Are You Ready To Renew Your Business Insurance?
Business Insurance Renewal
Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing and the right insurer. We have found at least five factors that are important to manage when renewing your business insurance program.
Business Insurance
A business insurance program can include commercial property, auto, commercial liability, employment liability, workers’ compensation, professional liability and excess liability.
Insurance Renewal Tips
- Provide complete information about your operation. Paint a picture that describes what you do and how well you do it. You have to sell the underwriter on what is different about your operation and how the insurance company needs to insure your risk, because you are above average.
- Use an independent agent. We are best equipped to provide you with the best combination of coverage, price and service.
- Combine your property, auto and liability with one insurer if possible. You will receive package discounts.
- Have a well-managed safety program.
Putting a little effort into your business insurance renewal can reap the rewards in the form of better coverage and lower premiums.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Why Low Price and High Value Can Be a Contraction in Terms
Shoppers are always looking for that next big sale or deal. When it comes to purchasing a 46” HDTV, it is easy to identify all the features you want, and then shop for the best price. In fact, many retailers might even negotiate with you to get your business. When selecting your insurance, you cannot think the same way. Why?
- Insurance can never go on sale, it is highly regulated.
- Consumers rarely have complete information about various insurance products.
- Consumers may believe that “popular” or advertised products are high in quality.
Let me make it clear that high priced insurance does not always equate to a better value. However, if you purchase the low-priced insurance policy are you satisfied that all the coverage terms are consistent with a higher priced policy? A better way to look at this is to consider the value of what you are buying. Here are some of the value added advantages you will find in insurance if you do a little searching.
What makes up a high value insurance program?
- An insurance policy that will respond to your risks when a loss occurs.
- The extra services offered by the insurer at no cost to you.
- The knowledge and expertise of the agent. The agent is your key to a high value advantage. The agent is the one who helps you identity your risks and designs a policy specifically for you. The agent will be there to help you manage through a claim and to educate you.
- Your agent increases your insurance value by helping you understand why the premiums are different.
Value is more than price
There are also non-price variables that every insurance purchaser should consider.
- The agent’s experience in your industry. Do you want an agent who primarily only insures homes, to insure your restaurant? These risks are different and should be treated as such.
- Insurance companies have customer satisfaction ratings for claims, premium processing, and other services. Do you want to use an insurer with a below-average claims handling rating?
In conclusion, only an experienced agent can help you understand and define the true value of your insurance purchase.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
What Should Insurance Buyers Look For In Their Agent
Our world is much different than it was just two years ago. Things have changed, and many of these changes are here to stay. We all must adapt to a different way of managing our personal and business lives and finances. Having a high-value insurance agent can help you manage these uncertain times.
Selecting your insurance agent is the most important action you can undertake regarding your personal or business insurance. We like the phrase your insurance is only as good as your agent because it tells the story that the coverage you select depends on your agent’s skill and ability to provide the solutions you need.
Different Kinds of Agents
A captive agent is one who is employed by an insurance company.
These kinds of agents represent direct writers. A captive agent is an insurance agent who only works for one insurance company.
The insurance company pays a captive agent, and they may be a full-time employee or an independent contractor.
An independent agent is someone who owns or operates a small local business. They have relationships with many insurance companies but do not work for them. This allows the independent agent to work for the policyholder.
Qualities of a High-Value Insurance Agent
- Trustworthy
- They put people before policies
- A good Listener and responsive
- Has the experience and technical knowledge needed to offer real solutions
- Has good people skills
- The desire to teach you rather than sell you
- Someone who views insurance as a promise, not a product
- A good agent will want to develop a relationship with you, not just sell you then move on.
Ask for information
Consider this as an interview in which you are selecting a representative and an agency.
- For how long they have been in business?
- What, if any, certifications do they hold? Consider agents who hold advanced designations such as Chartered Property Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), Chartered Life Underwriter (CLU), or Accredited Insurance Adviser (AAI) (AAI).
- What kinds of businesses do they represent?
- How will the renewal processes be implemented?
- Will you have a personal account manager?
- How will they assist in the event of a claim?
- How much experience do they have with risks comparable to yours?
- How much do they charge for services, and how much do they earn?
- Request that they conduct an audit of your current policies and make recommendations?
