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.