The terms wholesale and retail can be confusing when it comes to ascendant insurance discussions. Retail insurance is sold by salespeople who work for the insurance company. Wholesale insurance is sought out for you by an insurance broker. When you have special coverage needs, an insurance broker will go straight to the source to find the coverage you require.
What Exactly Is Wholesale Insurance?
Wholesale insurance is provided by companies that are not licensed by the state and so are not subject to statewide regulatory policies. Wholesale insurers do not sell policies directly to clients; they only work with an insurance broker who represents their clients’ interests and works to find the best policy for each client.
Why Might You Need Wholesale Workers Compensation Insurance?
In certain industries, the daily risk to workers involved in performing their normal duties is too great to be covered under a traditional risk profile. Such industries may include transportation, construction, or mining. In particular, it’s very common in the trucking industry to have wholesale insurance because of the risks of accidents caused by driver fatigue, precipitated by long hours spent on the road.
What do you do when you need workers compensation coverage but can’t afford ascendant insurance? Call an insurance broker to find you a wholesale insurer.