Insurance companies sell generic policies that don't fit most businesses, leaving coverage gaps. You need custom endorsements, underwriting, pricing, invoices, and payments. Then accounting allocates premiums to reserve accounts by EIN.
The unfortunate part about the insurance industry is the one-glove-all-fits mentality. The more unique your business is, the more unique services you provide, probably more gaps you have in coverage because they're just giving you a boilerplate policy and say, here you go. But then we dive into those policies and start looking for endorsements for additional coverages that really the client wants. And then how do you assess the dollars on that? So then from there, you know, we're going to do the underwriting, we'll do the methodology and the pricing, generate the invoice, client writes a check, but to their comfort level. And again, we're managing that with the clients, and then they're able to expense that out of company level, they send it to us and then we have the EIN and then we push it into their C corp, the reserves. That's premium.
