Every business needs to have workers compensation insurance in the event an employee gets injured while on the job. It is particularly important for those industries in which injury is almost inevitable, such as in construction. As an insurance agent, it is your job to match your clients to the right provider. This assignment can be difficult during times of economic hardship, when premiums are high and payrolls are low. Using an MGA (managing general agent) can make it easier for you to find insurance companies that can fulfill your clients needs for workers compensation in New York.
MGAs differ from other insurance agents and brokers in that the providers they team up with give them authority to act in their behalf for certain tasks. These duties can include subcontracting with retail agents located in a specific area, underwriting and issuing policies, collecting payments, and handling claims. Underwriting is one of their more unique skills because MGAs have the needed expertise to create policies in special niches. This arrangement is more convenient and cost effective for you because you dont need to be an expert in every work field, nor hire one for your agency.
Let an MGA assist you, and thus your clients, by acting as your wholesale broker. Your ability to find for any business the right insurer of workers compensation in New York will help increase your clientele.