Remember your insurance coverage is only as good as the agent who offered it. Having a high-value agent will help you navigate successfully through these uncertain time
What’s Trending In Insurance For 2022?
Changing consumer expectations, employment issues, supply chain issues, political unrest, and remote working will all have an impact on the insurance landscape in the coming year. Let’s look at some of our predictions for the most interesting trends that will emerge in the insurance industry in 2022.
2022 Predictions
- When it comes to where and how to buy insurance, consumers will have more options than ever before.
- Cyber-attacks will increase for both individuals and businesses in 2022.
- Remote work will continue to grow in 2022.
- More people will start home businesses, requiring a review of personal insurance coverage.
- Advanced Driver Assistance Systems (ADAS) and linked vehicle technologies are on the rise.
- COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.
Recommended Actions
- Start the renewal process early with your agent.
- Collect precise information on your risk with your broker. This will help you stand out in the crowd.
- Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
- For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.
Why We Value Customer Service
Traditional insurance “selling” has not always gone hand in hand with good customer service. Traditional insurance selling often consists of a salesperson trying to convince a buyer of the benefits of the product he/she is selling. Conversely, good customer service involves determining the customer’s needs and concerns first, and then determining how to best provide solutions. The difference is in the mindset of the sales professional. You can actually provide good customer service while “selling” if you view selling as offering a value-added service to your customer. This starts with how the sales professional views the process.
If you are looking for something different in the insurance buying process, evaluate your next insurance meeting using these standards.
- Does your agent ask questions to determine your needs and concerns?
- How fast does the agent offer insurance products as the only solution, if it in the first 15 minutes you have a traditional insurance salesperson.
- Do you feel your agent knows and understands your business and industry?
- Has your agent ever offered a non-insurance solution such as a contractual risk transfer?
We would encourage you to establish a set of standards by which you evaluate your insurance provider. Do they value relationships, do your values line up together and do they value the relationship? If you can answer these, you are on your way to developing a trusted partner.
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
Do You Want To Avoid Unhappy Customers?
Does anyone like having an unhappy customer? Do you really like having to deal with a frustrated client? I do not; and I try really hard not to have them. According to customer service experts, customer satisfaction, or should I say un-satisfaction, can be boiled down to these areas:
- Customers do not feel heard
- Customer expectations are not realized
- Promises are not kept
- Agents are selling policies, not solving problems
In one survey by the Better Business Bureau serving Chicago and Northern Illinois, researchers found 30% of unhappy customers will simply move their business.
How To Improve Customer Satisfaction
Stop selling and start solving problems — It is easy to sell a client an insurance policy, but that may not always be the best for the client. There are other solutions like self-insurance, contractual transfer, or even a modified policy with high deductible.
Focus on personal service – Take care of your customers like they are real people; because they are. Listen with understanding and sympathy. The customer’s first impression of you is all important in gaining co-operation. You can do this by acknowledging not just the facts of the situation, but also acknowledging how the situation made them feel. For example, “It must have been frustrating for you to bring home our product only to realize it wasn’t the right model for your needs.”
Take responsibility — Never, ever blame or make excuses. Instead, take full responsibility and the initiative to do whatever you can to solve the problem as quickly as possible.
Always give your customer options — Never limit your solution to just a quick insurance fix. Ask questions to get to the issues, and then offer more than one alternative.
Show them, don’t tell them –– Present the solution, or option, to the client and then show them how you will respond. The sooner you deliver on the solution you promised, the quicker you’ll be creating another friend of your business.
How Agents Can Increase Client Engagement
Every agency and business has a critical component that ensures its performance. It’s known as employee engagement. It can mean the difference between your employees feeling motivated to take the company to greater heights or feeling overwhelmed to the point of sabotage. It is important that all employees feel engaged in the business so that the entire team is moving toward a common goal. The results will be customers who are getting their needs addressed.
This is important when you don’t treat insurance as a product but a service, but rather a relationship. Customers want advice, communication, education and partnerships with their insurance agent. In order to accomplish this, agencies must create a different management model. Here are ways to help employees feel more engaged.
Ask employees to how to improve customer service
Your staff knows better how to improve customer service. Ask them what they believe your customers are looking for. Then create policies and procedures that address these areas.
