Finding workers’ compensation coverage for your small business clients can be challenging. With so many carriers instituting coverage restrictions, ever-changing state level regulations and other peculiarities, navigating the marketplace can be headache-inducing. However, presenting your clients with the best options is your top priority. Given these challenges and your priorities, it’s wise to select a workers’ comp MGA and brokerage firm to shop the market for you and put together the best policies and packages for your customers.
A managing general agency differs from other kinds of brokers in that it has the capability of underwriting in-house. This can be incredibly useful with specialized types of coverage, such as workers’ comp for small business clients. This ability allows an MGA to serve many more clients and industries. Because of the unique challenges of securing workers’ comp insurance for small businesses, working with a workers’ comp MGA may be your best solution.
The underwriting ability of an MGA also permits it great flexibility, especially if it serves as program administrators for their partnered insurance carriers. In those cases, they are also able to provide rates and quotes, as well as issue and service policies, on behalf of their carriers. Wholesale brokers for workers’ compensation insurance are usually also MGAs, as it gives them greater ability to provide for their clients’ needs.