Workers compensation isn’t the obvious route to agency profitability. But by providing these nine services, it pays intangible dividends to your clients that ultimately accrue to your balance sheet.
When Tom Goss joined his brother’s agency in 1999, he brought a rich corporate leadership background and experience as athletic director of the University of Michigan. By 2000, Goss LLC was the first minority-certified insurance agency in Michigan.
Glatfelter’s new comprehensive workers compensation program provides the option to write an entire account with a single-carrier solution.
Despite several years of ample capacity and rate decreases in the workers compensation insurance market, the persistent labor shortage could present serious challenges in the near future.
To keep up with future trends in workers compensation, independent agent Deb Conway-Plathe says it’s imperative agents continue to have conversations with customers to encourage them to purchase appropriate limits.
Most insurance market cycles are pretty straightforward—yet what’s currently happening in the workers compensation market defies the usual logic.
An agent’s commercial client plans to hire an intern who is not affiliated with a university. The intern will not be paid and will be at the office shadowing an employee for a few hours a week.
Any agent who’s had a workers comp client poached understands that just like any other line of insurance, satisfied, well-protected workers comp insureds require a serious investment of time and effort.
In the third quarter of 2018, workers comp was the only commercial line to clock a composite decrease, with average rate changes coming in around -3%.
Independent agent Jon Erickson invests a lot of time in educating his clients about ways to avoid workplace injuries. “Workers compensation costs can be controlled with risk management more than other lines of insurance,” he says.