By Stephen Primiano
Today I woke up as I normally do, a prompt bottle for the baby coupled with my regime of morning coffee mixed with the morning news. As I clicked through a variety of news venues a common narrative taking place is the state of the job market. As a broker delivering Workers’ Compensation products and solutions, that topic is very important to me as it has a direct impact on my business and that of the independent insurance agents I support.
We have just begun the 4th quarter, and I am beginning to think of ways to deliver more value and find new opportunities for our agents to grow. The outlook is promising. According to the U.S. Bureau of Labor Statistics, 11.9 million jobs will be created from 2020 to 2030 (a growth rate of almost 8%), which translates to 165.4 million jobs. There is a great opportunity for agents to grow their business by securing Workers’ Compensation, either as stand-alone coverage (or for those who want it all) as part of the full suite of commercial coverage.
Best Opportunities for Both Short-term and Long-term Growth
- Healthcare jobs make up the largest percentage of growth – specifically home healthcare and personal caretakers who assist with routine care (bathing feeding etc.) – which will account for over 20% of the growth in the total jobs market over the next decade.
- We are also seeing a shift to more Trucking and Transportation-focused jobs as the need to move goods and services increases – this is another high growth industry with projections of up to 12%. These areas of growth are both promising forecasts and represent areas in high demand right now that agents can capitalize on.
- Another industry expected to grow over the next decade is Staffing Services (a.k.a. Temp Staffing) as the need to place short-term labor increases. According to a recent report released by SIA, the US staffing agency revenue will grow by 16% this year and Healthcare Staffing by 24%. These additional areas are opportunities for agents to increase their Workers’ Comp book.
Identifying key industries for short and long-term growth is only part of the solution. For agents that would like to place more Workers’ Comp, PMC can help. We are Workers’ Compensation specialists, with the expertise and market access to help agents deliver more options and customized solutions for their commercial accounts. We are program administrators with industry experts who oversee our Workers’ Compensation programs, and we operate as a team together with our agent partners, working collaboratively to understand the nuances of their client’s business, so that we can best position them in the market. PMC is known for getting those tough deals done.
If you have questions about any of these growing industry sectors or other Workers’ Comp questions related to any of your accounts or needs, please don’t hesitate to contact me, Stephen Primiano, anytime. I can be reached directly at 781-365-1108 and [email protected].