Creating Risk Management Solutions for Tech Companies

By Gordon B. Coyle
InsuranceNewsNet

As the owner of an insurance agency, one thing you always need to make sure you’re doing is serving your client’s needs as best as you can. It’s all about the customer – and in our business, if we’re not helping them, then what are we doing? As the times change, we also need to make sure we’re changing our agencies’ outlook and philosophies, which may include adding new policies to keep up with a certain demand.

If your agency offers risk management solutions to small businesses, do you have policies for ones in the tech industry? For years, companies involving physical labor such as manufacturing and construction were the primary targets for risk management. But now, since so many technology startups are everywhere and require insurance policies, your agency should consider offering your risk management services to tech companies.

Consider the different types of technology companies that you could be reaching out to at this very moment:

• Web designers & websites
• Data storage centers
• Software designers
• IT consultants

It doesn’t matter if the company is a startup or has been around for some time; you need to alter your agency’s plan to cater to this lucrative niche so you can grow and adapt your agency for the future. Some agencies find it difficult to significantly change their product, but the tech industry simply cannot – and should not – be ignored.

Your agency’s risk management solutions should always reflect the changing times because new risks will continue to emerge that will need to be addressed. Always remember that, as an insurance agent, it’s important to consistently keep an open mind and remind yourself that there are always new opportunities waiting for you.

Gordon B. Coyle, CPCU, ARM, AMIM-President, is a 30-year veteran of the insurance industry, Gordon Coyle has extensive experience working within the mid-market business sector; helping to reduce risk, prevent loss and lessen costs through a unique and diagnostic risk management process. He actively participates in educational lectures aimed at niche industry groups as well as provides his own sought-after seminars regarding effective risk management solutions, insurance topics, and general business issues.

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