Most independent insurance agents identify themselves or their agencies as “p-c.” And for the typical independent insurance agent, the majority of revenue is based in p-c business.

Most independent insurance agencies further break out their revenues by personal and commercial lines, as well as by niches within those categories. But when agents identify their businesses in this manner, they sometimes lose sight of the bigger picture: For most clients, agents are “risk managers” and should not limit their role to one area or assume another advisor will serve other needs.

After all, when it comes to helping mitigate and shifting risk, does it really matter the nature of the risk? New research from the Big “I” Best Practices and Agency Universe studies indicate that the vast majority of independent agencies offer life and disability insurance and a significant percentage provide employee benefits and financial services capabilities. Accordingly, most agencies have commercial and personal lines producers and at least one life/health producer. While many independent agencies cross sell, this approach too often involves a “silo” mentality. Becoming a true risk manager involves taking a holistic approach to addressing the major types of risks facing insureds.

One example? Personal umbrella coverage. Financial planners and “wealth managers” go to great lengths to help their clients accumulate assets to meet their retirement and other objectives. But what’s a bigger risk: the possibility that the stock market might take a 20% dip? Or someone suing your client could for $3 million over an at-fault automobile accident?

The staff that oversees the Big “I”-endorsed standalone personal umbrella program with RLI estimates the typical independent agent sells an umbrella only about 33% as often as a captive agent. Your client might have long-term care insurance, but what happens if he or she accidently runs over a swimmer with a boat?  With the standalone options from your association capable of supplementing those in your directly appointed markets, it might be a good idea to get a checklist in the hands of all your personal lines clients.

Examples abound of how a personal umbrella policy can help protect a client. Head to the Big “I” Virtual University for information on related topics, such as worldwide auto liability—many people travel to areas where their personal auto policy does not cover them, resulting in a huge potential exposure should they have an automobile accident in a foreign country.

Independent agencies are uniquely positioned to provide one-stop services to meet a client’s insurance needs. Take advantage of that intersection to benefit your clients and your agency.

Dave Evans is a certified financial planner and an IA contributor.