The average person tends to mostly associate the term ‘commercial insurance brokers’ with business and corporate insurance, a link which is neither unwarranted nor off the mark. In fact, the majority of these companies’ business tends to revolve around helping corporations and small businesses be properly insured.
However, some companies are not satisfied simply sticking to the standard, typical areas of expertise for commercial insurance brokers. For some of these experts, it is a challenge to attempt to expand to areas outside what would normally be associated with them, and as a result, their companies tend to offer services in fields they would not necessarily be expected to operate in. This article highlights two of the most unusual fields commercial insurance brokers may offer insurance solutions for.
The name ‘commercial insurance brokers’ hints at the fact that these companies mostly operate within profit-driven sectors; that is why it can come as so much of a surprise to discover that some of them offer solutions specifically tailored for charities and not-for-profit organisations.
Commercial insurance brokers who offer these types of services tend to focus their efforts on ensuring said organisations are protected against medical malpractice, abuse, negligence and accidents. Further, they seek to provide cover for any events these groups may seek to organise, as well as insure their property as much as possible. It is not unusual to see commercial insurance brokers who offer solutions for charity offering cover for vehicles, such as minibuses, as well as insurance in case of business interruption. The intent is to ensure that, much like profit-driven businesses, these organisations are able to minimise financial damages in case of an accident or misfortune. This is particularly important in the case of charities, as they tend to survive on donations and grants; commercial insurance brokers who deal with these types of institutions understand this, and this is why they tend to be particularly thorough when tailoring insurance solutions for not-for-profit clients.
Education insurance is another field many commercial insurance brokers very often branch off into when looking to widen the scope of their services. While not strictly businesses, schools and academies often tend to have many of the same needs a typical company or corporation will have, and hence many commercial brokerage companies find that they are well-equipped to offer solutions in this field as well.
Typical insurance solutions for schools and academies also tend to overlap with those offered to charities and not-for-profit organisations, as these types of institutions tend to have the same needs and many of the same goals as educational establishments. However, packages for schools do offer a number of additional options, such as cover for school and field trips, cover for governors and trustees, and hirers’ liability. This helps ensure both students, staff and school property are fully insured and covered, a measure both welcome and necessary when dealing with minors. Child protection is one of the main concerns of modern western society, and it therefore comes as no surprise that most of these packages are specifically designed to ensure both a school’s students and the adults responsible for overseeing them are as safe and secure as possible in the context of their learning activities.
It is clear, then, that while many commercial insurance brokers are perfectly happy sticking to the tried and true areas of the insurance field implied in their name, just as many are willing to branch out and offer cover to sectors and fields of modern society they would not normally be expected to get involved in. Doing so, in turn, allows them to widen their potential pool of clients, all while earning a reputation as versatile insurance providers able to manoeuvre within different fields.