by Syndicated Insurance Resources | Mar 1, 2018
You make money when you can promptly provide competitive quotes selling workers’ comp to individuals or businesses. Since most work injury claims cost an average of $37,000, selling these policies should provide you with a constant revenue stream.
Think about it. Every business with employees needs workers’ comp protection, especially if they have occupational hazards or illnesses associated with their industry. Many states also make it mandatory, and some vendors are required to provide proof of coverage to bid on jobs.
So, selling workers’ comp sounds like a no-brainer for any insurance broker or agent to easily accomplish. Or is it?
Competition is fierce. You’re not the only insurance broker or agent selling workers’ comp that is looking to gain new clients and close deals.
Let’s face it, today’s world is a first-come, first-served marketplace. You may do all the work and lose the deal because you didn’t respond fast enough. How can you compete and win?
Here are six steps to successfully sell workers’ comp in any state.
1) Know workers’ comp requirements.
Before you start selling, get licensed for every state you’ll be selling workers’ comp in, and ensure you’re compliant with the mandated guidelines for each state. Stay on top of the mandates, as regulations can shift over time.
2) Educate yourself.
Understand class codes, laws and underwriting so you can anticipate answers to questions before they are asked. You should also learn key workplace injury statistics and claim facts – from productivity losses to recovery time to claim costs. Weave these points into your client conversations about their workers’ comp needs.
3) Sell your expertise.
Your knowledge is a commodity that can set you apart from competitors. It also positions you to give clients advice on rule, laws, and ways to save money. Go into client conversations armed with thought-provoking questions to ask your customer about their workplace potential risks. Help them focus on the reasons they need a workers’ comp policy.
4) Create a marketing plan.
Cold calling is hard. Create a marketing plan designed to help you target to the types of clients you want to reach. Marketing is a full-time job. Consider hiring a marketing consultant to set you up for success. (Ask our marketing consultant, Joy, to point you in the right direction.)
5) Develop a workflow.
Follow a three-step process that you walk through with every prospective client that Educates, Shops, Advises. Start by educating and informing business owners about workers’ comp rules. Let them know you’ll do the shopping so they can compare prices and quotes. Advise and help them with workers’ comp claims and coverages after the sale.
6) Work smartly.
Stop chasing rates and policy options as it can quickly eat up your time and diminish your productivity. Use smart tools that increase your market access and quickly gets you quotes, even for your hard-to-place clients. Don’t just sign up for these tools; actively use them. If you don’t know how to use them, ask the provider to guide you through the process.
These six steps seem easy enough to follow. But the devil is in the details, especially when it comes to quickly getting workers’ comp quotes. Remember, you’re competing with other insurance brokers or agents who may submit quote options to your prospective clients first.
Since quick response is the key to your success, you need to tap into smart options that help you quickly deliver.
Stop wasting your time navigating multiple carrier systems, dialing for quotes, and waiting for returned phone calls. Access exponential options and get quick quotes today using your free Syndicated Insurance Resources Dashboard. Save time and money by using our one-to-many approach. Upload one ACORD and receive instant indications.
Already have an account? Log in now. Need one? Sign up here. Either way, get started quickly finding quotes today. (Note: First-time users need to set up their Appulate Link.) Want someone to walk you through the process? Call or email us at 877.333.8195.
Stop leaving money on the table. Let Syndicated help you work smarter today!
by Syndicated Insurance Resources | Feb 8, 2018
Workers’ compensation insurance is something companies need. You know this because you’ve been successfully selling these types of policies for years. But you how do you win more business and keep existing clients coming back for more? Are you effectively communicating the value you provide employer clients?
Since most insurance producers sell on price, you need to find opportunities to showcase the ways you’re different. Help your clients and prospects focus on the many ways you help them. In every touchpoint and interaction, shine the spotlight on the hands-on approaches you use to meet their needs.
Before you can effectively share your value, pause a moment to reflect on what you’re not. When you sell workers’ comp insurance, you are more than an order taker. Managing paperwork and getting signatures on documents is only one step in a multi-faceted process. Finding insurance quotes is a result of the many things you do.
