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Specialized Risks Require an Insurance Specialist


Allied Insurance BrokersThe term “Generalist” is becoming a bit of a dirty word in the world of insurance. 

Business owners are much more educated when it comes to their insurance and risk management needs, and expect a broker to be highly knowledgeable about their unique risks. 

This is especially true in the Crane, Rigging, & Specialized Transportation industry where the risks are like no other and require coverage tailored to it.  

The industry of insurance is changing. Why? Because customers’ needs are changing!  

no longer can a generalized broker keep up with the intricacies of every specific industry risk that each of their customers lives and breathes every day. 

Being one of the most important parts of your business, your insurance should be ahead of the game and well versed regarding your risks and needs. Your broker should be educating you on your potential risks and how to protect against themnot the other way around. 

The only way to accomplish this is with a broker who is dedicated to your industry.  After all, you wouldn’t want a non-operator behind the sticks of your cranes on a job site … why would you want a non-crane broker advising you on your crane insurance and risk management needs?

Great. So how do you know if a broker is really niche-focused? 

First things first, make sure they actually specialize in your industry! Many brokers will try to hop on the bandwagon and claim to be specialists, but then they are also “specialists” in 25 other industries! As the ole’ saying goes, “I know a little about a lot, but know a lot about very little.” 

Take a close look at a broker’s website, there should be no more than five industries they are experts in.  Ask what other companies like yours they work with in your industry. Then, follow up with those organizations and ask how it’s going.

Second, can they be considered a trusted partner

This one may sound like a given, but the reality is it’s often overlooked. Not only should your broker be well experienced in insurance, but they should be highly knowledgeable on how to apply it to your industry! This only comes with industry experience and plays a big part in our third and final point

Insurance as a Service.” Your broker should work for you to solve your problems and make your life easier.  They should come to the table anticipating your potential issues and have a solution at the ready. How can they do that if they don’t know your industry? 

It’s important to ask the right questions to not only gauge their expertise but also how they are truly going to provide a service beyond coverage, such as offering additional risk engineering services, to make your life easier.  They should be an extension of your team, not someone who you only talk to at renewal time or if a claim is submitted. 

“The needs and expectations of insureds in the Crane & Rigging arena are changing,” Cameron Boots, Area Vice President for Allied Insurance Brokers (a Gallagher Company), said. “They know what they are looking for from a broker. It’s why being a generalist doesn’t really cut it anymore. Insureds expect you to speak their language and know what issues they are dealing with and how to solve them. The Crane, Rigging, & Specialized Transportation industry is highly specialized and requires specialized solutions to properly cover its unique risks. We understand these risks and how to address them, and can assist you in creating a comprehensive program that strengthens your business.”

Does all of this sound like the broker you already work with? Great! Keep rolling with them. 

Does reading this make you question if you have a niche-focused broker that truly understands your needs? That’s good too! Now you know what you need to do to ensure your organization is properly protected from risk. 

Feel free to contact Allied Insurance Brokers (a Gallagher Company) anytime at www.alliedinsbrokers.com or by phone at 800-569-9427 to discuss your needs. It’s time you got ahead of your risk.


 

 

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