There are many advantages to working with a specialized Insurance Agency. This is especially true for unique and hard-to-place risks. I consider the businesses that I work with at KEL Insurance unique and hard-to-place risks. These include those in the Nightlife and Hospitality Industry and those in the Cannabis Industry. Nightclubs and Bars are high risk venues that involve the service of alcohol. Statistically more claims arise when alcohol is involved which marks these venues as “risky business”. Cannabis is a new industry and like all things new there is always going to be reluctancy especially when it comes to taking risks. This is nothing to fear though because if you are involved in one of these industries you understand the concept of high risk = high reward and I am not talking just fiscally; I am talking about operating businesses that help people’s physical and mental well-being.

Specialized brokers tend to have relationships with carriers who specifically write in niche markets. These carriers have competitive rates (premiums), are highly rated according to AM Best, and write venues in a nationwide program. Often these specialized markets are written with Excess and Surplus Lines carriers and many specialized brokers are licensed in the E&S market. When working with these nationwide programs, these carrier’s manuscript their policy forms which tend to be more specific and suitable for niche businesses.

It is in my professional experience that there are other advantages working with any small business versus a large conglomerate. The quality of service being a big one. When you work with a Specialized Agent or Broker, you tend to have a more personal business relationship. Another one that many of my insured love is the ability to reach me via my cell phone since text messaging has become a norm today. These advantages are personal preference, but I can tell you that many business owners I work with are often glad they made the switch to working with a specialized Agency.