by Syndicated Insurance Resources | Aug 27, 2018
Finding affordable workers’ compensation coverage is a difficult challenge for every general contractor and construction manager. This task becomes more daunting because they are typically working with independent contractors that bring together many subcontractors to get a job done.
At the end of the day, finding the right workers’ comp coverage is one of several risks facing firms and independent contractors. Other challenges include site security issues involving theft, delays from strong winds and storms, skilled labor shortages, and much more.
As an insurance broker and agent, you are in an excellent position to eliminate the stress general contractors and managers experience by helping this target market find the coverage they need.
Protecting Contractors with Workers’ Comp Insurance
You know that while every state has different requirements and state laws, workers’ comp coverage is necessary for any business with employees. But do your construction clients know this?
Take a moment to share with them that the reasons why they need workers’ comp. Since construction workers operate machinery that can be dangerous, all contractors face daily risks.
Share with your clients how Workers’ Compensation Insurance can offset some of the risks by acting as a safety net by covering:
- Medical expenses relating to on-the-job injuries and work-related illnesses.
- Wages their employee would have earned if they were able to perform their work.
- Legal fees should their employee file a lawsuit against their construction and contracting business for their work-related injury or illness.
Since construction is inherently risky, the general contractor or manager already knows they are considered hard-to-place and high risk. As the insurance agent or broker, you can build trust and value by offering to help construction management find the right policy options and offering free valuable information.
Documentation is the Best Construction Defense
The more tips and insights offer your construction clients, the better prepared they are before a possible audit occurs.
Consider sharing these insights:
- Thorough and comprehensive documentation can help decrease insurance rates.
- Documentation includes maintaining site inspection checklists, time cards, descriptions of completed jobs, and job classifications.
- Without this information, the contractor or subcontractor has very little data to prove its case in a job classification dispute, and inclusion or exclusion of workers from coverage.
- Proactively ensure workers comp insurance is in place offers the most comprehensive protection.
- Document that your employees are trained in specific safety protocols from machine operations to first aid training.
- Record signed paperwork from employees acknowledging the need to wear personal protective equipment (PPE) such as safety boots and glasses, etc.
To help you increase their trust in you, as well as their ability to document, we created a free site checklist you can offer to your construction clients.
Sure, they may already have something like this on hand. But the act of giving a free gift, like this Site Inspection Checklist, creates an environment of reciprocity where your construction clients want to return the favor by doing business with you in the future.
Download your free Construction Site Inspection Checklist now.
Need help finding a quick quote for your construction clients? Take a look at how we can help you find construction industry workers’ comp options.
by Syndicated Insurance Resources | Aug 15, 2018
Every decision we make is driven by logic and emotion. This combination includes both conscious and subconscious thoughts.
Understanding your customers’ mental triggers can help you tap into their psyche and get them to say yes to the insurance program and service you’re offering them.
Before we unpack these tips, I need you to take the following oath: “I promise to only use these psychological triggers for good and to do no harm.” (Go ahead, hold your hand over your heart, repeat the oath. I’ll wait.)
Okay, now that we’ve settled that, let’s take a look five fundamental rules that can open doors, minds, and wallets. (There are more than five, but this should give you a good running start.)
These tips, when used correctly, help move prospects know, like and trust you while moving them through your sales process faster.
5 Mental Triggers You Can Easily Use
The five mental triggers you’ll want to focus on include building authority, anticipation, reciprocity and social proof. Let’s take a look at what each trigger type means and how you can do it in in your insurance business.
Authority occurs when you position your personal brand or insurance company as an expert for a specific industry or a particular service. For example, we specialize in finding workers’ comp policies for your hard-to-place clients. To demonstrate this expertise, we continue to create and offer free information, tools, and resources about selling workers’ comp insurance. Our knowledge and understanding about the topic of workers’ comp is one of the many ways we prove our authority in the space.
Your Turn: Consider writing a consistent blog or creating videos with tips about the area you specialize in. When you do this, you’re building your credibility as a thought-leader. (Tip: You can share the content and resources we create as your own, which saves you time and can make you look good.)
Anticipation is as American as apple pie. From sporting events like the Super Bowl or Final Four to the next new product Apple is going to release – the excitement and anticipation build.
