The “Silver Tsunami” is a term for the aging workforce in America today. Demographic research states that 10,000 baby boomers will reach retirement age every day from 2011 until 2030.
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Professional Circumstance
Professional liability policies for insurance professionals are typically written on either a claims-made or a claims-made and reported basis. These policies provide coverage for long-tail lines of insurance because a negligent act or omission may take place today, but harm arising from that act or omission may not be discovered or a claim made against the insured for a considerable period of time thereafter.
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The Problem with Silence
In the midst of the most active M&A marketplace that our industry has ever experienced, often times there is still a cloud of secrecy that exists inside an agency about the agency’s future.
READ MOREProfessional Longevity
The professional liability marketplace is ever-changing—carriers entering and exiting the marketplace, changing rates, and fluctuating underwriting positions. Typically, the longer a carrier has been in the professional liability marketplace, the more stable it is when it comes to making changes.
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Are YOU the Future?
Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.
READ MOREFalling Short
Financial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
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What Factors Impact an Agency’s Selling Price?
The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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5 Key Behaviors of Great Agency Owners
There is an incredible opportunity in the insurance industry for someone who wishes to own their own business. With over half of the agency owners facing retirement in the next 5-10 years, a strong desire by many agency owners to remain independent, and the goal to offer the same opportunity to the next generation that their agency provided to them – there is no better time for future owners.
READ MORE2022 ISO Homeowners’ Changes in Chart Form
Insurance Services Office (ISO) in mid-2021 released its first multi-state Homeowners’ filing in over 11 years. This most recent filing took effect beginning March 1, 2022.
READ MOREDeductive Reasoning
You are already aware that not all professional liability policies for insurance agents extend the same coverage benefits. However, an important coverage component has become increasingly valuable in the insurance agents’ professional liability marketplace: a deductible reduction feature.
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