Thanks in advance to all the people who help with this thread and who have helped in the past. This site is great for those ambitious enough to start a business but not quite sure how to approach all the angles.
I have a meeting next week with an MGA. I am putting the finishing touches on my business plan. I came to the section on "The Competition". What I have come up with sounds like BS even though its not, and that best I have been able to come up with.
Below is what I have so far:
Our competion are experience brokers with years of experience in selling insurance.
We have years of experience in Construction and have completed over $25,000,000 in construction projects.
As you can tell my planned niche is contractors as that is what I know.
Thus, I figured focus on my strong points not my weaknesses.
Again, thanks again in advance for any constructive criticisims or suggestions.
I have a meeting next week with an MGA. I am putting the finishing touches on my business plan. I came to the section on "The Competition". What I have come up with sounds like BS even though its not, and that best I have been able to come up with.
Below is what I have so far:
Our competion are experience brokers with years of experience in selling insurance.
We have years of experience in Construction and have completed over $25,000,000 in construction projects.
•Unlike many insurance agents we have know and have actually:
–Instituted a safety program first hand and can help others do so
–OSHA Certified and can help clients with jobsite safety checklists.
–We know first hand, what clauses contractors need to have in their contracts to protect themselves.
–We know the risks contractors face and we know what can be done to reduce those risks and thus insurance costs; we can now use that knowledge to obtain better pricing and acquire new business. We have personally implemented things to reduce risk such as: institute safety programs, drug testing, background checks on employees, making sure subcontractors have adequate insurance coverage, etc.
–We have numerous ideas that can help clients to simplify and prevent double pay, through lien waivers and other mechanisms. An recent article in Engineering New Record reported that double pay was the 3rd leading cause of financial difficulty for contractors in today's market.
- As a member of the Association of General Contractor's we can keep up to date with what jobs are going to be built and bid and can keep abreast of new contractors starting out in business and grow with them. –Instituted a safety program first hand and can help others do so
–OSHA Certified and can help clients with jobsite safety checklists.
–We know first hand, what clauses contractors need to have in their contracts to protect themselves.
–We know the risks contractors face and we know what can be done to reduce those risks and thus insurance costs; we can now use that knowledge to obtain better pricing and acquire new business. We have personally implemented things to reduce risk such as: institute safety programs, drug testing, background checks on employees, making sure subcontractors have adequate insurance coverage, etc.
–We have numerous ideas that can help clients to simplify and prevent double pay, through lien waivers and other mechanisms. An recent article in Engineering New Record reported that double pay was the 3rd leading cause of financial difficulty for contractors in today's market.
As you can tell my planned niche is contractors as that is what I know.
Thus, I figured focus on my strong points not my weaknesses.
Again, thanks again in advance for any constructive criticisims or suggestions.
