Hard-to-Place Insurance Risks
Insurance is available for every company out there, but it might be hard to find for various reasons. The experienced team at IPA Risk Management, LLC, can assist you with acquiring insurance for hard-to-place risks. We build a lasting relationship with every single client so that you know you are in capable hands at all times.
Hard-to-place insurance risks often arise out of costly claims, cancellation of your policy, or your business offering or performing risky functions or out-of-the-ordinary services. It’s important to note that hard-to-place risks are not impossible-to-place risks. You need to work with a brokerage that knows where to look for the right coverage.
Why Your Business Might be Hard-to-Place
Every business doesn’t fit the mold of a traditional insurance firm. That’s why IPA Risk Management, LLC, has built a brokerage that is dedicated to helping businesses protect their interests and assets, even if they’ve been deemed hard-to-place by other firms. Below, you will find examples of why your business might be deemed hard-to-place:
- The business owner has no prior experience
- The business owner has little prior experience
- The business has a frequency of high claims
- The high frequency of claims by the business are severe
- The business has small operations (low number of employees or low gross receipts)
- The business has large operations (high number of employees or high gross receipts)
- The business operates functions that are high-risk that can lead to injury, illness, or death or property damage
- The business operates in a risky area, such as a bad neighborhood or overseas
- The business received a notice of cancellation from its current insurance carrier
- The business received a notice of nonrenewal from its current insurance carrier
- The business has made multiple calls to other agents or brokers without being able to find the proper coverage
While not an exhaustive list, the examples above can make it very difficult for many insurance companies to write a policy for your business. However, it is not impossible. In fact, even if you fit into more than one of the examples above, our brokerage can still find a way to write an insurance policy to cover your risks. The coverage is out there. You just need to know where to look to find it.
Businesses Known to be Hard-to-Place Risks
If you aren’t sure if your business would fall under a hard-to-place risk, take a look at the following list:
- Asbestos Contractors
- Concrete Contractors
- Earthmoving Businesses
- Environmental Companies & Consultants
- Engineering that includes High Hazard work
- Exporters and Importers
- Financial Institutions including Stock Brokers & Financial Planners
- Fire Protection Consultants
- Mining, Gas and Oil Companies and Contractors
- Night Clubs and Hotels
- Professional Athletes
- Project and Construction Management
- Scaffolding Companies with No Height Restrictions
- Steel Fabrication
- Tree Lopping with No Height Restrictions
- Welding Contractors that includes Offsite Work
- Window Cleaners with No Height Restrictions
- Woodworking Industries
Please note that this is not an exhaustive list. Our brokerage works with many businesses and professionals who have been deemed hard-to-place insurance risks. If you have struggled to find coverage, let IPA Risk Management, LLC, evaluate your situation, and find a policy that meets your needs.
Commercial Auto Risks
Companies that operate fleets of vehicles need to have the proper commercial auto insurance policy in place to protect their vehicles, their employees, and other drivers on the roads. It’s quite possible that an employee could have a lengthy driving record. This could lead to the insurance company canceling your commercial auto coverage because the employee has been in too many accidents.
The team at IPA Risk Management, LLC, will be able to evaluate your current commercial auto policy, the risks at your business and help find a policy that can protect your business and employees. Driving records make it challenging to find commercial auto insurance, but not impossible. Give us a call today to schedule a consultation. The minute you receive notice of nonrenewal or cancellation, you should call our brokerage so your employees are not driving without commercial auto coverage.
Call IPA Risk Management, LLC, to Schedule a Consultation for Hard-to-Place Risks Today
IPA Risk Management, LLC, has more than 50 combined years of experience in the insurance industry representing companies in all types of industries. There’s no risk that our brokerage will not explore or won’t be able to cover for your business.
Call our office at 201.797.1084 in Rochelle Park, New Jersey, to schedule a consultation regarding your hard-to-place risk today. You can also complete a contact form online and someone will reach out to you at your desired date and time.
Our brokerage is dedicated to providing superior service for our clients, with whom we build lasting relationships. We will return your calls in as timely a manner as possible so that you have answers to your most pressing questions.