Opportunities for a more diversified portfolio, increased referral business, and some really interesting underwriting are right around the corner in your neighborhood. In this series, we’ll show you 4 urban risks that could be your new favorite specialty. First up, Cultural Institutions.
Cultural Institutions: Urban areas are home to hundreds of cultural institutions, ranging from Natural History museums to local art galleries. In fact, the Institute of Museum and Library Services estimates that there are approximately 35,000 museums in the US, more than Starbucks and McDonalds locations combined! And yet in many areas, this risk class is desperately in need of insurance professionals who specialize in the unique needs of museums. Helping museum boards understand, for instance, that one of their greatest D&O risks comes in the form of employment related issues, can change the way they think about their insurance portfolio. Expertise and advice to these folks can help them navigate through the insurance decisions for which few of them have a professional understanding.
Further, museum insurance decision makers are often successful business women and men who not only serve on the museum board, but on the boards of other businesses and foundations. The opportunity for you to connect to these board members for referral business can be the key to growing and expanding your business.
So the next time you’re walking by that aquarium, botanical garden, or black box theater, consider diversifying your portfolio and compounding your referral potential by becoming a cultural institution risk management specialist.
For more information about our cultural institution program, click here. Stay tuned for other versatile urban risks that may be your new favorite.