Your job is complex. It requires deep knowledge and expertise. You are good at what you do because you’ve spent hours learning the nuances of a very complicated subject — workers’ compensation. Your extensive training provides you with license(s) to prove you’re prepared to solicit and sell workers’ comp insurance.
How can you focus on the value you bring to clients? Make a list of the ways your services make a difference.
Whether you’re just starting out or you’ve been in business for a long time, you probably know ways to stand out from your competitors. But do you actively share your value with everyone you know? No matter where you are in your journey, make sure you reflect on the ways to bring value to your clients.
10 Ways You Bring Value
When you work with clients, do you provide one, all, or some of these value-added services?
- Advisor. Provide insights to help determine the protection your client’s business needs.
- Conduit. Funnel information between all parties and mediate interactions between employers and insurance carriers.
- Translator. Put things in plain English to help employers and employees successfully navigate a labyrinth of information that is typically difficult to understand.
- Guide. Help employers make better, informed workers’ compensation programming decisions.
- Fixer. Identify areas clients could possibly change to positively impact their workers’ comp loss run reports.
- Evaluator. Look at a company’s risk to locate the right types of policies at the best possible rates.
- Shopper. Leverage the right tools and resources to quickly find the policy options that fit your employer client’s needs.
- Analyzer. Review data about employee injuries before the “magic moment” and make sure cases are not open that should be closed. This analysis can quickly assess ways that may help lower experience mods.
- “Boy Scout.” Help your client’s prepare for workers’ comp audits in advance by reviewing payroll records and checking job classifications for possible mistakes.
- Creator. Develop a process for employers to follow when accidents occur. This can help ensure claims are filed appropriately while employees receive help and can return to work quickly.
This list is not comprehensive, as there are things you do that others do not. Take a moment to reflect on the ways you help your clients. Use this as your foundational list, and add additional ways you provide value over time.
Download this one-page PDF we created just for you: “10 Ways We Bring You Value.”
Create Constant Reminders
Now that you have your list, you need to find ways to remind everyone about your value continually.
Dale Carnegie said it best: “Tell the audience what you’re going to say, say it; then tell them what you’ve said.”
In this case, your audience includes your clients, prospects, and even yourself.
Place your values in strategic places that are highly visible. Leave them in plain sight for everyone to see. Here are a few easy ways to remind people about your value:
- Create a framed sign for your office.
- Post the information on your website.
- Print a flyer that you include in your welcome folder.
- Highlight one value every month in your email signature.
- Include it in your newsletter.
- Make a Facebook ad touting your key differentiators.
The opportunities to promote your value are endless. So toot your own horn and remind people about the benefits of doing business with you.
Grab your copy of “10 Ways We Bring You Value.” We created it so you can share your value with your clients immediately.
by Syndicated Insurance Resources | Jan 22, 2018
There is an excellent opportunity for insurance brokers to sell workers’ comp since any business with employees needs this type of insurance to conduct business. This also means employers are seeking the best rates they can find. In turn, this increases the pressure to become competitive.
How can you set yourself apart from other insurance brokers selling workers’ comp? Let prospective clients know they can trust you. Demonstrate you have their best interests at heart while showcasing your ability to partner with them. There are many ways you can stand out from the crowd, including promoting your knowledge, offering answers to critical questions, and leveraging technology to find hard-to-place quotes quickly.
Promote Your Knowledge
Elevate your understanding of workers’ comp while building trust by mapping out a process to address client needs. Make it a two-pronged approach that highlights your credentials and walks them through standard questions they need answered.
Weave your know-how into conversations. Highlight it on your website, and create a one-page flyer about you and your company. In each approach you’ll want to:
- Establish trust by offering customers an overview of what they get when they do business with you.
- Share how your expertise and knowledge of state rules and regulations may help them get lower rates.
- Highlight your credentials and the regular trainings you participate in keep you up-to-date.
