Has this ever happened to you? You tell someone what business you’re in, they look at you with a glazed expression and lump you into a category of what they perceive your industry to be? This type of commoditization happens to professionals in the financial analytical space all-too-often, and it can have unfortunate consequences.
I’ll give you an example of what I mean. I have a client that worked for a large business valuation firm for a number of decades who decided to start her own practice. At first she worked with a local insurance broker to get professional liability insurance. After weeks of waiting, she received eight declinations because none of the insurance companies understood business appraisal. The only two companies that were willing to give her coverage were extremely expensive. Moreover she could see the policies they offered did not come close to covering the activities of her practice.
Fortunately, through the ASA, she found Program Insurance. This client immediately knew that she had come to the right place simply from the questions on our insurance application. Once she talked to me, she was so grateful and relieved to finally be communicating with someone who understood every aspect of what she did and therefore knew how to fully protect her firm.