As an insurance broker, you provide a much-needed product to your customers. Insurance policies protect against the “what-ifs” in life. Accidents happen, and usually at the worst possible time. You are providing peace of mind and help when your customers need it most. They need you to provide coverage for every possible scenario.
There are many kinds of insurance that individuals or businesses need. You want to provide as many types of coverage to as many kinds of clients as possible to ensure a broad customer base and a successful insurance business.
Excess Liability
One kind of insurance that is frequently overlooked by customers is excess liability. It can really bail out a business or person in the case of a lawsuit. Many insurance agents are not able to provide this coverage directly. Fear not. Wholesale Staten Island insurance brokers, are available as a secondary company that can provide this kind of insurance.
Excess liability covers damages awarded in a lawsuit that goes beyond what standard policies will pay. It can save a customer from serious financial issues or even bankruptcy.
Umbrella Policy
Another type of insurance you may need to acquire from a specialty broker for a customer is an umbrella policy. This is similar to excess liability. The difference is that excess liability insurance follows form. This means that it offers extended coverage of the exact same type as the customer’s standard policy. For example, if your client is in a car accident and their standard insurance only covers property damage for up to $50,000, excess liability will cover anything above that figure, only for property damage.
An umbrella policy offers broader coverage over a variety of standard insurance policies. For a business owner, it can cover property, liability, workers’ compensation, errors and omissions, or any other kind of insurance they may have.
Unusual Coverages
You may find a client who needs coverage for things that most people don’t own. For example, a priceless work of art by a famous artist, or a classic or antique car of high value. This could also apply to jewelry, watches, or other high-end expensive items. For this type of coverage, you may have to reach out to another company that handles this type of policy.
Helping a New Client
When a new customer contacts you for insurance, you will determine what kind of coverage they will need as well as their budgets. It’s a good idea to inform them about excess liability and umbrella policies to determine if they might need either or both You will need to know this so you can reach out to a company that can provide that kind of coverage.
As in any other business, insurance brokers want to offer a wide range of customers a variety of products at competitive prices with excellent customer service. Some customers may need added insurance such as excess liability and umbrella policies. Form a business relationship with an insurer who can provide these kinds of policies to your customers.
