8 Tips to Increase Your Agency’s Surety Bond Business

This publish is a part of a collection sponsored by Outdated Republic Surety.

There’s a major surety income stream hiding inside the common unbiased company’s guide of business enterprise. Want clues? Listed below are eight to get you began!

Are you an unbiased insurance coverage agent seeking to enhance your surety guide of enterprise? We advise you begin along with your present buyer base. There may be great potential inside your present guide of insureds for extra surety bond premium. You simply must know the place to look:

1. You write a contractor that does residential work. A enterprise companies bond is tailored for corporations like this since they’ve staff on buyer premises on a regular basis. Some examples are HVAC contractors, electrical contractors, remodelers, plumbers, restoration contractors, painters and residential decorators. Mainly any contractor that enters a buyer’s dwelling ought to have a enterprise companies bond.
2. You write a industrial contractor and provide their efficiency bonds. Are you additionally writing the entire different miscellaneous bond wants of this industrial contractor? Most contractors want a handful of license and allow bonds. Verify with them incessantly to just be sure you are high of thoughts for his or her efficiency bond wants.
3. You write a constancy bond on an area producer. Do you additionally write the ERISA constancy bond that’s required for his or her worker profit plan?
4. You write an ERISA constancy bond for a buyer’s worker profit plan. Have you ever supplied to jot down the constancy for his or her complete firm? Cross-sell the constancy bond on your present worker advantages prospects.
5. Your buyer has some constancy protection inside their package deal coverage. Have you ever thought of whether or not there’s sufficient protection? Maybe some extra protection ought to be thought of. Bundled constancy protection doesn’t all the time match. It’s all the time good to double examine.
6. You write the property coverages for the native college district or for town. Have you ever additionally been given an opportunity to jot down the public official bonds for these prospects?
7. Your company writes some trucking enterprise. Do you additionally get the chance to jot down the bonds that truckers usually want, reminiscent of dealer bonds, hauling contracts, gas tax bonds, toll street bonds, and many others.?
8. Do you do enterprise with legal professional corporations? Do you’ve an legal professional agency your self? There are quite a few bonds required within the courtroom system that may generate good premiums.

You solely write bonds on your insurance coverage accounts. Have you learnt that many bonds, even small premium bonds, may be completed shortly by Outdated Republic Surety’s e-SURETY^™ system? As soon as the bond is in your guide, they usually renew yearly with no effort. Maybe writing a small bond for a buyer provides you with a possibility to jot down the entire insurance coverage package deal in future years.

The potential for unbiased insurance coverage companies to extend their surety guide is inside your personal guide of enterprise. Contact an Outdated Republic Surety consultant for extra concepts on enhance your surety bond premium. We want you good luck along with your efforts and hope to have the ability to allow you to along with your surety wants.