Most retail insurance agents and brokers understand the shift that has occurred in the professional liability market; societal changes, increased online activity, and economic factors have all been driving change in the arena. Agents that understand how to respond to these changes could increase their value to clients in addition to boosting revenue for their insurance firms. So just how can agents break into the increasingly challenging Professional Liability Market?
With the progressively growing pressure to remain relevant in this market, it’s important to look at how things now stand in the professional liability arena. Brokers and insurers are slowly realizing that a hard market is not soon to follow the dominant soft market. However, the need for professional liability coverage is only growing. What was once thought of a coverage only needed by doctors and lawyers has grown into a product that meets the needs of other valuable professionals; from real estate agents and appraisers to architects and wholesalers.
Jason Haughey, professional liability program manager for Fox Point Programs, says that one way to combat the challenges of breaking into this market is to take advantage of account-rounding opportunities. This means that if you are already insuring a client for Employment Practices Liability, for example, you can cross-sell other products such as Directors & Officers Insurance, Privacy & Network Security, and of course, Errors & Omissions coverage.
Director of professional liability for NSM Insurance Group Brian DeGraw also suggests going after niches; professional liability spaces that have growth potential. More and more states are requiring that additional professions care professional liability insurance, increasing the target market for agents and brokers trying to break into the market.
PLRisk Advisors is a leading wholesale insurance brokerage covering the professional liability market. Our team of seasoned professionals has the depth and breadth of knowledge to help our agency partners secure the best quality coverage for their clients. For more information about our products and services, please contact us today at (855) 403-5982.
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