Currently, insurance brokers are experiencing a soft market, meaning competition between brokerages is fierce. This market actually provides an excellent opportunity for expansion into captive insurance services with the aid of an agency captive. Any brokerages that have previously considered expansion should re-evaluate their position, because the market is unlikely to become more favorable. Now is the time to expand because:
- Market Growth – Despite heavy insurance competition, captive insurance is growing rapidly as it gains publicity. More businesses than ever recognize the benefits of captive insurance, and they need brokers.
- Increased Revenue – Insurance companies that expand during soft markets increase their potential for short- and long-term revenue growth. Added services give brokerages the opportunity for new clients. As the market hardens again, these new clients become increasingly loyal.
- Ease of Expansion – During soft markets, agency captive carriers offer better rates, with fewer volume requirements than exist during hard markets. With fewer volume requirements, brokerages have the opportunity to expand with less pressure while they wait for their captive insurance solution demand to increase.
Take Advantage of the Soft Market
While most brokerages hunker down and wait for the market to harden, opportunist brokerages take the initiative to grow during soft markets by expansion into captive insurance services. Expansion does more than lead to an increase in the number of clients and overall revenue. It also allows brokerages to take advantage of the fact that agency captive carriers offer great opportunities during soft markets.
As the owner of a successful dry cleaning business, you understand that the quality of your work and your high service standards are what keep your customers coming back time and again. The same thing can be said of business insurance for small companies like you. You need to be selective when choosing the types of dry cleaning insurance that will most benefit your company, and when determining which insurance agency will best reflect your standards and keep you protected.
Important Coverage Types to Consider
When determining which insurance options will keep your business safe and protected, it’s a good idea to speak to a professional insurance agent. Knowing the specifics of your business, property and operations, they can provide an informed suggestion on insurance types you should consider.
That being said, there are several coverage types that are reliable options for dry cleaning services, including: general liability, business auto, umbrella, worker’s compensation and property insurance. Any of these insurance options could greatly benefit your business by keeping you protected from liabilities, loss, damage, theft or disasters.
Specialized Coverage Options
You may also want to consider a customized approach for your dry cleaning insurance. Speak with an insurance expert regarding policies such as box storage, mysterious disappearance and more. Since your business is completely specialized to what the customer wants, why shouldn’t your insurance be? Call a professional insurance agent today to discuss your options.
To all attendees of our Sixth Annual Dinner:
On behalf of everyone at the the Caesar Rodney Institute I would like to thank you for attending our Sixth Annual Dinner at the Wilmington Country Club.
We hoped you enjoyed the presentation by Dr. Bartley Danielsen as much as we did. Dr. Danielsen’s research clearly shows the urgent need to improve education in Delaware at the risk not only to our children, but to our economic future.
As part of CRI’s education policy efforts, CRI helped draft legislation that was introduced last week to establish Education Savings Accounts in Delaware. These accounts would allow lower income parents to send their child to private or parochial school at no additional cost to themselves or to the taxpayers.
Please consider supporting CRI with a generous contribution so that we may continue to work for effective education reform.
James P. Ursomarso
Chairman & CEO
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