If you own a small business, you know how important building relationships can be to your company. The same holds true when you are looking for insurance. You want to find a company that knows you, knows your particular needs, and has a vested interest in finding the right insurance match. Finding a workers’ comp MGA, or managing general agent, may be just the personal touch you are seeking.
Though an MGA does not have access to as many insurance carriers as a wholesale broker, they can excel in placing companies with specific risks, finding them just the right coverage at fair premiums. Many wholesale brokerages have their own MGAs in-house.
Reasons You May Want an MGA
You know your company is special, and you love it that way, but no mainstream insurance will do. A workers’ comp MGA often specializes in different workforce coverage areas and can help you find regionally or nationally recognized carriers that concentrate in insuring, for example, construction companies, or other businesses with specific coverage needs. There are other advantages to working with an MGA.
- MGAs Can Underwrite. They have authority to provide binding quotes.
- MGAs Have Expertise. Their specific industry knowledge can add significant value.
- MGAs Have Experience. They work with all aspects of the insurance process.
Once you find the right workers’ comp MGA, you will see the benefit of having an expert on your side, and you can feel assured that your employees will have the coverage they need.