COVID-19 has created many things, so it is no surprise that there is also an increase in entrepreneurial activity. While the pandemic shows large numbers of start-ups and businesses impacted somehow, today’s American workforce remains resilient and creative.
Entrepreneurial businesses have pivoted to meet needs borne from the crisis by creating new goods and services. In turn, the pandemic has created an opportunity for many to start new businesses.
Instead of seeking unemployment or another job, Americans are feeling the freedom to explore entrepreneurial opportunities. New and existing business owners are bringing needed services to today’s shifting marketplace that extends entrepreneurism beyond the norm of high-tech start-ups.
It is encouraging to see September 2020 census data showing a 19 percent year-over-year increase in new business applications throughout the U.S. There has also been a surge in solopreneurs and small businesses hiring employees, part-time workers, and contractors.
Disruption of everyday life has facilitated the rethinking of societal norms while creating space for innovations to meet needs that did not exist before today’s “new normal.” This long-game scenario has created ‘pandemic entrepreneurs’ who are setting up new business ventures and virtual shops throughout the nation.
These in-demand businesses are creating additional revenue streams that need insurance coverage as they build out and grow strong. The business opportunities that have been boosted by the current climate are many, including cleaning services, e-learning, logistics, medical supply/care businesses.
Sell Insurance Options That Entrepreneurs Need
Selling the right mix of goods and services to meet needs is just as important as having the right type of insurance coverage in place. But to do that requires insurance brokers—like you—knowing what ‘pandemic entrepreneurs’ need, finding viable insurance solutions, and offering payment options.
We all know there are options for every type of business need. From business liability (aka general commercial liability) to commercial auto to cyber to business interruption to property to professional liability—the insurance products are endless. The key is offering options that meet each business owner’s unique needs and budget.
The ‘pandemic entrepreneurs’ who need your insurance services are now projecting forward to post-pandemic activities. These prospective employer-clients are in the process of planning, innovating, and in some cases reinventing services to ensure they position themselves for long-term success.
As a broker or agent, you are well-positioned to help them plan and prepare for the future. Why? Because you’re on the ‘front lines’ using digital tools and holding virtual meetings to guide customers through challenging times and prepare for tomorrow.
If you focus on building relationships and genuinely listening to customer needs, you will help bring order into the chaos by offering advice, expertise, and protection. Getting the right type of small business insurance is critical to safeguard from accidents, mishaps, and unforeseen crises.
Find the Options You Need Fast
As an insurance wholesaler with more than 30 years of experience, Syndicated Insurance Resources has a proven track record for finding small business clients options when others cannot. From hard-to-place to high X-Mod, we help you deliver value with customized personalization that offers pay-as-you-go options.
Reach out to us one of four ways, so you deliver the best options for today’s ‘pandemic entrepreneurs’ and small business owners.
While the pandemic has made the world feel and look different, every business is facing the same choice: Shift or Dissolve.
This struggle has been happening in various ways for decades.
When technology crept into the insurance industry years ago, many brokerages faced a similar choice. Those who changed how they delivered products and services flourished—while those who did not found generating attractive returns challenging.
COVID-19 has created another ‘shift or dissolve’ hurdle. Instead of looking at “new normal” challenges as a catastrophe, why not look for the possibilities in the hardships? With a few simple changes, you will find ways to exceed your expectations.
Benjamin Franklin once said, “Out of adversity comes opportunity.”
Easy “New Normal” Shifts To Make
Consider shifting the way your insurance agency conducts business and supports customers. Here are some easy options you will want to implement if you haven’t already.
Deliver Consistent Customer Service. When your livelihood surrounds managing risks, putting customers first is what you do. But a global crisis makes doing so more challenging. Find ways to practice compassion and flexibility in today’s chaotic environment.
Seek to Understand & Help. Changing financial circumstances may find some of your clients contemplating canceling insurance policies. Listening will help you display compassion and learn useful information. Don’t wait for clients to call you. Reach out to them first. Proactively help your clients assess their risks and optimize their choices.
Seek Feedback from Customers. Phone calls and online surveys with incentives will help you validate what you think your customer is experiencing. Use real-time feedback to verify problems caused by the pandemic and uncover topics customers would like education on. Survey prospects and customers to learn their needs and what is keeping them up at night.
Change Processes & Smooth Rough Spots. Building strong relationships with customers includes making changes to meet them where they are – especially during challenging times like these. Uncover toe-stubbing procedures and tweak them, so it is easier for your customers to do business with you.
Remove Barriers & Obstacles. Navigating multiple platforms and trying to reach carriers by phone is frustrating. Many brokers share frustration finding quotes in a timely fashion. Logging in and out of various systems is labor intensive. Make changes that help you customers get what they need easily.
At Syndicated, we responded to this need by adding an online form with 12 questions. This simple change helps brokers—like you—get solutions quickly without logging in. Would you like to get workers’ comp options without a hassle? Click here now.