Your Turn: You can do leverage anticipation in your insurance business by creating a campaign to build excitement about the next new product line you’re going to offer. Consider adding a “Coming Soon” page to introduce customers to new services well before the launch date. You may also want to handpick long-term customers to receive the new insurance product or service before anyone else.
You can also use the power of anticipation to map out and respond to any potential objections before they are asked. When you lead with answers to anticipated objections, you’re showing you understand the customer’s perspective. In turn, you build trust and confidence in your expertise. This approach makes it is easier for the sale to occur.
Reciprocity occurs when you offer customers something helpful and valuable. In turn, they feel obligated to give you something. This approach works because we tend to get uncomfortable when we feel like we owe someone something.
Your Turn: One way to create reciprocity is by reminding people what you’ve given them and specifically asking for something in return. Here’s an example: “Since I’ve given you this free checklist of workers’ comp questions, could you do me a favor and share this link with your friend socially?”
Scarcity occurs when a product or service is available in limited amounts. When people perceive something has a limited supply, it tends to make it more desirable and attractive. Scarcity works because of the fear of missing out phenomena.
Your Turn: Consider creating limited-time scarcity by focusing on the fact that there are only a few days left before the rates increase. Consider offering a discount or special offer to the first 10 people who sign up with you.
Social Proof conveys that buying insurance products from you is the safe thing to do. Social proof occurs on your website and through your social media channels.
Your Turn: One way to do this is to share your customer success stories. When you show prospects how others who have used your insurance services and experienced positive results, they are more likely to engage your services, too. Another way to do this is by listing the types of products and services you’ve sold. (You can find an example of how we do this here.)
What to You Can Do Next
Using these mental triggers create a subtle impact on the risk your customers perceive when they agree to buy insurance products and services from you. Applying these principles can increase your sales with yes responses.
Try one or all of these strategies with your business, and you are sure to see your sales grow.
While you’re at it, since I helped you out with these tips, can you please click one of the buttons below to share this article with your social channels. (See what I did there?!)
by Syndicated Insurance Resources | Aug 1, 2018
Are you effectively growing your insurance book of business or do you feel like you’re living in an episode of “Lost in Space?“
No matter which version you’ve seen—the 1960s classic, the reruns, or the recent Netflix remake—you are probably familiar with the storyline.
The sci-fi episodes find John Robinson and his family braving the unknown cosmos and strange planets after Dr. Zachary Smith, a wonky spy, throws their ship off course.
It is no surprise that the cheesy adventures of “Space Family Robinson” have many subliminal parallels to real life. In fact, many insurance agents and brokers encounter similar experiences that the Robinson’s did in their businesses today.
Lost in Space Lessons
See if you can relate:
“Danger, Will Robinson!” While Dr. Smith’s behavior thickens the Lost in Space plots, his character hides behind a mask of lies and manipulation.
In today’s world of fake news and fake gurus, you have to stay alert while working hard to nurture relationships to earn the trust of prospective clients.
Creating a Colony. The series finds the Jupiter 2 (The Robinson’s ship) on a continual quest to establish a colony on a new planet, but a crash of the mothership derails the game plan.
Like the quest to create a colony, you may find yourself constantly seeking new customers and prospects, too.
A Sabotaged Mission. In the show, Dr. Smith is well-known for sabotaging the mission and getting trapped on board during take-off.
Do you sometimes feel like technology has sabotaged your ability to grow your business like you used to do?
Let’s face it, instant access to online quotes makes closing insurance sales that much harder for you.
“Does Not Compute.” The Robot’s famous line is easy to apply to the insurance broker and agent world, especially when you have to juggle so many different tools to search for quotes.
Every carrier system seems to work differently, which creates frustration while wasting your time.
All is Not Lost.
End your feeling of being “Lost in Space” by using Syndicated’s FREE tools to find the products you need. We specialize in tough-risks, pay-as-you-go terms, and higher-than-industry-average commissions.
Our platform gives you access to multiple programs from A-rated carriers with more 150 markets and 40+ combined product offerings you cannot access anywhere else.
You can even find options that entertain experience mods of all types.
Let us help you stop your never-ending adventure today. Sign Up. Sign In. Get Paid.
