Umbrella Insurance Market: Why Should Agents Go for It?

In today’s context, be it for personal or commercial purposes, people need insurance to protect themselves from any possible loss.  

Their homes are insured, their cars are insured, even Keith Richard’s middle finger is insured! Your clients might feel that everything is on point. But let’s be honest – nothing out there is fully secured.  

Because they have insurance as their back-up, your clients often fail to consider the gaps that come along with it.  

For instance, with commercial line insurance, your client’s business is 99% secure. But what about that remaining 1%?  

What if that 1% is the deciding factor that makes or breaks your client’s company?  

And out of everything, that 1% is the last thing your client would expect to come their way to ruin their business.  

In this case, what is it that you can do from your side?  

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

Pitch about the Umbrella Insurance Policy

Why?  

The policy, without doubt, favors the insured. But along with the insured – it is a good market for you as well!  

To know more, let’s get started. 

What is an Umbrella Insurance Policy? 

In the words of Investopedia, it adds insurance coverage when the limits of other general liability insurance tend to exceed.  

When you pitch about umbrella insurance to your client, they would probably question – why should they pay extra for Umbrella Insurance when they have already gone with auto, renters, homeowners’, and what-not insurance?  

For this, consider the following example.  

Ryan has taken auto insurance with $1 million as its limit. And fenders’ benders turned out to be ugly for Ryan.  

Long story short – he needs to settle a $2 million claim. For this, his auto insurance will cover $1 million. But what about the remaining $1 million?  

Here,the policy comes to play! 

If Ryan gets the umbrella insurance of $ 3 million, then it will cover the remaining $1 million.  

That’s the mantra of Umbrella Insurance Policy.

It kicks in where other general liability insurance leaves off. 

What’s the catch for the agents? 

According to InsuranceJournal, in today’s context, the market is such that from small business to Fortune 500, everyone buys a commercial umbrella insurance policy. Also, be it personal or commercial, the umbrella insurance is in high demand too!

How?

The data by InsuranceJournal show that there has been a drastic rise in commercial umbrella rates. It has been going up 50 or 100% higher than the standard market rates.

Furthermore, apart from the market size, this insurance also saves the agents from an error and omission claim.

Guess the market only gets better!

When it’s raining lawsuits, pitching an umbrella insurance policy will not just serve your clients, but it will do you good too!

With the market as big as this, and the opportunities abound, it is high time you consider this market. You can find the prospects that you need, and most importantly – you get to stand out! 

Do you also think Umbrella Insurance Market is the right market for the agents? Comment below and let us know.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!