More industries that need your expertise
One solution to increase your agency’s revenues and connect with businesses that need your services is to expand into new markets. You can specialize in one or two industries and finetune your services for a particular niche or diversify to several industries. Diversification can help protect your business from the instability of certain industries.
We recently shared 5 industries with a high demand for workers’ compensation coverage. Here are five additional industries to consider.
Workers’ compensation markets for insurance agents
6. Office and administrative
While the COVID-19 pandemic changed the traditional “office” job for millions of Americans to a work-from-home position, employers of office and administrative workers will still need workers’ comp insurance to protect their employees regardless of the work environment.
From design firms to tech startups to financial service businesses, opportunities for insurance agents abound in this sector. While office settings are not often considered high-risk job sites, office and administrative employees may still experience injuries, including slips and falls, ergonomic injuries, and eye strain.
More than 700,000 Americans work in the automotive industry, according to the U.S. Bureau of Labor Statistics. This includes workers employed by car washes, tire shops, and auto repair and body shops. Automotive service technicians and mechanics—often called service technicians or service techs—inspect, maintain, and repair cars and light trucks.
Because service techs use tools like pneumatic wrenches, lathes, welding torches, jacks, and hoists, the risk for injury is high. Employers and their employees need comprehensive coverage to ensure minor injuries don’t lead to major time away from work.
8. Retail and wholesale stores
There are more than 4.2 million retail stores in the United States employing 32 million people, according to the National Retail Federation. In addition, wholesale stores employ 6.7 million Americans. We don’t need to tell you there’s plenty of opportunity in this industry!
The most common injuries experienced by retail employees include sprains, strains, and soft-tissue injuries; overexertion; contact with objects and equipment; and slips, trips, and falls. Retailers who operate grocery stores, hardware stores, garden supply, wholesale, and building materials companies need workers’ comp insurance, making it a great niche opportunity for agents looking to specialize and offer expertise.
9. Restaurants and bars
Cuts. Slips. Trips. Sprains. Strains. Burns. Scalds. Those are just a few of the most common injuries restaurant workers suffer. Yet, employment in this field is projected to grow by 20 percent by 2030, adding about 2.3 million jobs, according to the U.S. Bureau of Labor Statistics.
Restaurants, bars, bakeries, caterers, cafes, and other small businesses in the food service industry need reliable workers’ comp coverage.
10. Health care
The last industry we’re highlighting is one that’s been severely impacted by the COVID-19 pandemic. Jobs in the health care field can be highly rewarding and, sometimes, highly risky. In fact, according to the U.S. Bureau of Labor Statistics, the likelihood of injury or illness resulting in days away from work is higher in hospitals than in construction and manufacturing workplaces—two industries known to be particularly hazardous.
With many seasoned workers leaving the field—and newbie workers taking their place—employers in the health care sector need knowledgeable insurance agents who can help adequately protect workers at home health agencies, group homes, retirement centers, and hospitals.
When you select a market, we suggest that you learn all you can about the industry and how you can satisfy clients’ needs through your specialized insurance product offerings. Be sure to work with insurance carriers who have the interest, experience, and drive to work with your niche industry so you can offer your clients the best coverage possible.
Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.