Seek impute from customers
Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.
Be intentional about culture
Reichley Insurance is in the business to meet people’s and businesses’ needs. We don’t ever sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.
Build performance goals and hold everyone accountable
Most people desire to know where they stand and how they can improve in order to make more money or advance.
We know and understand your industry. Before we do anything, we take time to get to know you. Our staff has a deep understanding of how insurance works, and we continually seek training and education. Our team has over 150 combined years of experience.
These commitments result in the highest customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.
Managing Risk In Uncertain Times
We are living in uncertain times. COVID-19 and all that goes with it have created a new set of operating rules and risks. There is a number of new risks that have emerged as a result of these changing times.
It is vital that your business insurance program have the flexibility to respond to the changing and uncertain times we are living in. Your business insurance program needs to be designed to give your business the best possible coverage at a reasonable price from an agent who understands your individual needs.
Remote Workers
COVID-19 has changed the way we think about remote working. Most businesses are having employees work from home, and even if there is a vaccine, the work from home trend is likely to continue. In general, employees are covered for work-related injuries that occur outside the office or other workplaces. Generally, employers are still responsible for injuries that occur during a detour, such as when an employee physically departs from his or her job duties that are considered minor activity, getting coffee, etc.
New Cyber Risks
Commercial businesses to become more dependent on the internet with an increase in remote workers. This new normal now requires special procedures and policies to protect your organization, its data, and network. When workers feel secure, you can nurture productivity and enhance collaboration.
Finance, Social Life And Health Of Employees
Because of the requirements and arrangements following the pandemic, employees have been faced with unexpected expenses related to travel, digital needs, accommodation (home workspaces) health concerns, and protective measures. Employers need to find ways to address these needs on a long-term basis, possibly through smaller in-person gatherings, remote learning opportunities, and even allowances for home office improvements.
Employees With Disabilities
Disabled employees need additional support to adapt to changes. Specific measures are required to address their needs and ensure their access to remote works issues.
As with any risk, you want to get out in front of it quickly. The longer you wait, the harder it is to mitigate the damage. The most successful companies are those that put systems and processes in place to help them quickly recognize the warning signs and navigate the best path forward.
The Best Way to Select An Agent That Is Right For You
Here is a revolutionary idea; when you buy insurance you are buying service and advice from the agent. Insurance is not a commodity but a service. Yes, you get an insurance policy; however, not all policies are created equal. We believe that the best way to buy insurance is to select a qualified and experienced agent. Allow the agent to understand your needs and then design a policy that works best for you.
We would like to offer a different way of looking at the insurance buying process. We believe that by following our suggestions you will make better more informed choices.
Know the Difference between Independent Agents and Other Agents
Insurance agents are not all alike. Some agents only represent one insurer, while independent agents represent many. You want an agent who represents many insurers and who is willing to take the time to get to know you. Then market your risk with many different insurers. You want a relationship, not a policy.
Use an Experienced Agent
Your agent should have many years’ experience in the industry. They should have a staff that has the knowledge and experience to handle your individual concerns and questions. Your agent should be able to offer alternatives and services that others can’t.
Ask The Agent Questions Regarding Services Offered. Here Are Few Ideas:
- If I had a claim, how would you help me?
- How many years of experience do you have? And your staff?
- When I call the agency with a question, who would I be speaking with?
- May I have three references?
- What systems do you have to help manage your business?
- How do you define customer service?
- What is your policy for returning phone calls?
- How long do you usually keep a client?
- What makes you skilled at what you do?
- Do you have any industry awards?
- Will I have to ask for my renewal to be processed?
Professional Designations
Ask about what professional designations the agent has. This doesn’t always guarantee an agent is expert in all the insurance aspects you require, but it does show the agents commitment to continued education.
Visit Their Web Page
Visiting the agency’s web page is a great way to give you an idea of their services, values and qualifications.
The best thing you can do for your business or family is to select an experienced agent who is committed to developing a personal relationship with you and finding you the best options based on your needs. Remember not all insurance policies are equal, what goes into the policy will determine how claims are settled. You are not buying a product you are managing your risk. Remember, Insurance is not a product, it’s a promise and a trusted relationship.
