When it comes to insurance, all businesses are not created equal. Some businesses carry more risk than others, which can make the process difficult when it's time to find insurance.
"A business can be deemed risky, or substandard, by insurance providers for various reasons," explains Andrew Raymakers, CAIB, an Account Executive with Caldwell Roach, "If you've had more than one claim on your policy in a short time, you're a higher risk...or if your business carries a high degree of liability.. or even if you have an unusual business."
"As an example, I have a client whose business is making ammunition," Andrew goes on, "which falls far outside regular policy guidelines. He heard the word 'no' from other brokers, quite a few times before he contacted us."
"An oil tank removal company would also be labeled a greater risk, due to the possibility of pollution liability. Or if your property suffered multiple floods; even though it could be completely beyond your control, it still makes your business a risk to insure."
For many insurance companies, it isn't in their interest to offer a substandard policy. If a client falls outside the defined parameters of their guidelines, they simply say no.
But, when they say no, Caldwell Roach says yes.
If a policy can't be placed with an insurer on the standard market, Caldwell Roach's team go to work to find an alternative... and sometimes that includes calling on a managing general agent (MGA) for assistance.
"MGAs are, basically, brokers for brokers," Andrew explains, "When we have a client whose policy proves to be a bit more challenging, we enlist the assistance of an MGA to search out an appropriate option. It takes some extra time and legwork, but it's worth it to be able to help the client."
Ultimately, it's all about keeping you in business.
"At Caldwell Roach, we're focused on our clients and their needs, not the guidelines. We can always get you insured, we just need to find the right solution for your business."