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Wednesday, December 5, 2012

Benefits and Types of Business Insurance

Business insurance is an extremely important piece of the overall puzzle of business ownership. Like with any form of insurance, this type of protection will be there to help you cover unexpected and unwanted costs, accidents, unique events that suddenly arise, and more. At the end of the day, being protected can be the difference between staying afloat or going bankrupt, and that's a chance that you cannot take.

Some of the foremost kinds of business insurance which are available cover issues such as general liability, property protection, and worker's compensation. These will help guard against the typical unforeseen kinds of circumstances which can arise anytime, anywhere, and could end up sticking you with bills you couldn't reasonably afford.

Another area you might want to protect your business from is general crime, including theft, vandalism, and more. Should merchandise, computers or other items be stolen, you can have those replaced without having to pay for them, for example. Businesses are often targeted by criminals, and you should be thinking about that ahead of time before you get stuck with an unexpected bill.

Of course, different industries also have their own unique kinds of business insurances, some of which may be required by law, and others of which might be strongly recommended. For example, commercial fishing businesses have their own insurance needs, as do inland marine businesses, home builders or contractors, delivery services and other businesses using commercial vehicles, and on down the line. If you own or operate a garage, that's another situation where a specific type of insurance for your business will be needed.

Liquor liability is also an extremely important part of business insurance. If you operate a bar or restaurant, you need to make sure that you provide people with liquor responsibly, that you have the right licenses, and the right insurance to back you up. It's essential that you get the right kind of business insurance and protection for the field that you're in and the unique circumstances of your business operation.

The bottom line is that just as you should protect yourself, your family and your home with insurance, you should also be protecting your business. You may legally be required to obtain certain protections, or you might want to do so out of your own personal interest. Either way, you never want to be without insurance for your business when you need it the most, which means now is the time to get it if you don't have any currently.

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How and Why Buyers Make Decisions

An hour ago I just finished a remote sales meeting for one of my favorite clients. Our program allows us to work with people off site through webinars, teleconference, and one on one coaching calls, so the producers there know me well. I was talking about the dynamics of what happens on your appointments with your buyers and what motivates those buyers to buy from ME.

I went through a series of slides on the way a person's mind works. Forget thinking of this other person as a prospect, suspect, object, I don't care what training you've had. Get away from some of the canned sales rhetoric and see this person, as well, a person. Your "buyers" are just regular people who buy, or make decisions every day, just like you.

In fact, I bet you've made several hundred buying decisions just in the past week. Don't think so? Well, how about this... It's Friday morning, you're already tired and beat. It's been a long week already; you get in your car to leave for the office, and what? Of course! Your wife has driven your car and left the gas on "E" AGAIN! Urrggh. So, do you take her car? No, just stay where you are, you'll get gas on the way home tonight after work. Flying to make it in time for the 9:00 meeting, there's an accident up ahead. Sheesh, here we go... off at the next intersection you take the side streets, weaving in and out of traffic and slide into home at the closest parking space to the front door. You walk in, okay, breathe a sigh of relief. It's 8:45, time to get a cup o' Joe, sit down, shake the mouse, and check any voice mails. Ahhh, it's Susan, your newest client, so you guess you'll get a quick call in before the Sales Beating...

How many decisions do you think you've made already? Well, in the real world, several dozen and it's not even 9:00 a.m.! ohh, and when you DO drive home, you are quickly reminded of your empty fuel tank when "DING" the little gas pump shows up on your dashboard display. Where will you buy gas? Shell and BP [oops, not a good example, let's try again] Shell and Exxon [hmmm] okay, Shell and Chevron are your choices. Shell is at $2.72 and on the right side of the road, Chevron is $2.69.

All of us buy things or buy decisions, all day long. This is also what it's like for your buyers. Those people you are calling on, they are looking for something they think or feel could be better than what they have now. If you can't connect with them and their interests, you're likely not going to get very far.

We like to bad mouth the gecko, but "15 minutes could save you 15 percent or more on your car insurance" and a cute little mascot that even 4 year olds can recognize has won over millions of people. Why? Because for a small amount of effort, a person can get a big potential return.

How are you approaching the thought of talking to people about the why's of working with you? WHY is an emotional proposition, and people buy based on the emotions they feel. Whether it "just feels right" or, I don't know, Joe, something about him just doesn't sit well with me".

