Finding Your Niche: Wedding Insurance
Spotlighting niche markets for independent insurance brokers
Finding a niche market as an insurance broker is important. No one wants a one-size-fits-all insurance firm anymore. From time to time, we’ll be putting the spotlight on some specialty areas and niche markets “For your consideration…”. The first in our series is Wedding Insurance.
Why the wedding industry needs insurance
With 2.3 million (give or take) weddings performed each year in the US, and over 70 BILLION dollars spent on wedding festivities there are bound to be a few mishaps, missteps and outright catastrophes. We’re talking no show caterers, lost luggage, natural disasters, flu and cold season, and of course, the runaway bride (or groom) causing you to lose thousands of dollars in nonrefundable deposits.
While the happy couple is drunk on love, floating on a cloud of happily ever after, it is up to you – the insurance agent – to be their safety net, their voice of reason. We’re not saying you have to be the Debbie Downer of the wedding by pointing out all the things that could go wrong, but someone has to do the dirty work. Don’t be an alarmist, be a realist. The best insurance agent will be able to remind people that life is unpredictable – for better or for worse – without scaring the Bejesus out of potential clients.
The wedding is nothing new, but the celebrations, the dresses, the decor, the destinations and the food is taking on newer and grander proportions. With that amount of money and time going into planning, the perfect wedding wouldn’t you want insurance?
This has been “For your consideration…”!