broker who is dedicated to your industry. After all, you wouldn’t want a non-operator behind the sticks of your cranes on a job-site…why would you want a non-crane insurer covering your crane company?
Great. So now that you know, how do you know if a broker is really niche-focused and what should you look for in such a broker?
Glad you asked.
- First thing’s first, make sure they actually specialize in your industry! Many brokers will try to hop on the bandwagon and claim to be specialists, but they are also “specialists” in 25 other industries! As the ole’ saying goes, I know a little about a lot and a lot about very little. Take a close look at a broker’s website, there should be no more than 5 industries they are experts in.
- Trusted Partner—This one may sound like a given but the reality is it’s often overlooked. Not only should your broker be well experienced in insurance but they should be highly knowledgeable in how to apply it to your industry! This only comes with industry experience and plays a huge roll in our third and final point…
- Lastly- Insurance as a service. Your broker should work for you to solve your problems and make your life easier. How can they do that if they don’t know your industry? It’s important to ask the right questions to not only gauge their expertise but also how they are truly going to provide a service beyond coverage to make your life easier.
Ready to find your niche-focused broker? Great! If you’re within our industry- contact us at any time. If not, do a quick internet search or reach out to your national association. It’s time you got ahead of your risk.