It’s time Insurance Producers say ‘I do’ to Wedding Event Insurance 

To all the Insurance Producers out there, it’s about time you choose Wedding Event Insurance as your niche market!   

Yes. You read that right.

As an insurance producer in this ever-growing marketplace, are you having a hard time to find that competitive edge for yourself? Or worse, are you starting to question your choice of career?

If you’ve answered yes for these scenarios that I’ve mentioned, then you’ve ended up in the right place! Finding a niche market in this industry can be hard but thinking out of the box will help.

So, without any further ado, let’s dive right into the essentials, for you are simply one step away from having what you’ve always longed for – bringing in clients.  

Find your way to success with Wedding Event Insurance as your niche market!

Before I start with the blog, I’d like you to sit back and give a thought to the question: ‘Why niche market?’; How is a niche market any different than any other general market that insurance producers choose?    

Well, for this, let me give you a reason for choosing a niche market in the insurance industry.     

In general markets, you manage to survive, but in the niche market, you get to thrive!     

Today, the insurance industry has a LOT of insurance producers. It goes without saying that the competition to stand out amongst the pool of insurance producers is getting fiercer by the day.     

So, here’s how you can get that competitive edge for yourself.    

Specialize in a niche market.    

When you specialize in a niche market, you can instantly perform better than your competitors.    

Why?    

Because this is your area of interest, and this is where you can bring your expertise to come to play!     

By being an expert in your niche market, you get to focus on your niche marketing strategies thoroughly. And ultimately, you get to convert your opportunities into leads!     

And talking about the niche market, Wedding Event Insurance is the way to go!     

Wedding Insurance – The Niche Market You Need!

For a minute, place yourself in your clients’ shoes and imagine this:

The big day that you’ve always dreamt of as a child is finally here!

Up until this day, you could only imagine how beautiful your wedding day could be – everything from the beautiful décor of the venue to saying, ‘I do.’ And now that your big day is finally here, you want it to be picture perfect!

But life doesn’t always work that way. It would be a major disappointment if your big day gets canceled due to unforeseen circumstances, wouldn’t it?

To avoid these disasters, Wedding Event Insurance is a must! And as an insurance producer, it is up to you to make your clients understand the need for it.

But before you pitch your ideas to your clients, let’s understand the basics first.

What is Wedding Event Insurance?

According to The Balance, Wedding Event Insurance intends to protect you from losses that may happen due to various reasons. For instance, what if your client’s wedding ring gets lost the day before the wedding, and the only option is to get the last available ring – for four times the initial price? Or, what if the venue suddenly needs to carry out repairs and your client must book a new place at the last minute?

For all the ‘what-ifs’ – the unforeseen and the possible damages, it provides coverages against these losses. It helps protect your client’s big day from getting ruined.

But why should you consider Wedding Insurance as your niche market?   

Wedding Event Insurance popularity in the market is booming by the day! And why wouldn’t it be? People are willing to spend a fortune on their big day.

Wedding Insurance is on the rise more than ever!

To be more clear on this matter, let’s get a bit fact-oriented, shall we?    

As per the Entrepreneur, weddings alone have a market of around $51 billion in the US. According to Forbes, the wedding bill on average in the US comes out to be about $30,000, which is expensive since people are investing it for a single day.    

Well, this data was only from the couples’ point-of-view. The inside scoop on this niche market is yet to get better!    

It’s not only the couples who look for this insurance; even wedding venues are demanding for it!    

With more and more wedding events on their plates, wedding venues are calling out for cancellation wedding insurance even more. And this is where you, the insurance producer, can make way for yourself and stand out.    

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!

The best part?   

Insurance producers are reaping huge profits from this market!    

According to USA Today, WedSafe, an event insurance company, witnessed a 60% rise in the sales of wedding insurance policy since 2007.   

If you are worried about the risks of this market, then don’t be! The data shows that this niche market is financially viable too.  

In the Wedding Insurance, we are talking about a hard insurance market where there is a high demand for insurance coverage by your clients. But only a few insurance producers are present to meet those demands. So, the gap between the need of clients and the insurance producers available in this niche market is a pretty evident reason as to why the insurance producers should specialize in this niche market.  

You know what this means, right?    

The time is now!    

Tap the Wedding Event Insurance market, for it can be the stepping stone for you to be one of the leading insurance producers!    

Know the nuts and bolts of Wedding Insurance    

As an insurance producer, you would want to put out the best policies for your clients. If you consider choosing Wedding Event Insurance as your niche market, you need to know the different types and the coverages that it has to offer.    

According to the nerdwallet.com, there are two main types of policies under Wedding Event Insurance –   

1) Wedding Liability Insurance    

2) Wedding Cancellation Insurance    

1) Wedding Liability Insurance   

The wedding liability insurance policy protects your clients from incidents such as bodily injury at the event or property damage to the venue. Generally, the policy’s limits are $500,000 to $2 million.    

Here’s an example to understand this policy better.  

Just before the day of the wedding, the bride’s sister, Ms. Danielle, fell ill. Unable to attend the wedding, the bride and the groom decided to postpone their wedding date until Ms. Danielle recovered. Here, the policy helps to cover the required medical costs of Ms. Danielle.   

2) Wedding Cancellation Insurance 

This policy covers the expenses of your clients in the event the wedding needs to get canceled or postponed. For example – due to extreme weather conditions, the bride and the groom were left with no option but to cancel the wedding. In this case, this policy helps to pay for the cost of a new wedding ceremony.    

Right from the increasing demand for this insurance to the growth of its market potential by 60%, wedding event insurance promises to be a niche market with potential. So, it’s time insurance producers say ‘I do’ to Wedding Event Insurance!   

Do you think Wedding Event Insurance is the right niche market for insurance producers right now? 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!

Pin It on Pinterest

Share This