- Walk them through the process you use to access markets for the best solutions to meet their needs.
Offer Answers to Key Questions
Most employees are not sure what questions to ask when shopping for insurance. In turn, they can end up with inadequate coverage because they unknowingly enlist the support of an agent who doesn’t specialize in workers’ comp.
Create a list of top questions your customers need answered when looking to buy workers’ comp insurance. You can help your customers become knowledgeable by sharing a checklist of questions you want to help them answer. Consider posing these questions to demonstrate your know-how and provide answers to questions about quotes, rates and employees:
Your Know-How
- Do you educate employers about how workers’ comp programs work?
- Do you have an understanding of all workers’ comp plan designs?
- How can they protect themselves from workers’ comp fraud?
- Does their safety program comply with OSHA?
- Do you search the market for options and programs to fit the individual needs of their business?
- Are there ways to opt-out of workers’ comp insurance?
- How do you build a bridge between their business and the insurer?
- What is the rating of your firm and the companies with which you work?
The Quoting Process
- What information should they have to get a quote?
- Is their payroll up-to-date and listed correctly?
- How does workers’ comp insurance work in the states where they do business?
- Are there limits on specific categories?
- How can you help them choose the right coverage?
- How can they provide proof of ownership?
- What do they need included in their plan?
Finding Rates & Costs
- How is their workers’ comp rate determined?
- What is an experience modification and how does it impact rates?
- Can you review their employee classifications to make sure they are correct?
- How can you help us keep a lid on rising workers’ comp costs?
- Are there things we they do to minimize their premium?
- Can their safety programs impact their workers’ comp rates?
Employees
- What if they have employees in multiple states?
- Do they have to care workers’ comp insurance if they don’t have employees?
- Do they still need workers’ comp if they use contractors instead of employees?
- What happens when a business does not have workers’ comp coverage and an employee files a lawsuit?
- How do you help handle workers’ comp claims?
- How do you keep their employee data safe?
We’ve put these questions into a handy infographic you can download and have on hand to share with clients. Feel free to email them the PDF in advance of a meeting. Laminate a copy and share with customers when they come into your office. Print copies that you include in the folder of information you provide.
Leverage Technology for Quick Quotes
A key to your success is finding the best workers’ comp options and quotes as quickly as possible. Are you like many insurance brokers who are still tethered to paper processes and phone calls to find workable solutions for clients? Set yourself apart by tapping into automated resources. Technology provides the ability to access multiple markets quickly, especially if you have the right tool at your fingertips.
Syndicated Insurance Resources provides a technology dashboard that harnesses the best market access and solutions for you to access for free. There is no catch. You use the tools to find options, and when your client agrees to purchase, you earn higher commissions. The dashboard is easy to use, and the customer service goes above and beyond to help you get quick quotes – even for those hard-to-place clients.
You are certain to build trust with clients and prospects if you create ways to promote your knowledge, offer answers to critical questions, and leverage technology to find hard-to-place quotes quickly. Taking extra steps to showcase your workers’ comp expertise is certain to make your prospective customers feel comfortable with the services you offer.
by Syndicated Insurance Resources | Sep 25, 2017
Are you a small contractor without employees? Are you tired of paying higher premiums for coverage on yourself?
Syndicated Insurance Resources has a product designed just for you. Subscribe to our StaffPro Plus staffing service –offered through our sister company, PayGo Plus, LLC–report wages under the staffing company’s Federal Employer Identification Number to receive a certificate of insurance. Remember the policy is under the name of the staffing company. In the end, this saves you higher premium costs.
Need to find or add staff? No problem.
Our staffing company can help find support staff for temporary projects. We help you get the proper forms for employment completed, pay the wages and provide the benefits.
Get Worker’s Comp Certificates of Insurance Fast.
In 24 hours or less, you can receive a Certificate of Insurance. Everything you need is quickly and easily accessible through StaffPro Plus.
Access Affordable Coverage Today!
