The goal of an insurance broker is to find their clients the best provider possible—one with wide coverage and low premiums. However, when a broker’s clientele includes machine shops, the intricacies of the industry might block off some markets and make getting good worker’s compensation difficult. With some help from a managing general underwriter, though, a broker can be able to connect with the right carriers to obtain machine shop workers compensation.
What Is An Underwriter?
A managing general underwriter (also called an MGU) is a business entity used by an insurer to negotiate contracts and find clients. They are similar to insurance brokers, except instead of looking for providers on the client’s behalf, MGU look for clients on behalf of the providers. When a broker is trying to choose an underwriter for machine shop workers compensation, there are a few things they should look for.
What Qualities Should They Have?
First, the MGU should be able to offer quality programs with competitive rates. This means that they need a good relationship with insurance markets, so that they can get the necessary coverage to protect machine shop workers. In addition, they should also offer safety, risk management, and return-to-work programs to help workers as much as possible.
Machine shops are full of heavy equipment, dangerous machinery, and powerful tools. There are a lot of risks, which makes a good machine shop workers compensation program a must. With brokers and MGUS to connect providers and clients, everyone benefits—especially the employees.