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Reply to New Game: How Much is this Business Paying for Their Insurance?     
Old 07-27-2017, 05:08 PM   #11
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Join Date: Feb 2012
Posts:187
State: Matt37 is an Insurance Agent from Florida
New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance?
Originally Posted by Rick Deckard View Post
Hey there Cheeky Monkeys, I like game shows and especially the older ones like Match Game and the like. I feel strongly for newbs like me, we are having a tough time wrapping our heads around some of this.

I am going to describe the business, # of employees, etc...you in turn give us a typical range of where that business falls. I went out door knocking a bit and I think I need to aim higher so this is who I am targeting and you tell me what their premiums likely are.

1. Green XYZ Inc, they specialize in painting interiors and of course are doing it all to code according to Global Warming Warnings...they have 3 vans or trucks on the road, say 10-15 employees total, they've been in business perhaps 3-5 years. What do you think they pay annually in Commercial Insurance?


2. Joe the Plumber: He has a total of 2 vehicles including the one he drives around. He has a total of 5-6 employees and he has the business for about 8-10 years now.


3. ABC Hurricane Impact Glass: We get a lot of this in Florida and South Florida, lots of companies that specialize in all kinds of stuff around the house. We have retrofitters down here to help folks tackle "toenails" which greatly impact their insurance premiums, etc...ABC has a total of 5 trucks on the road and a couple of trailers as well. They have a total of 25-35 employees and they are very well established in the area.


It has been my experience to this point and doing my research, I know folks like Brown and Brown and Marsh are not calling back to most of these folks. If the premium is under $100,000 or won't generate $10,000 in revenue they don't even bother. So help me so I can help others, what are the approximate premiums for these types of businesses? It just cannot be "It depends" because I am giving you what I can see with my eyes prior to entering these companies on foot. I want to have an idea of what to expect so I don't embarrass myself.

Please chime in if you have some real experience with these type of companies. Thank You!
1) Green XYZ is going to be underpriced in some market probably written on a BOP, unless they are doing some kind of specialized servicing with regards to energy saving or something ..... walk away.

2) Joe the Plumber - probably gets calls from insurance agents 3 times a week and has about a million markets that will write him, probably under priced and will be hard to beat ..... walk away.

3) ABC Hurricane Impact Glass - now we are talking, is ABC manufacturing and installing the glass or just installation? they have a pretty juicy products exposure.. so a lot of carriers will shy away, they are doing some specialized work which a lot of brokers will be to dumb to know what coverage they need ... this one is worth more research.

when I entered this industry my dad gave me the advice of never targeting the "CTR" (Contracting, Trucking and Restaurant) .. he said you will constantly be rebuilding your book... so I hunted for a niche and something that I and only I would be the go to broker.

well.. by accident and I don't have time to tell the story.. I ended up getting a program with a carrier to write Accident and health policies for 1099 exotic dancers who were not picked up under WC .... lots of high heel ankle rolls..
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Old 07-28-2017, 08:39 AM   #12
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Rick Deckard on New Game: How Much is this Business Paying for Their Insurance?
 
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New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance? Rick Deckard is the thread starter for: New Game: How Much is this Business Paying for Their Insurance?

Gracias Matt, great info much appreciated.
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Old 07-28-2017, 10:29 AM   #13
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shawnmwalker on New Game: How Much is this Business Paying for Their Insurance?
 
Join Date: Jun 2013
Posts:799
State: shawnmwalker is an Insurance Agent from Undisclosed Location
New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance?
No Matt,


No......We now need to hear the story! as A forum Guru (hahaha) I insist!
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Old 07-28-2017, 02:11 PM   #14
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Join Date: Feb 2012
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State: Matt37 is an Insurance Agent from Florida
New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance?
Originally Posted by shawnmwalker View Post
No Matt,


No......We now need to hear the story! as A forum Guru (hahaha) I insist!
Ha-ha .. I actually had a female "friend" who had an injury at work .. and she got shafted with a $6,500 bill...

I went home and crunched the numbers and realized this was a serious issue.. and I was in South Florida at the time, the prospecting territory was fantastic, I mean it was only about $800 per policy, but you would write 20-25 a day once I got going.

Now.. talking a carrier into entertaining it.. that was another story.

They actually loved the idea and the exposure, but did not love becoming know as the "go to carrier for strippers accident and medical"

Unfortunately, what did it under was some very large bogus claims submitted by dancers.

But to this day ... there is no program out there that I know of for them.

point of the story was: think outside the box, target something, and pound it to the pavement!
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Old 07-28-2017, 04:13 PM   #15
Guru
shawnmwalker on New Game: How Much is this Business Paying for Their Insurance?
 
Join Date: Jun 2013
Posts:799
State: shawnmwalker is an Insurance Agent from Undisclosed Location
New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance?
I am not going to comment form here on out. but will wait for Ins 1865 to jump in.....HAHAHAHAh
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Old 07-31-2017, 03:08 PM   #16
Guru
 
Join Date: Nov 2014
Posts:422
State: Gulfman is an Insurance Agent from Florida
New Game: How Much is this Business Paying for Their Insurance?
Originally Posted by Matt37 View Post

Ha-ha .. I actually had a female "friend" who had an injury at work .. and she got shafted with a $6,500 bill...

I went home and crunched the numbers and realized this was a serious issue.. and I was in South Florida at the time, the prospecting territory was fantastic, I mean it was only about $800 per policy, but you would write 20-25 a day once I got going.

Now.. talking a carrier into entertaining it.. that was another story.

They actually loved the idea and the exposure, but did not love becoming know as the "go to carrier for strippers accident and medical"

Unfortunately, what did it under was some very large bogus claims submitted by dancers.

But to this day ... there is no program out there that I know of for them.

point of the story was: think outside the box, target something, and pound it to the pavement!
Not to Mention the characters you ran into...
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Old 07-31-2017, 03:37 PM   #17
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AZDave on New Game: How Much is this Business Paying for Their Insurance?
 
Join Date: Jul 2013
Posts:501
State: AZDave is an Insurance Agent from Arizona
New Game: How Much is this Business Paying for Their Insurance? Re: New Game: How Much is this Business Paying for Their Insurance?
Originally Posted by Matt37 View Post
Ha-ha .. I actually had a female "friend" who had an injury at work .. and she got shafted with a $6,500 bill...

I went home and crunched the numbers and realized this was a serious issue.. and I was in South Florida at the time, the prospecting territory was fantastic, I mean it was only about $800 per policy, but you would write 20-25 a day once I got going.

Now.. talking a carrier into entertaining it.. that was another story.

They actually loved the idea and the exposure, but did not love becoming know as the "go to carrier for strippers accident and medical"

Unfortunately, what did it under was some very large bogus claims submitted by dancers.

But to this day ... there is no program out there that I know of for them.

point of the story was: think outside the box, target something, and pound it to the pavement!

One size (policy) fits all? DoubleD surcharge? Did you need a bill counter?

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A bad day of fishing is better than......
  Reply With Quote to New Game: How Much is this Business Paying for Their Insurance?
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