---
title: Co-Brokering in the Insurance Industry
description: Discover the benefits of co-brokering in the insurance industry and how it can help brokers manage Wrap-Up programs efficiently while generating additional revenue.
image: https://blog.tsibinc.com/hubfs/AdobeStock_835189747.jpg
---
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{id=183272125270, name=Co-Brokering, slug=co-brokering}
# Knowledge Corner
November 27, 2024
## Co-Brokering in the Insurance Industry
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In the [insurance industry](https://www.investopedia.com/ask/answers/051915/how-does-insurance-sector-work.asp) when two brokers work together for a client such a collaboration is called co-brokering.
There are a variety of reasons why two brokers would team up. One such growing rationale for co-brokering is the popularity of brokerage clients utilizing [Wrap-Ups](https://tsibinc.com/wrap-ups/ocip-ccip/).
A Wrap-Up is a consolidation of contractors’ insurance coverages for a construction project into a singular program. As a result, the client minimizes the project’s overall insurance risk by ensuring each contractor has the proper coverage under the Wrap-Up program. Wrap-Ups are a great risk management tool.
However, a broker might shy away from pursuing Wrap-Up clients to add to their firm’s portfolio. Why? The administration part of the Wrap-Up program can be a challenge for some brokers if they do not have the personnel on staff to handle all these duties.
These administration duties include:
- Contractor enrollment
- Orientations for contractors
- Wrap-Up manual development
- Contractor insurance credit evaluation
Co-Brokering enables a broker to partner with another broker who has an established [Wrap Administration](https://blog.tsibinc.com/wrap-adminstration-duties?_gl=1*yv8c6*_gcl_au*NTc5MDM3NDc2LjE3MzE5NDA3Mzg.*_ga*MTgwNjYzMTI0Mi4xNzA2MTk3NTE2*_ga_HS6F05ETYT*MTczMjEzMTI2OS4yMTkuMS4xNzMyMTM0NzE5LjU4LjAuMTIzNDk3OTYxNg..) team in place. One broker can place the insurance coverages while the other broker can simply handle the administration. This partnership allows both brokers to enjoy a new revenue stream from servicing a Wrap-Up client.
TSIB has a [Co-Broker+ Program](https://tsibinc.com/wrap-ups/co-broker/) specifically for brokers who do not have an established Wrap-Up portfolio. Our goal is to help add additional revenue to your firm.
Interested in learning more about a Co-Broker partnership? [Reach out](https://tsibinc.com/contact-us/) to TSIB today and schedule a free consultation!
[](https://cta-redirect.hubspot.com/cta/redirect/3391365/2452b125-c55d-4fb3-972e-2545132b4936)
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Image credit: GR/peopleimages.com
Topics: [Co-Brokering](https://blog.tsibinc.com/topic/co-brokering)
Written by [The TSIB Team](https://blog.tsibinc.com/author/the-tsib-team)
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