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Nascar: Success Creates Challenges
Chris Burand compares agency management challenges with NASCAR’s: Learning to manage people and their emotions, while still succeeding on the track. NASCAR has experienced incredible growth during the past five to ten years. Some people have historically looked at NASCAR as a sport full of simple rednecks. However, considering the revenue that most top-level NASCAR teams generate, I question the accuracy of this stereotype. These teams are quite successful! The rapid growth of this sport has left many teams struggling, especially at the management level. Andy Graves, team manager for Chip Ganassi Racing, was quoted in USA Today as saying, “It’s my job to keep everyone’s environment right. I kind of think of it as a part-time baby sitter, part-time bartender. I have to listen to everyone’s problems and make sure that everyone gets along. The crew chief used to do this, plus run the fab shop and engine shop, manage the crew and testing, and handle all the other details too.” This is similar to insurance agency management. When agencies only have $500,000 in revenue, one person can sell, manage company relations, manage the staff, and take care of most operating details. When an agency has $5 million in revenue, one person simply cannot perform all of these tasks. Although ignoring this situation is an option that many agency owners explore and work very hard to accomplish, it’s no way to run a business. Hiring or appointing specific people to manage or supervise the Commercial Lines and Personal Lines staffs is a fairly easy decision for most agency managers. Appointing others to oversee accounting and automation is also pretty easy. The most difficult aspect for many owners is not related to a reluctance to give up authority. Instead, owners find it difficult to accept that as the agency grows, key people need more, rather than less, management. In particular, producers need more management because their results are not as directly visible — which means that it takes a concerted effort to know what and how they’re doing. Furthermore, since many producers know that they’re less visible, they’ll take advantage of their obscurity by writing less than desirable risks, cutting corners on their submissions, and pushing off their work on the staff. Although most agency managers think that producers should be totally self-motivated, this is only wishful thinking. Producers need to be managed proactively if a growing agency is going to succeed. Very few agency owners got into this business to manage people; yet as agencies grow, managing people becomes the key to success. In particular, few managers want to be the one who provides a shoulder to cry on. This isn’t part of most agency owners’ personalities, especially when the line of people needing a shoulder to cry on seems unending. If the agency owner/manager is not going to perform this job in today’s larger agencies, someone must. Success always brings new challenges. NASCAR’s challenge, and those of many agencies, is quite similar: Learning to manage people and their emotions, while still succeeding on the track. Many NASCAR teams have separated operational from emotional management by putting different managers in charge of each. This approach might make sense for your agency.

Our Miscellaneous Professional Liability Insurance program from INSURANCE MARKETS AGENCY INC is designed for independent agents who need a flexible market for businesses that provide professional or administrative services but do not fit into traditional professional malpractice markets. The program helps protect your clients when they are sued for alleged negligence, errors, omissions, misrepresentation, or failure to perform professional services — even in situations where no actual mistake has occurred. Underwriting and carrier appetite vary by class; this program places business on a non-admitted / E&S basis through experienced underwriters. Classes: Answering Services Arbitrator Billing Service Book Keeper Business Manager Caterer Claims Adjuster Classroom Instructor Cleaning Service Coaching Service Collection Agency Consultants Damage Appraiser Dance Instructor Dog Obedience School Employment Agency Event Planner Graphic Designer Insurance Inspector Mailing Services Notary Payroll Processing Pet Grooming Service / Pet Sitter Photographer Printer Private Investigator Property Manager Sports Instructor Teacher / Tutor Third Party Administrator … And Many More! Overview of the Program The program is intended for small- to mid-sized professional and service businesses that face liability from the services they perform. INSURANCE MARKETS AGENCY INC places these accounts with multiple E&S carriers (carriers vary by class) to provide competitive coverage and capacity when admitted markets are limited or unavailable. Policies are underwritten with practical, serviceable terms for common professional exposures and are supported by brokers experienced in miscellaneous professional liability. Ideal Accounts and Appetite This program is a strong fit for businesses that provide non-licensed professional, administrative, or technical services, including but not limited to: consultants, billing and payroll firms, event planners, photographers, graphic designers, private investigators, property managers, instructors/coaches, and similar classes listed above. Typical accounts have: Clear, documented service descriptions and client contracts. Reasonable annual revenues for a small or medium business. Limited or manageable prior claims history (loss runs required). Operations primarily in New Jersey and Pennsylvania (see Territories below). Coverage Highlights and Advantages Protection for allegations of negligent professional service, errors, omissions, and related defense costs. Flexible limits and endorsements available depending on carrier and class. Access to multiple E&S carriers through a single wholesale partner for faster placement options. Underwriters experienced with miscellaneous classes — helpful for unusual or mixed-service operations. Underwriting Notes and Minimum Premiums Submission requirements typically include a completed application (ACORD or carrier form), a description of services, revenue or payroll breakdown, and current loss runs (usually last 3–5 years). The program generally has minimum premiums in the range of Varies from $2500 - $7500 depending on class, limits, and exposure. Because carriers vary, appetite and specific terms are determined on a per-risk basis. Territories and Availability This program is available in: NJ, PA. Placement is generally through the E&S market; admitted availability is limited. Agents should confirm state eligibility for each submission. Why Work With INSURANCE MARKETS AGENCY INC As a general agency and E&S broker, INSURANCE MARKETS AGENCY INC combines access to multiple markets with underwriting experience for miscellaneous professional risks. You get a single point of contact for placement, tailored underwriting attention for mixed or non-standard operations, and practical guidance on risk presentation to improve chances of competitive terms. Example Accounts That Often Fit You might have a freelance graphic designer with modest annual revenue who needs professional liability limits to contract with a local agency — this program can provide appropriate limits and wording. Or an employment agency that screens candidates and wants coverage for alleged negligent placement or inaccurate references — the program can evaluate and place that exposure through E&S carriers. To learn more about our Miscellaneous Professional Liability Insurance or any other insurance we offer please give us a call 570-586-1471, and ask for Ryan, Bill, Peter or Joe Tierney Frequently Asked Questions What types of accounts are a good fit for this program?Good fits are non-licensed professional and administrative service providers such as consultants, payroll processors, event planners, photographers, property managers, tutors, and similar classes. The program targets small- to mid-sized operations without specialty medical, legal, or accounting malpractice exposures. What is the minimum premium and how are rates determined?Minimum premiums typically range from $2,500 to $7,500 depending on class, limits, revenue, and loss history. Final premiums and terms are determined by the chosen carrier and the specific risk characteristics. What submission materials do underwriters require?Underwriters generally want a completed application (ACORD or carrier form), a clear description of services and operations, revenue or payroll figures, and current loss runs (usually last 3–5 years). Contracts or sample engagement letters may be requested for higher exposure accounts. Are there classes you will not consider?The program is not intended for risks that belong in specialized malpractice markets (for example, physicians, dentists, lawyers, and sometimes CPAs or architects/engineers). High-hazard operations or clients with significant unresolved claim activity may also be declined or require referral. How long does it take to get a quote?Turnaround depends on the completeness of the submission and carrier review, but agents can generally expect an initial quote or feedback within a few business days after a complete submission is received. Need help placing an account? Connect with a market specialist.