Selling insurance in the “new normal” requires shifting for survival. If you make subtle changes to meet your customers’ needs, you’ll do more than survive—you’ll thrive.
Want to discuss other ways to find options for the hard-to-place? One of our relationship managers are happy to help you get what you need.
Contact us today at 877-333-8195 or firstname.lastname@example.org.
Do you remember R.E.M.’s 1980s song “It’s the End of the World as We Know It?” The chorus seems relevant today more than ever. Doesn’t it?!
The pandemic has changed so much for everyone throughout the U.S. and around the globe.
But it isn’t all doom and gloom. What is happening now is just another fact of life that everyone will learn to navigate eventually.
Since readjusting is a consistent part of life, insurance brokers and agents—like you—are well-positioned to show employer clients what to do.
Your services revolve around helping small business owners manage risk and prepare for change. Right?!
Use this time to your advantage. Show how insurance will support future liabilities and shifts. Why? Because risk and change are inevitable, and you manage change for a living.
Mathematical chaos theories say small systematic changes produce phenomenal evolutions over time. Translation: Change is good. You just need to show people how to make change work for them.
Showcase Your Value
Spend time providing your employer clients with options and alternatives to produce the premium-to-coverage solutions they need. Here are three easy things you can do now.
Shop for Options Proactively: One of the best tools you have at your disposal is your ability to present your clients with alternatives. Be proactive and offer pricing for several solutions. Make sure to include affordable and pay-as-you-go options in the mix.
Evaluate Coverage Needs: Examine coverages to determine what your client may or may not need; especially during the current economic situation. When you do this, you will reduce exposure and increase competition from other carriers. Since you recognize your customers’ requirements may have changed, take initiative to ensure they have what they need.
Consider Increasing Deductibles. Negotiating savings to quantify the risk assumption for every claim is often difficult. If there isn’t small claim activity on an account, it may be challenging to justify large credit. Increasing deductibles is a traditional reduction technique that may help. Request options and run a projected cost impact by looking at historical “as if” loss data.
Whenever you use techniques to show your value, make sure you outline potential risk assumptions related to the proposed changes. Helping your employer clients understand the impact of coverage changes will shine the light on your value and expertise. In turn, you’ll produce results by using change.
How Are You Impacted?
We recently surveyed insurance broker and agent clients to understand the impact of the pandemic.
While a lot of useful insights came from your responses, it was telling that 61.5% of you are:
- Experiencing difficulty getting answers from carriers
- Finding shopping the market for alternatives challenging
In turn, 61.5% said you would feel encouraged and thankful if you could receive responsive, hassle-free insurance provider support. Look no further.
Get Consistent Support Everyday
From workers’ comp to general liability and everything in between, we’ve consistently offered affordable options for the hard-to-place for more than 30 years.
Our solutions are well-known for saving employer clients more than 40%.
From high X-mod to poor loss history from too many small claims or several big ones—we have a reputation for finding solutions where others cannot.
Contact a relationship manager today at 877-333-8195, or click here to get a quick turnaround quote by answering 12 questions on one form.
Showcase your value and use change to produce results when you tap into our hassle-free support.
Today’s digital landscape makes it harder for your insurance services to stand out.
The success of your business depends on the way you promote yourself to potential customers.
Since your expertise is about insurance, how can you market your business to find the right clients you can help?
You’ve probably discovered that you can’t count on the “spray and pray” method to produce quality results.
Effective marketing is strategic and well planned.
You can always hire someone to help with marketing.
But what if you’re not ready to make that investment?
Marketing Tips You Can Do
Here are some quick tips you can do immediately.
Create a Professional Website. Today’s online world makes a website essential. It is your online storefront and calling card that allows prospects to check you out. Even if your site is only one page, you need something online to showcase how you can help clients solve their need for insurance. A well-done website gives your business credibility while increasing brand recognition and building trust.
Write an Informative Email Signature. Adding an automated email signature allows prospects and customers to have your contact information. At a minimum, you want to include your name, website, phone, and email. You can use your auto signature to share links to your latest blog post (if you have one), a product offering you’re showcasing, and/or your social media accounts.
Volunteer Your Time. While time is money, one of the best ways to grow your business is by volunteering at local community events. When the events are covered in the local news – you can easily find your company listed as one of the volunteers. Volunteering also allows you to connect with community leaders and business owners who are ultimately potential customers.
Attend Networking Events. Just like volunteering, getting out into the community to make connections can go a long way. Attend local events held by your Chamber of Commerce and other professional organizations like Rotary. This is not a one and done approach. You do need to consistently invest your time and show up to be seen, noticed, and trusted.
Create a Branded Emergency Card. Business cards are inexpensive to create these days. Turn a business card into a wallet card that lists out key numbers to call in case of emergency. Make sure your agency name and number is in the list, along with the police, fire department, and animal hospital. Give these out to clients and prospects. Find local businesses that allow you to place a small stack of these cards out for their customers to take. Take this a step further by turning it into a refrigerator magnet you can give to every customer.
