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!