In business, you want to gain and retain as many customers as possible. It’s how your business grows and profits maximize. The way to do this is to provide excellent customer service, competitive pricing, and the goods and services that people need.
When an existing client has the need for something you don’t offer, you will do whatever you can to get it. This can be tricky for insurance brokers.
You may be able to provide standard coverages such as liability, property, workers’ compensation, and disability. But what if your client needs additional coverage that you don’t provide? You may have to look to another insurance company but you want to keep your customer.
Wholesale Insurance Broker
A business that sells coverage, such as insurance brokers San Francisco, can find additional coverage while retaining that client’s business. Just like in any other business, a wholesale insurance broker doesn’t deal directly with the customer. They sell policies to insurance agencies that they can then sell to their clients. It’s the same as the wholesale/retail relationship in any industry. There are some kinds of coverage a customer may need that you will have to get from a wholesale broker.
Excess Liability
Insurance policies all have limits to how much they can pay. For example, a client may have a policy that covers property damage up to $100,000. If they suffer damage or are sued for a larger sum, that difference has to be paid out of pocket.
Excess liability insurance pays the amount above the limit of the standard policy. It can prevent your client from going bankrupt. Excess liability follows form, meaning it only covers one type of insurance. An excess liability policy for property damage won’t pay for workers’ comp. This is a typical type of policy you will get from a wholesale broker.
Umbrella Policy
Another type of extended coverage that you may have to get from a wholesale broker is an umbrella policy. This kind of coverage is similar to an excess liability policy but differs in that it will cover excesses of any type of insurance the client has. It provides a broad area of protection that can be useful to any kind of business. You want to be able to offer it to your clients and thanks to wholesale brokers, you can.
Specialized Policies
If your client deals in high-end irreplaceable items, they will need a specialized policy. This could include artwork, antiques, or classic cars. The expense of theft or damage to these kinds of rare items could be astronomical. A wholesale broker can help you find coverage to give your client peace of mind and protection for these expensive products.
When you obtain a new client, you want to keep them as valued a customer by providing whatever they may need. In the insurance game, there are some kinds of coverage you may not be able to provide directly. Contact a wholesale broker to find unusual policies for your clients. Meet their needs while keeping their business.
