We hear a lot about main street agencies, direct writers and multi-line brokers, but we don’t often hear about the niche players, the “hedgehogs” I wrote about yesterday.
In nature there are 17 species of hedgehog. In insurance there are many more. Here are five:
Dealey, Renton & Associates is one of the largest brokers on the west coast. Their specialty: professional liability insurance for architects, engineers, environmental consultants, lawyers, doctors, agents & brokers and other professionals. They serve over 4000 professional firms all over the U.S. http://www.dealeyrenton.com/
Petra Risk Solutions, Cerritos, CA, is the largest independent insurance brokerage in the U.S. devoted exclusively to the hospitality industry. They serve over 4000 hospitality assets throughout the U.S. and are endorsed by several industry groups. http://www.petrarisksolutions.com/
Trimble Insurance has an array of hedgehogs: “If you wrench, tune, straighten or paint vehicles in Central Ohio, Trimble Insurance Agency has an insurance program for you.” (In addition to its body shop specialty, Trimble also has niches for micro-breweries, distributors and golf courses, among others.) http://www.trimbleins.com/specialties/auto-body-shops/
Marine Insurance Agency in New Jersey has “been inking tattoo & body piercing insurance policies since 1990.” They also specialize in day spa & salon insurance and laser and medispa insurance. https://marineagency.com/
WedSafe’s slogan is “Your Wedding Insurance Specialists.” Guess what they do? By the way, they also provide other types of event insurance. https://www.wedsafe.com/
A few years ago, I wrote a post about the benefits of being a hedgehog, i.e. target marketer. I came up with a least four:
- You use your time more efficiently because the required expertise is more limited but deeper. It’s a better return on investment of time and money.
- It’s easier to build your reputation and credibility because your target market is smaller and narrower, which amplifies your presence.
- Higher premium volume in limited niches can give you marketing leverage.
- Producers who specialize often say there they get more satisfaction serving a particular industry and getting to know it intimately.
Full disclaimer, two of the five hedgehogs I wrote about use our newsletters. Maybe you should, too?
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