Just another mouth to feed is possibly the first thought when considering the use of a wholesale broker, and in many instances there is an element of truth to that. When you set out working as an independent agent, as with any other field, there is a temptation to “do away with the middle man” to increase commission income.
Who can blame you, there are some brokers willing to sit back and take commission for passing your application to insurers then passing proposals and policies back. It’s a seductive concept, one that often makes sense, just not when it comes to highly specialized areas of coverage with complex risks.
Additionally, the often unspoken consequence of removing the middle-man is the avoidance or aversion to selling to larger, more complex accounts that potentially deliver significantly higher commission revenue to you.
One such area of larger and more complex accounts is Medical Malpractice, or medical professional liability, one of the highest growth areas in the commercial insurance industry. The key is finding a professional and effective broker, one who partners and consults with you to understand and protect your client, that is well positioned in that niche area. Those brokers can make a world of difference.
The goal when you combine with an effective broker is you become an unbeatable team, and with the time and effort you save as a result of their expertise, you are able to increase your client base, your average premium and most importantly your commission income.
Medical malpractice is a very complex area of insurance, one that is becoming increasingly more intricate with new laws being passed, new technology being utilized by physicians and social inflation impacting on jury decisions against clients.
A good broker will help you navigate the complex medical malpractice minefield and secure the best possible protection for your client, which in turn will keep them from moving to another agent.
The Advantages of working with a professional medical malpractice broker
A professional broker will give you the following advantages:
- They will shop your insurance to different carriers, ensuring you provide your client with the best deal.
- They have the staff and resources to keep abreast of the different policies and the changes to policies with different insurers, so they are sure to find coverage better suited to your client.
- A good broker will also assist you in understanding how the coverage works and identifying client activities that may fall outside the coverage parameters in some policies.
- They will help you craft your application, so that it more closely meets the insurer’s expectations and is more readily accepted.
- A good broker will also help you advise the client in liability mitigation strategies – helping them to avoid being sued. Often it is simple things like improving communication with patients and medical record keeping.
- In the event that your client has a claim or other issues with their policy, the broker will act as an advocate with your insurer, helping you overcome those issues.
Expand your client base with confidence
Without the support of a broker, you are basically taking on a whole lot of additional responsibilities while being compensated only marginally more. If you aren’t able to keep abreast of developments in medical malpractice coverage, you could be leaving your clients unprotected.
Working with a specialized broker like the Westwood Insurance Group will allow you to expand your client base with confidence in the knowledge that you’re providing clients with adequate coverage at competitive prices.
It can be a hard, lonely road to travel without the support of a professional medical malpractice broker. Complete our agreement and you can get started with the Westwood Insurance Group today.
You can read more about how Westwood is compensated in our compensation disclosure.