Does Wal-Mart Sell Workers Compensation Insurance – Not Yet
Will Wal-Mart Sell Workers Compensation coverage now that they are selling car insurance?
One of the major subjects in the insurance buzz-wires over the last week was that Wal-Mart is now selling car insurance. Actually, they are brokering other insurance companies as an agency.
What businesses would be targeted for Workers Comp? They already have a large database of those companies- think Sam’s Club. Sam’s Club has over 47,000,000 members and is the US’s eighth largest retailer. Those numbers do not even count in the Wal-Mart shoppers.
The 47,000,000 are not all business members. The number of business shopping at Sam’s must be staggering. Also, Sam’s does ask how many employees are in each of the companies that apply for Sam’s Business cards and accounts.
How many non-Sam’s Club small business owners shop in Wal-Mart? As one can see, the market for cheap Workers Comp insurance could be a viable space for any large chain. The buying power of the agency Wal-Mart runs would be enormous.
Check the second provided link in this article to see the agency that Wal-Mart will use for car insurance. The agency’s owner has a track record of providing goods and services in the past to Wal-Mart. The company has made it over the first critical hurdle of establishing a vendor relationship. That is not an easy task.
Agents and brokers should keep their eye on them as they may have very stiff competition very soon in the world of business insurance.
Business liability and owner’s policies could be another ripe area for Wal-Mart to exploit. If there is a profit in it, they may just give business insurance coverage a shot in the near future.
Update – As of 2018, Walmart has not shown a desire to jump in the markets to sell workers compensation insurance.
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