Joining Secured Advantage helps insurance professionals improve their bottom line and support sustained growth for their agencies. However, you might not have known that there are several other things that Secured Advantage does for you.
As an insurance professional, you know how much it costs to purchase E&O coverage for your agency, and it’s quite helpful to reduce costs where you can. With the median cost of E&O insurance sitting at $713 annually, every penny saved can go back into your business and further your financial stability for the years to come.
So, what does Secured Advantage do and what does that mean for your growing business?
Why E&O Insurance?
Errors and omissions coverage is a necessary expense for your agency because you never know when accidental errors or omissions (or perceived errors and omissions) could occur. Your policy pays out to ensure that the affected parties are remunerated properly. You know this because you tell your clients the very same thing.
Even though you’re an insurance expert—mistakes can happen. Doctors aren’t the best patients, race car drivers never think they’ll get in an accident, and you don’t want to ignore certain types of coverage because you’re too close to the situation.
Remember, insurance costs money, but payouts are far more expensive than insurance premiums could ever be. Saving money on a policy like this is a critical part of keeping operating costs as low as possible.
Without professional liability insurance, you’ve put yourself in a difficult position. But, how can you save money on insurance that is, for all intents and purposes, mandatory?
Take Advantage of Your Clean Record
More than anything, you want to take advantage of your clean record. Do business responsibly, take great care to track how your staff manages their work, and ensure that you confront all issues head on. There are plenty of situation that can be resolved long before you need to file an insurance claim.
What does this mean? You can take control of your agency, prevent mistakes before they happen, train your staff regularly, and supervise (on some level) everything that happens in your office.
Leverage Your Relationships
You’ve been in business for some time, and you can use the relationships you’ve built over time through associations, industry groups, or partnerships (like the partnership you’re considering with Secured Advantage) to cut costs.
When you join Secured Advantage, you get a rate based on the size of a much larger organizations—ours. As a result, you can save money on E&O insurance, making your next errors and omissions quote that much more affordable.
Comparison Shop
Controlling errors and omissions insurance costs requires shopping around as much as possible. This is a bit different when you work with Secured Advantage because you can get the same coverage and savings everyone else is getting. However, you should not be afraid to share insurance options that you believe will be cheaper for everyone.
By working together, Secured Advantage partners enjoy a better top line and bottom line.
Buy the Right Coverage
When you purchase EnO coverage, remember that you must tailor that coverage to meet the needs of your agency. Because your business may have needs that are far beyond what’s common, you should mention these issues when seeking out coverage.
(For example, you have clients running ships up on Lake Erie and your coverage must reflect the level of risk you’re taking on simply by representing them and writing their policies.)
And again, you will find that your rates improve because you are part of the Secured Advantage network. Your broker insurance should be a line-item on a ledger—not a burden that impacts everything your agency does.
Never Worry About Non-Regulated Providers
Non-regulated providers are not generally a concern for insurance professionals because we understand who is legitimate and who is not. At the same time, younger, smaller, and more financially unstable agencies may seek any coverage they can find that fits into a rather tight budget.
When you work with Secured Advantage, you can avoid these providers altogether because you get better rates as a partner within our network.
Contact Secured Advantage for Information on Partnerships
Contact Secured Advantage when you’re ready to join a network of agencies that can help you save on your E&O coverage. Plus, there’s more to Secured Advantage than saving on overhead. The Secured Advantage is greater profit sharing in your pocket, a network of professionals you can turn to for advice, succession support, and an overall increase in your top line and bottom line.