---
title: When to Co-Broker - Wrap Administration
description: Discover the benefits of co-brokering and how TSIB's Co-Broker+ Program can enhance your brokerage's revenue through effective Wrap Administration services.
image: https://blog.tsibinc.com/hubfs/AdobeStock_603269233.jpeg
---
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{id=183272125270, name=Co-Brokering, slug=co-brokering}
# Knowledge Corner
December 17, 2024
## When to Co-Broker - Wrap Administration
- [Tweet](https://twitter.com/share)
Insurance brokerages are collaborating more frequently, since it’s an upside to both firms’ bottom line. Competitors become partners when they co-broker for the benefit of a client.
Why would 2 brokerages choose to co-broker?
The popularity of [Wrap-Ups](https://tsibinc.com/wrap-ups/ocip-ccip/) is one reason. There is no denying Wrap-Ups are a great risk management tool. However, with a Wrap-Up comes the burdensome task of [Wrap Administration](https://tsibinc.com/wrap-ups/wrap-administration/).
For a Wrap-Up to be successful administratively, it requires a seamless and supportive approach all the way through from pre-construction, construction, closeout, and post-construction. This requires the broker to have a dedicated Wrap Administration service team ready to help throughout the entire construction project.
Not every brokerage has dedicated personnel to tackle the daily Wrap Administration duties, such as:
- Wrap-Up Manual Development
- Orientations For Contractors
- Day-To-Day Wrap Administration
- Contractor Enrollment
- Contractor Insurance Credit Evaluations
- Obtain & Renew Insurance Certificates
- Collect & Monitor Contractor Payroll
- Wrap-Up Program Close-Out
- Final Review & Audits
The Wrap Administration team will utilize a [Risk Management Information System (RMIS)](https://tsibinc.com/wrap-ups/risk-management-information-system/) to help automate and streamline the above duties. In addition, since team members speak to trade contractors daily, it’s critical they are familiar with the variety of risks associated with the construction industry. It’s ideal for the team to be [CRIS® certified](https://www.irmi.com/insurance-education/certifications/construction-risk-and-insurance-specialist). A CRIS certification will increase the competence and credibility of any insurance professional who works with contractors.
Without an experienced Wrap Administration team, a brokerage would be challenged to service a Wrap-Up. As such, the broker misses out on the revenue a Wrap-Up can provide. Co-brokering is the answer. It 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. So, one broker can place the insurance coverages while the other broker strictly manages the administration. This partnership allows both brokers to enjoy a new revenue stream from the servicing of 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 Administration team. Our goal is to help add additional revenue to your firm.
Interested in learning more about a Co-Broker partnership? [Reach out to TSIB](https://tsibinc.com/contact-us/) today and speak with one of our Co-Broker experts!
[](https://cta-redirect.hubspot.com/cta/redirect/3391365/2452b125-c55d-4fb3-972e-2545132b4936)
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Image credit: stock.adobe.com/ro/contributor/210716081/n-hiraman
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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