Insurance Agent Liability: Writing Small Business Policies

Insurance Agent Liability: Writing Small Business Policies

When it comes to small businesses, of which there are more than 28 million of in the U.S., insurance agents and producers have specific tactics for how to approach targeting, selling, and renewing small business policies. Vice President of the American Insurance Marketing & Sales (AIMS) Society Jim Mansfield, CPIA, offers the following core basics for targeting small business accounts:

• Deal with the decision makers.
• Ask the right questions.
• Listen to the answers.
• Formulate a plan that best fits your clients/ focus on clients, not the agency.
• Be very clear in presenting uncertain coverages.
• Be prepared for objections.
• Communicate openly and always follow up on all questions and issues.

Aside from these core basics, there are many other sales tactics that insurance professionals say are ideal for writing small business policies. For example, COO of Warwick Resource Group LLC Keith Savino suggests playing to your strengths. Just by being actively engages in local social media, local organizations, and living in close proximity to the small business give insurance agents and producers an edge up on their competition.

Specializing is another way to successfully target small business accounts, says Savino. Having a unique knowledge of certain business classes and coverage niches will bring an agent to the top of their prospect’s list. Combining this with a solid value proposition will help set you above the competition; small business clients want to know that they are getting more than just an insurance policy when they invest with you and your agency.

These aren’t the only contributors to success when it comes to writing small business policies. You and your agency should have the right processes in place, be up to date on emerging technologies, and be able to go beyond a basic website design to create and disperse valuable content to your clients and prospects.

At PLRisk Advisors, our team of seasoned professionals has the depth and breadth of knowledge to help our agency partners secure the best quality coverage for their clients. Our featured policies include: Errors & Omissions insurance across a variety of professions, Directors & Officers insurance for private and public companies, Employment Practices Liability (EPLI), and more. Please contact us for more information at (855) 403-5982.