What to Think About When it Comes to Workers Compensation
The bigger catch is always what is strived for in this business. Nothing like closing on that 6-figure premium that has been in the works for some time. It is important, though, to not count out the impact of having a large number of smaller accounts.
Speaking directly from the workers’ compensation side, these accounts are much lighter on the underwriting side. Think of your “Main St” businesses like dentists, barber/beauty shops, or even vets. Premiums for these operations are usually small, however, the turnaround time is exponentially quicker. If we have all the general information needed and three years of loss runs (if applicable), we usually can have a quote the same day. The smaller accounts tend to not be shopped around as often as larger ones either. Meaning simple housekeeping on your part and, often, a long-time client on the books.
These sort of operations, too, are perfect to introduce a producer to the workers’ compensation side of insurance. Being simple and straightforward as opposed to larger operations, producers unfamiliar with workers’ comp can focus on the basics.
Challenge yourself and your team members to not miss any opportunity, large or small, in the coming New Year. We are always an email or phone call away for any questions – or if you just want to pick our brain on a topic.Share on Facebook Share on LinkedIn
Posted by Greg Bowen on Jan 31, 2022