Types of Insurance That Brokers Must Carry in Order to Sell


You are an insurance broker, always aiming to offer your clients the comprehensive coverage they need at an affordable price. However, you also face potential risks. You have multiple exposures you may not have even considered. Protect yourself financially with unique insurance programs designed for your needs.

Programs For an Insurance Broker To Sell

Every broker needs specific insurance coverage to sell. Therefore, you must protect your assets while you counsel your clients on how to protect theirs best. There may be specific requirements for certain types of coverage. Likewise, other protections may vary, depending on the size of your agency and what services you offer. 

Professional Liability Insurance

This protects financial assets and may help pay legal costs if a client files a lawsuit against you for late, incomplete, or flawed work. Requirements for carrying this type of coverage vary from state to state. Furthermore, some clients may request you to have this insurance coverage.

General Liability Insurance

General liability coverage is one of the typical insurance coverage brokers carry. Some property owners or managers may require brokers to have this coverage to protect against client injuries, damage to client properties, and even advertising exposures.

Commercial Auto Insurance

Commercial auto policies should cover company vehicles. If workers use personal vehicles to carry out business duties, they should also have a commercial policy. Advise your clients about their options and how to protect themselves best when conducting business with their personal vehicles. Otherwise, if they have an accident in a personal vehicle while on the job, they might have to pay for it.

Workers’ Compensation

Workers’ compensation is essential for any business with employees, and pitching this coverage to your clients is essential. It typically helps employees if they suffer an injury or become ill on the job. This coverage pays for medical costs and allows a small income as the worker recovers.

Additionally, laws governing this type of insurance are complex, and you need to understand current federal requirements as well as state regulations for your area.

Other Valuable Insurance Programs To Consider

The business landscape is changing along with technology, lifestyles, and priorities. Here are some other specialized insurance plans and policies from Cochrane for your insurance brokerage business.

Business Owner’s Policy

You may qualify for this specialized package, making having the right coverage more affordable. A business owner’s policy combines general liability and commercial property coverage for lower rates.

Cyber Liability Insurance

Cyber liability is essential, and you can thrive by emphasizing its importance to your clients. These days, we see more business conducted online. Brokers can now store records on servers. However, hackers are growing increasingly sophisticated in breaking into servers and databases. This coverage protects you against cyberattacks and data breaches. It often comes in a professional liability package.

The Right Insurance Programs for You

The best broker coverage for you depends on your revenue, business size, location, clients, and other factors. Take time to examine your circumstances and then choose insurance for yourself as carefully as you do for your clients.

Cochrane & Company

For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (855) 967-0069.


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