In the competitive retail insurance market, offering builder’s risk insurance solutions is a way for agencies to gain new business and strengthen relationships with longtime customers. Desirable to property owners and contractors, builder’s risk insurance covers damages to a property under construction. With these temporary insurance lines, two considerations are paramount for an agency seeking a wholesale broker or carrier.
Why Regional Knowledge Matters
When offering builder’s risk coverage, a wholesale brokerage team with extensive knowledge of regional climate risks and local building regulations is a valuable ally. This built-in expertise allows the retail agency to leapfrog much of the learning curve in a builder’s risk coverage rollout.
In the long term, a specialized broker gives the local agent a competitive edge against nationwide competitors.
Why Flexibility Matters
Streamlining the insurance process for customers is the selling point for every retail agency. Whether an installation, a renovation or new construction, every building project presents unique risks. A wholesale broker willing to offer customized endorsements or extensions allows a local agency to offer a comprehensive risk solution in place of a hodgepodge of separate policies.
Builder’s risk insurance combined with top-notch customer service can enhance a retail agency’s bottom line and regional reputation. Forging a relationship with a wholesale broker focused on builder’s risk lines can smooth the path to this desirable market.