Insurance is a Huge Industry
Insurance is a huge industry. There’s insurance for everything. Anything you can have, do, own, or manage— there’s insurance for it and no one insurance broker can specialize in all of it. In fact, a professional independent insurance broker can only specialize in a few niches and really understand them.
Insurance is a very technical business. Policies, coverage, endorsements, exclusions—it has a language all its own. And the insurance needs of each industry are highly specific. Just because someone specializes in insuring homes or autos or huge manufacturing concerns, doesn’t mean they know anything about the special needs of lawyers. And just because your wife’s cousin sells insurance, doesn’t mean he or she is the guy or gal with whom you want to trust the financial health of your practice!
Let’s look at a few other things that you are NOT looking for:
- An insurance broker who tries to sell you their services on meaningless platitudes like “quality” or “excellence.” Those are just buzzwords that mean very little.
- An insurance broker who doesn’t know lawyers and law firms. I’ve said it before and I’ll say it again: You wouldn’t want a skin doctor to perform surgery on your heart, would you? I didn’t think so. So don’t trust your financial well-being to just any insurance broker!
- An insurance broker who tries to sell you on their services because they’ve “been around since 1934” or some such nonsense. Yes, you want a professional that has thoroughly studied the business, but what do you care what they were doing in 1934? Believe me, insurance back then wasn’t anything like it is today.
Over the long haul, you’ll be in a much better position when your insurance broker is not only a legal practice insurance specialist, but also is intimately familiar with all of the ups and downs and ins and outs of being a business owner on a day-to-day basis. We speak the same language!
The Fringe Benefits
Not only am I a legal-profession insurance specialist, not only am I a fellow business owner, but there’s more. I have a personal passion for business and business growth. I’m a national speaker on marketing—marketing that works for any kind of business, which means it can work for your practice. I possess a wealth of knowledge in this particular area. Not saying this to brag, but what should be of interest to you is that you can get more value from a fellow business owner who has studied marketing and knows how to help you grow your business.