Set Up a Referral Program. Use an email marketing system to send out regular emails to your customers reminding them that you reward referrals. You can use the free version of MailChimp to do this quickly. Offer a $25 or $50 gift card for every referral that becomes your customer. Each email you send can promote your agency and reminding them you are there to help. Thank them for their business. Email your customers at least one time per month or more to provide useful tips, remind them about your referral program, and keep your willingness to help top-of-mind.
Form Helpful Partnerships. Strategically build partnerships with local organizations to bring your agency name top of mind. Consider connecting with any community entity that you can help, e.g., banks, churches, hospitals, realtors, fire, and police. Create a special offer or discount for each group’s staff or clients. Offer them free tips about how to avoid accidents (or any topic you can think of that is helpful. Let them post your info on their office bulletin board, company website, or in their email newsletter. Position your business as the agency that people are drawn to for helpful insurance insights.
While these seven marketing ideas are something you can quickly take action on, know that they are only the tip of the iceberg. There are hundreds of things you can do to market your agency.
Stay tuned when we share more marketing tips in future posts.
As an insurance agent or broker, you know that commercial auto insurance is for businesses of all sizes—large and small. Some companies are required to have it, while others are not.
Unfortunately, a lack of understanding about commercial auto insurance can raise questions for business owners. Do they really need it? What does it cover? Who is it for?
Fortunately, you can showcase your expertise when you are armed with the answers.
If you are scanning (like most of us do), know that this post is divided into two sections you can use:
- a downloadable Q&A you can share with your clients
- how we can help you find quotes
Check it out…
As an insurance veteran, you already understand why they may need commercial auto insurance. But when was the last time you had all this information written in one place?
We’ve done the work for you, by reviewing the possible questions your employer clients may have on their minds. Since our goal is to provide you with free resources that help your business grow, we put this into a downloadable PDF you can share with your employer clients.
Commercial Auto Basics
Getting the right type of coverage for your business is important—to you and to us. We know you are frequently asked about the difference between personal auto insurance and commercial auto coverage. So we put together this quick tip sheet to cover the basics about commercial auto insurance. First, let’s start with a few simple questions.
What is commercial auto insurance?
This type of insurance provides physical damage and liability coverage for vehicles used by your company.
What does this policy cover?
Commercial auto insurance covers cars, trucks, vans, and even large fleets used to help you conduct your business. This includes food trucks, work vans, and service utility vehicles.
Won’t my personal auto insurance work?
Personal auto insurance covers your personal automobile. While commercial auto insurance covers any vehicles you, or your employees, operate for business.
What types of vehicle usage could get by with personal auto insurance?
If you only use your auto to commute to the construction site or grab donuts for colleagues, you could be okay.
But it isn’t wise to risk it. When in doubt, ask your insurance agent to help guide you to make the decision that is right for you and your business.
What types of businesses typically need commercial auto insurance?
Any vehicle operation for business-related purposes needs commercial auto insurance. Note that there may be additional coverage needs for transporting passengers or hazardous materials.
The options are endless. Here are just a few examples:
- Auto parts distributors
- Commercial or residential contractors who offer things like plumbing, HVAC, roofing, etc. Food trucks and beverage services
- Miscellaneous retail or inspection services
- Pizza or other food delivery
- Service-related businesses
- Taxis or limos
Is commercial auto insurance required for all businesses?
Most states require all registered vehicles have liability insurance. Most states require the minimum insurance requirements on any vehicle. This rule applies to passenger and commercial vehicles.
Personal Auto vs. Commercial Auto: A Checklist
Since every business is different, your specific insurance needs varies based on your company’s unique situation.
While every insurance agent is the best person to walk business owners through the evaluation journey, everyone needs a starting point to frame the conversation. Here are some simple questions to consider:
- Do you use your vehicles for business more than three times per month?
- Do your employees use personal vehicles to conduct business?
- Is driving part of your job responsibility?
- Are your vehicles designed to haul things?
- Do you use your vehicle to transport people or property?
- Are your vehicles registered to a business?
If you answered yes to any one of the questions in the checklist, you might need to upgrade to a commercial auto policy. Email or call our office to schedule a time to discuss your business needs.
Expand Your Insurance Product Offerings
Providing insurance coverage to businesses opens up a world of opportunities for the types of products you sell.
At Syndicated, we focus on providing insurance brokers and agents the right solutions.
You know we offer workers’ comp products. But did you know we can help you find property, general liability, and commercial auto solutions, too?
With Syndicated you can:
- Access more than 150 markets and 40+ unique product options.
- Tap into more markets and get competitive quotes with our free service.
- Use our broker gateway to earn higher-than-industry-average commissions.
Bottom line: You have everything to gain when you sign up for a free account with Syndicated today.
You may already have a free account, but you want to talk to someone about your recent submission, alternative risk manage, or pay-as-you-go premiums. You can contact us here.
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.