Every time an insured calls your agency for a surety bond, you enter a race against the clock. Your agency's reputation for knowing the marketplace and getting things done is at stake—in addition to your business relationship with that client.
Can you really afford to put your agency's reputation and insurance commissions at risk for even one surety bond?
The risk might be worth it if surety bonds represent a great revenue opportunity for your agency, but that is not the case for many Big "I" members. Unless an agency is very large and has a strong book of construction contractors, surety tends to create a negative force on an agency's profit and loss statement: It represents only 1-1.2% of the premium opportunity in the property-casualty sector of the insurance marketplace, and far less if you factor in life-health revenues. Not to mention, the time agency staff spends handling bonds applications and marketing and re-marketing them tends to be very high.
Part of the problem is that surety is not like insurance. Surety bonds are credit instruments that require different forms, underwriting and potential markets than what your agency typically has available to meet your clients' insurance needs. This makes surety far more time consuming for most insurance producers and CSRs.
But there’s an alternative that relieves your agency of the burden of dealing with surety bonds altogether, while also ensuring a prompt, thorough and professional response every time an insured calls for a bond.
Big "I" Markets and its national surety partner, Goldleaf Surety Services, teamed up to provide your agency with great capacity for surety bonds. They deliver access to more than two dozen surety markets, all rated Excellent or better by A.M. Best Company. They also offer professional underwriting help that can make the difference for your agency and your insureds.
Contact Goldleaf by logging in to Big “I” Markets and selecting the appropriate bond type from the bond options on the Commercial Markets menu, or by calling Goldleaf’s Lori Olson at 888-294-6747.