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Hard Market Insurance

Hard Market Insurance Options

Before 2020’s COVID-19 pandemic truly took hold, we were already entering a hardening insurance market. With the economic impact of the new coronavirus still unfolding, it is clear that we are now in a hard market.

In a hard market, insurance is more expensive and more challenging to obtain. There is a lot of demand for insurance and a lower supply of coverage. Insurance companies tighten up their underwriting guidelines, thereby reducing insurance capacity. Additionally, some insurance companies stop writing certain lines of business altogether. Still, for at-risk professionals, companies, and individuals, insurance is vital no matter the market conditions. It can be a tense time for an insurance producer, but it is possible to offer insurance in a hard market with the right strategies and partnerships.

Hard Market Insurance: How We Can Help

Prime Insurance Company is the solution for a hardening market. We specialize in unique risks and always offer flexible liability insurance solutions during a hard market or if producers are struggling to find an insurance company.

One key factor in ensuring that producers can continue to write business is dealing with risk vulnerability. Nobody likes risk, especially in a hard market. Insurance producers can manage this through strong risk mitigation and risk management practices. We can help with that. We work with every insured to assess and manage risks with a direct contact point for each client.

We offer both general risk management guidelines and focused, risk-relevant guidelines, as well as an outline to develop a unique risk management protocol. In hard markets and soft markets alike, our risk management efforts provide peace of mind and mitigate the potential for costly claims. It is mutually beneficial for everyone involved.

Prime now provides communicable disease coverage as an optional add-on to your insurance policy. Other companies are tightening guidelines while we’re opening our eyes, providing solutions, and willing to offer communicable disease coverage to ensure our insured’s don’t have any blind spots/gaps in coverage.

We Offer More Options for a Hard Insurance Market

In a hard market, insurance is a hot ticket item. Insurers typically come down harder on potential insureds, with stricter rules about risk and what is tolerable. As an insurance producer, you may feel that you have fewer options for your clients. That may be true, for the most part. However, if you partner with Prime Insurance Company, the hard market insurance options open.

When other carriers decline coverage or consider a risk undesirable, we are here to help, even in a hard market. We have a long history of working with clients with previous adverse claims, loss history, and other circumstances that often lead to a ‘no’ from insurance companies. After all, we have written thousands of risk classes and counting, which means we have likely encountered a similar situation and found a way to provide coverage.

We overcome these challenges with highly customized insurance solutions, skilled underwriters, and a lot of work and effort to understand specialty risks and how to cover them. This makes your work very valuable to clients who are experiencing limited options thanks to a hard market. You can keep writing business, offering insurance solutions where your competitors cannot.

Better yet, we are fast, even in these challenging conditions. We aim to respond as promptly as possible so that we can offer quick quotes. And if a claim arises, you can rest assured that we will work just as quickly to resolve it fairly.

Solution-Oriented Hard Market Insurance

Ultimately, when you work with Prime Insurance Company as an insurance producer, you can offer solution-oriented insurance in a hard market, which is precisely what people need. While many insurance producers have been able to take similar approaches with cookie-cutter coverage and keep business afloat, the coronavirus pandemic is disrupting this. That calls for a solution-based approach, where you see each client for their individual needs. Fortunately, this is how we operate, in all kinds of markets, which means we are an excellent partner for this kind of insurance.

Now more than ever, your clients need tailored coverage. We provide the right coverage, at the right time, in even the most challenging market conditions. With the Prime Insurance Company team behind you, we will adapt and innovate together to come through the hard market intact. We care about each insurance producer and each insured. And we consider our work a partnership between all of these parties.

The best way to find out how we can help you and your clients with a hard insurance market is to get in touch with one of our team members. To get started with a quote, use our online application today. You can also call Prime Insurance Company at 800-257-5590 or email at info@primeis.com. As always, you can find us on FacebookTwitterYouTubeLinkedIn, and Instagram, or read our blog!


rick lindseyAuthored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company

Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.

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