Wholesale insurance coverage is for employer groups that are smaller than average, so they may not qualify for group coverage. Wholesale insurance is also franchise insurance. It covers the whole group with individual policies written for each person.
What to Know About Wholesale Insurance
When it comes to the transportation industry, wholesale transportation insurance is sold with a discount based on expense savings. Wholesale insurance brokers have specialized expertise in different coverage lines. For instance, an insurance broker may have expertise in trucking and transportation.
Insurance wholesalers do not often contact the insured. They have more flexibility in their pricing and may be able to insure against special circumstances. Wholesale brokers have a relationship directly with the insurer. When it comes to brokers, there are two types: surplus lines brokers and managing general agents.
What to Know About Brokers
Wholesale brokers are a great ally when it comes to the insurance market. They tend to have more expertise when it comes to wholesale transportation insurance. In addition, they tend to be quick and flexible when it comes to getting the job done. Given that they are an intermediary, they can focus on developing strong relationships with brokers and carriers.
As the market changes, having a broker with experience is important. When it comes to transportation coverage, wholesale insurance is crucial.