When you’re looking into insurance for your business, workers comp MGA may come up. In order to know if this is the type of service you need or not, you have to fully understand what MGA is.
Managing General Agent
In the insurance world an MGA is a Managing General Agent. They are responsible for underwriting, binding coverage and pricing. Legally, an MGA is a business or individual appointed by an insurer to petition applications from agents for insurance contracts or to negotiate said insurance contracts on behalf of the insurer. If an MGA is authorized, they can effectuate and even countersign insurance contracts for them.
Benefits of Working with an MGA
As an insurer looking to add workers comp to your coverage, working with an MGA can be quite beneficial. A Managing General Agent can bring a lot of expertise, which makes them really good at helping you find the exact coverage that you need. As far as workers comp goes, an MGA is able to help you better assess your risks.
Talk with Your Insurance Provider
Some insurance providers work with MGAs. If you want to know more about workers comp MGA, make sure to talk with your insurance provider. They may be able to let you know the main differences between an MGA and a traditional agent. No matter what you decide to do, remember that you have to use the service that is going to be best for you and your business.