Founded in 1930, Colonial Surety Company is a trusted leader in small commercial insurance, delivering customized coverage solutions to meet the unique needs of small businesses across the nation. They proudly provide a comprehensive suite of small commercial products. Start earning a commission of 12% on New Business and 9% on Renewals. Watch the webinar recording below to see how you can leverage Colonial Surety for your clients.
Colonial Surety Portal Launch
Mackenzie introduced the launch of Colonial Surety's BOP general liability and professional liability products through the First Connect portal, noting that commissions are set at 12% for new business and 9% for renewals. She explained the process for requesting access to the portal and mentioned that Caitlin from Colonial Surety would contact agents to send a sub-producer agreement before granting access. Mackenzie encouraged attendees to explore the resources page and submit questions through the Q&A feature.
Colonial Surety's Commercial Insurance Expansion
Teh, VP and Head of Distribution at Colonial Surety, introduced the company's expansion into commercial insurance, highlighting their history, licensing, and financial stability. He explained their limited distribution strategy, core products, and upcoming offerings, emphasizing their digital platform's ease of use. Caitlin, the Commercial Insurance Specialist, demonstrated the user-friendly portal, showcasing the quick submission and decision process for insurance policies. Teh encouraged questions and outlined the appointment process, requiring a commitment of $25K in the first year and a focus on commercial insurance. Both Teh and Caitlin expressed their commitment to building long-term relationships with appointed agents.
Professional Liability Insurance Portal Demo
Kaitlin demonstrated the online portal for professional liability insurance, showing how to navigate through the application process. She walked through entering client information, selecting coverage limits and deductibles, and choosing payment options. The demonstration included starting an application for an insurance agent in New Jersey with estimated gross sales of $400,000 and a $1 million limit. Kaitlin explained that once the policy is purchased, the documentation is emailed directly to the client.
Insurance Coverage for Special Businesses
The meeting covered discussions on insurance coverage for churches and 24-hour gas stations, with Teh explaining that while these are not typically covered, First Connect can explore special programs for high-demand niches. Kaitlin demonstrated the process of obtaining a Business Owner's Policy (BOP) quote, highlighting the detailed questions required and the testing environment of the system. Teh clarified that while food trucks are not excluded, further verification with GL is needed, and Kaitlin was asked to follow up on this.
New Insurance Product Launch Discussion
The meeting focused on discussing the launch of a new insurance product. Teh explained that while they are just starting, the pricing is competitive, and being appointed through First Connect would place agencies in the first 20 appointments nationwide. Teh clarified that EPLI is available as a standalone product and provided details on BOP limits, noting that while most industries share common limits, some may have smaller or larger limits due to industry-specific factors. The team agreed to share a detailed breakdown of limits, which Mackenzie will post in the Resource Center for reference.