Agency Profile: Under Construction

BNC Insurance Agency

Rye Brook, New York
Founded: 1997
Employees: 60

“Entering construction zone” could be on the marquee for this firm that left the captive agency world in 2000 to access a wider selection of carriers and coverages for their clients. Now a Best Practices firm with nine producers, BNC built a construction insurance specialty from the ground up.

At more than 75%, commercial lines dominates the firm’s business mix, and nearly three-quarters of it comes from 700+ construction clients. Although the firm has enjoyed double-digit organic growth over each of the past five years, 2016 is a milestone year: Premiums have now surpassed the $100-million mark. Inorganic growth is also part of the firm’s plan, with one acquisition funded by InsurBanc already in the rearview mirror.

ONOFRIO COLABELLA, PRESIDENT AND CHIEF SALES OFFICER

The construction industry is a major part of the New York state insurance marketplace. It’s complex and ever-changing, it requires intricate coverages and it has a lot of pain points. For example, New York’s labor laws 240 (scaffolding safety) and 241 (ground-level safety) place the financial burden and liability for site accidents on owners and general contractors. Other states do not have such antiquated laws. We learned our market technically, initiated programs around it, developed strong relationships and networked ourselves within the industry. We arm our sales team with the tools and knowledge necessary to differentiate, add value and educate our clients.

ISABELLA AUTORINO, HUMAN RESOURCES DIRECTOR AND CONTROLLER

Being part of this firm from the ground up—and witnessing the transition from captive to independent agency—has been an amazing journey. It feels like a family organization, regardless of our size. The three partners work as hard as every employee. They come in early. They stay late. They roll up their sleeves. They treat everyone equally. That speaks volumes to the staff. Team camaraderie is important here. We work hard, but we also play hard. From birthday gifts to beer cart Fridays to various parties, we appreciate our staff.

Every other month, I coordinate a fun night out. Our last summer gathering was a boat excursion with singing, dancing and contests. Thanksgiving here is amazing. The Thursday before, we hold a BNC family Thanksgiving feast. We close the office and celebrate as a family. From an operational standpoint, it’s amazing.

BRIAN COLBY, CHIEF EXECUTIVE OFFICER

Our passion and commitment to our construction insurance practice helped us become one of the top independent insurance and risk management firms in the region. Designing and implementing value-added services to positively impact our clients’ bottom line differentiates us. We developed a proprietary contractual risk transfer program to vet the insurance of subcontractors for our general contractor clients. We also provide a workers comp recovery and modification review service in which many clients have seen considerable refunds and reduced pricing. We continue to develop new products, services and risk management tools to benefit the clients within our construction practice.

Education is key to building a specialty from a niche. You must the learn ins and outs of that industry: what the insurance requirements are, where the gaps are, the coverages needed and how to properly fill the void. You can’t be an expert if you don’t know the insurance pitfalls or understand the value-added services that can differentiate your agency and benefit the clients so it’s not all, “Here’s the coverage, here’s the price, see you next year.”