April 2009


3 Commercial Insurance Must Do’s

This may be a refresher for some but for others these few to-dos will help land new clients and keep the ones you have.  Right now in our industry businesses are closing their doors, premiums are still for the most part soft, and we are starting to see rates being shopped even by our best clients.  But you knew this already.  So how can you ease the uncertainty laced in between these daily challenges?  I’m glad you asked.  Here’s 3 ways to help out… 

1. Educate, Educate, Educate – Got the message here?  Start with a complete review of what the insured currently has.  Chances are the other agent missed an important detail that could save the insured money or the agent missed a risk that needs to be added to the overall insurance package.  If so, you need to be able to educate the insured on the product features and benefits and how it applies to them.  Is the risk subject to filings or inspections?  Go slow and don’t take for granted that they know insurance lingo.  Chances are they’ll appreciate you breaking down what they need and can expect from you.

2.  Go Meet Them at Their Business - If your insured is in manufacturing, then ask to take a tour.  Learn about when they started, who their clients are, and how they plan to grow in the future.  Now you may not want to set a precedent here of always meeting them at their office.  So have your next meeting at yours.  Who are their key employees?  Is family involved and if so what are their succession plans?  The more you know, the more opportunities for new business may arise.  Remember the more products they have with you the higher the chances of that isured staying with you long-term.

3.  Give Insureds Your Best – This may not mean the best price.  After all, you have to ask yourself the question, "Do you want to compete in the arena of lowest cost insurance?"  Some do and that’s fine.  However, if you’re not, then ‘your best’ is going to be in delivering the best customer service you can.  What does this mean?  This means you probe and ask discovery type questions that really uncover all the risks associated with your client’s business.  Ask open-ended questions.  Open-ended questions are those that can’t be answered with a simple ‘yes’ or ‘no’.  Rather these type of questions reveal more when asked.  For example, "How did you get into the manufacturing business?".  It shows you care about knowing your insured better and this prepares you for delivering your best to that insured. 

Simple, short, sweet, but nonetheless very valuable in locking down current clients and communicating to them you care enough to give them the best possible policy available.  Remember to stay in front of your client even when the news is not so good.  They’ll appreciate your candor and your service.  – villageChief


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