For $110/month, you can access the StaffPro Plus to get Worker’s Comp Certificates of Insurance, find and pay support staff, as well as provide benefits. It is so easy and cost-effective, you’ll wonder why it took you so long to sign up.
by Syndicated Insurance Resources | Sep 24, 2017
Insurance, in general, can be a mystery to many business owners – especially new entrepreneurs or small businesses. The good news is the majority of businesses need workers’ comp. As an agent, you simply need to be armed with the right approach and information to close the deal.
Consider positioning yourself as an advisor, instead of a broker or agent. Ask questions that showcase your knowledge. Use conversation to uncover how they want to treat their employees and accomplish their business goals. In doing so, you can differentiate yourself from other wannabe competitors.
Successfully selling workers’ comp insurance means finding ways to align with your client’s needs. Be prepared to share basic information that explains what workers’ comp insurance is and why they need it. Here are a few tips for consideration:
- Assess the prospective company before reaching out.
- Determine what type of company they are and which workers’ comp laws apply.
- Evaluate demographic information.
- Ask the client to discuss their business goals.
- Assess the potential client’s risk.
- Never lead with price.
- Focus on more than rates and pricing.
- Discuss total cost for the client.
- Share ways you can add value to the employer.
Selling to Workers’ Comp Small Businesses
Targeting small businesses makes sense because insurance is a relationship-driven business. It is easy to build relationships with small business owners, and you have easy access to them as today’s entrepreneurial market continues to rapidly grow. But you can’t sell to them as you would larger, established companies.
Remember that today’s small business owners need to understand how to protect themselves and their assets. Before you meet with them, prepare the key points to discuss. Be prepared to have a conversation that involves educating them about what their business is worth and how insurance can safeguard it.
When it comes to worker’s compensation, always be prepared to discuss state laws and how they apply to the small business owner. Remember that laws and requirements vary by state, as well as the classification type of the business owner.
Consider leveraging partnerships that offer a subscription-based solution that scales with your client’s business to provide staffing, payroll, workers’ comp certificates of insurance and even HR consulting services on demand and as needed. Other key tips to consider include:
- Looking for ways to save clients’ money
- Advising on workers’ comp rules and laws
- Providing affordable quotes and options that offer value
- Being available for consultation as policies change
- Issuing certificates of insurance promptly
- Assisting with claims and renewals
Competition can be fierce, but if you’re armed with the right tools and tips, you can stand out from the rest.
The good news is you don’t have to go it alone. You can partner with Syndicated Insurance Resources and access a wide array of tools that can provide value to your clients. In turn, you earn higher commissions and have happier clients who have saved money.
Let’s connect to discuss how Syndicated Insurance can help you meet the staffing, insurance, payroll and HR needs of your employer clients. Learn more about our StaffPro Plus solution today!
by Syndicated Insurance Resources | Sep 14, 2017
Many of you have been using StaffPro, a product of our sister company, PayGo Plus, LLC. You realize the value this product brings to your small business. It gives you piece of mind, ensures coverage and lower costs.
This solution also provides many other benefits, such as finding and employing temporary staff, paying wages and providing benefits. We meet your staffing, payroll and insurance needs through our StaffPro Portal.
Where else can you successfully access everything you need for one low cost via an online portal that is available 24 hours a day / 7 days a week?
As we continue to provide this valuable service, we have added other options to meet your needs. Our HR Consulting Services save you money by giving you immediate access to whatever Human Resources needs you may have. You can access everything from Risk Management, Training and Compliance, Accounting Services, Legal and Labor Law Advice, and much more. Email us today to learn more.
We value you and want to continue to offer you the best service. To help us maintain our level of service while adding additional money-saving options, our monthly rate is slightly increasing to $110/month effective October 1st.
We appreciate your business and look forward to future collaborations that provide you with the best staffing and worker’s comp value available in the industry.
Be sure to visit your StaffPro Portal to tap into all the valuable options and resources available to you. Have questions? Want benefit from everything StaffPro offers but don’t know how? Contact Client Relations Manager Lynn Greene today.
