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MGAs plant their flag in niche industries to help the average person make sense of their insurance. (Photo: iQoncept/Adobe Stock)

With the exception of the readers of this publication, nobody’s comfortable with insurance. Take a martial arts instructor or Little League coach. They’re required to buy insurance to open a studio or start a team, and their biggest concern is that they’re wasting money on a policy that ultimately won’t cover them in an emergency. It makes sense that they need the help of an insurance specialist.

That’s where the MGA excels. For an MGA, finding the right specialty or niche can be like reading tea leaves; it’s not an exact science. Often, it’s easier to start by eliminating what you don’t want to do. For instance, you’d probably take a pass on a market where premiums would be too high for insureds to purchase coverage, the losses are substantial or carriers won’t support it.

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