PLM Monthly Highlights series for insurance producers and brokers – our newsletter to keep informed on news and updates from Pennsylvania Lumbermens Mutual.
Working with a wood industry-related client? Send your applications to: NewBiz@plmins.com
BUSINESS HIGHLIGHT – Growing Your Book of Business
In an increasingly competitive industry, one of the best ways you can expand your book and differentiate yourself is by entering a specialty market. Lumber, trucking, marine or other specialty markets offer independent agents the opportunity to diversify their revenue streams and develop competitive expertise.
Here are three steps independent agents can follow to get started:
Find a new market: Take a broader view of your current book and segment your current policyholders to see where they are grouped. Beyond current clients, take a deep dive into popular industries operating within your geographical region.
Build a plan: from marketing to training to carrier relationships. Working with a carrier that has an open-brokerage model (like PLM) can be valuable to agents looking to move into a new niche. Other carriers require appointments and may have premium requirements or other commitments.
Build a reputation: by building your knowledge and expertise. If you are considering making the lumber segment your niche, consider carrier loss control guides or accessing resources produced by the Institute for Business and Home Safety and the National Fire Protection Association.
Taking the time to research, understand the business and build out a plan can be incredibly rewarding for independent agents looking to diversify and build healthy revenue streams for the future. Read more online here.
PLM UPDATE – Best Insurance Companies to Work For in the US
The 2023 IBA Top Insurance Employers are celebrated for their commitment to their employees across a range of factors, including benefits, compensation, culture, employee development and commitment to diversity and inclusion.
PLM is honored to be recognized as one of the top Insurance Companies with 101-500 employees.
LOSS CONTROL – Cyber Security
According to the FBI’s Internet Crime Report, business email compromise (BEC) is one of the most financially damaging online crimes. In 2022, there were nearly 22,000 related complaints, and businesses lost more than $2.7 billion to these scams. BEC is a scam that targets businesses rather than individuals.
While BEC always involves taking over or imitating a business email account, the scheme can play out in several ways. For example, the scammer might take over or imitate an email from an executive. They might then reach out to an employee on the finance team with an urgent request for a money transfer and have funds sent directly to the scammer’s account. Or the fake executive might ask an employee to buy and send them gift cards, which they can quickly cash out or resell.
PLM is pleased to offer our customers Cyber Liability policies as well as an online portal for business owners to use in order to prepare for and respond to any data breachers or cyber-attacks that may occur.
Learn More about how to keep your client’s information safe by visiting our Loss Control Center.
Recent Wins
Wondering about new business opportunities in your own neighborhood? Here are some examples of accounts successfully written by PLM or with WC placed through Green Tree Risk Partners.
PLM
Wood Furniture Mfg. – WV: $156,000
Wood Casket Manufacturer – MA: $104,000
Lumber & Farm Supplies – CT: $66,000
Cabinet Mfg. – PA: $16,000
Architectural Millwork Mfg. – MA: $2,700
Cabinet Mfg. – MO: $15,000
Reload & Storage Facility – OK: $25,000.00
Medical & Dental Millwork – GA: $49,000
Plywood Mfg. – NC: $82,000
Wood Component Mfg. – TN: $82,000
Cabinet Mfg. – CA: $9,000
Lumber Yard – SD: $21,000
Landscape Supply Store – CA: $110,000
Millwork – AZ: $13,000
Building Material Dealer – TX: $50,000
Green Tree Risk Partners
Wood Furniture Mfg. – WV: $156,000
Sawmill – VT: $128,000
Hardware Store – PA: $28,000
Electric, Lighting & Datacom Supplies – NY: $14,000
Lumbermill- MI: $48,000
Stair & Railing Builder – NY: $14,000
Interior Design – NC: $4,000
Film & TV Building Supplies – GA: $61,000
Wood Flooring – SC: $20,000
Hardware Store – OK: $119,000
Sawmill – TN: $458,000
Wood Flooring – TX: $482,000
Speaker Mfg. – CA: $71,000
Door & Moulding Mfg. -AZ: $15,000
Lumber & Supply Store – SD: $5,000
Millwork & Casework – CA: $31,000
Upcoming Events
Find PLM and GTRP at these upcoming insurance conventions and trade show events:
- 08/20 – IIABO – INSURCON Annual Convention – Sunriver OR
- 08/24 – IIABL – Young Agents Conference – Biloxi, MS
- 08/28 – IMAGE of Wisconsin Meeting – Wisconsin Dells, WI
- 08/29 – IIAI-Annual Convention – Altoona, IA
- 08/30 – PIA KS – Annual Convention – Wichita, KS
- 09/11 – IIAN-Annual Convention – La Vista, NE
- 09/14 – American Agents Alliance Convention and Expo – Palm Desert, CA
- 09/17 – WSIA Annual Marketplace – San Diego, Ca
- 09/18 – VIAA-EVOLVE – Killington, VT
- 09/20 – PIIAC-Convention – Black Hawk, CO
- 09/20 – UIA-Annual Convention – South Jordan, UT
- 09/20 – Cincinnati CPCU I-Day – Cincinnati, OH