What if you were to just sit down with people and say something like, "Brian, you know, the way I see insurance is no different than the way I see everything else, whether it's buying a new set of tires for my truck, a new pair of shoes, or where I'm taking my client to lunch this afternoon. Really, it's as simple as the thing I buy, the person I'm going to buy it from for the price I'm gonna pay."

With those tires, I'm thinking of the balance between what I'm paying for the tread life, warranty, chain of stores who'll give me the free flat repair, all of that. Oh, and are they shooting straight, friendly, and interested in my business. [Interesting how even in tough times that people still choose to be indifferent, isn't it?]

If I'm speaking with insurance buyers, here's a little of how I teach producers to talk:

"So, for starters, since I know the numbers are very important to all of us right now, I'm going to leave that one for last." "We'll get there, but just not yet." "First, I'd like to just listen to you and what's important to you. What kind of expectations do you have from your insurance people for the amount of money you pay? How long have you been with those guys? And what kind of result for your money do you want from the company people?"

You see, just like you driving home from work looking for the best gas station, your buyer is going to weigh options based on how THEY make decisions everywhere else in their lives, NOT on how YOU make decisions. In fact, your buyer may tell you it's all about the price, but in truth, none of us really buy anything from anyone we don't like.

There is a lot more here to discuss, so we'll do that next month.

REVENUE WORK: use the technique I showed you above. Draw the three circles on a sheet of paper for the client. The thing they bought. The person they bought it from; for the price they paid. Remember over 65% OF THE POPULATION, yes that's most of you and your buyers, are VISUAL learners. They want to see something. Map it out this way, and talk about THE PERSON - them, and the incumbent agent/broker relationship first. You'll be glad you did.

How To Hire And Keep A Good Producer

Hiring good people can be easy - if you know what to really look & listen for.

The average insurance agent today is well over 45, and we have discussed the growing need to bring a new generation into the industry for a long time. I have seen a lot of things stop independent agency owners from creating their own retirement plan. TIME seems to be #1 - agency owners are busy retaining and growing their own book of business and have little time or skill in training new producers. Not having a plan is a close second, followed with not knowing "how to". There is often recognition when it's too late, when those agency owners realize that they want to retire in 5 years and have little alternatives other than selling out to large conglomerates.

Most of us don't prepare well or think much about the interview until the applicant is standing at the door. Using some of these tips will help you become more keenly aware whether the person in front of you has the ability to follow through as a successful producer.

In addition, here are some step by step ideas for finding a good fit for your organization:

#1. Instead of running an ad in the paper, consider ASKING FOR RECOMMENDATIONS. Have your team at the office bring a list of 3 names of good people they trust to next week's meeting. Along this line, make an announcement at the next Rotary, Lions, or community leads group meeting, or ask some of your largest/closest insured relationships. BE CLEAR about the kind of qualities you are looking for in a person. Offer incentives, like cash, for their recommendations. After 30 days, $100, after 90 days, $250 or something similar. - Here's another idea: why not e-mail your local trade associations with a one page document asking for referrals for this new hire. Include your offer for (a) financial incentive (b) qualities you are looking for and (c) requirements of the job. This can be posted in house or out to the membership directory. You can offer the same financial incentive OR how about offering to host/cater that referring company's next employee Bar B Que? Hosting an employee event and offering a raffle, door prizes, and agency material is a great way to say thank you all while creatively marketing your agency.

#2. CHARACTER COUNTS. Start with your agency values. Identify and list the qualities you value and respect in a person. What kind of organization does your mission statement [or vision statement] say you aspire to be in terms of customer focus, leading edge approach(s), etc. In other words, start with who you say you are and what you say you want to be. You can also open this up in a staff meeting - talk about the kind of person your team would like to work with. Look into other sales organizations in the community and consider broadening your focus.

#3. TEST THEIR ABILITY BEFORE THE INTERVIEW. We all know that one of the traits of successful performers is someone who keeps their promises and follows up. Find out if your potential new producer can show up on time from the beginning. Be more aware of habit patterns from the beginning, as they will tell you about potential red flags in the future. Awareness of broken promises now prevents BIG problems later. For example:

Have a response time on faxing or e mailing resumes. Gain agreement for the applicant to call you on a very specific time on a specific day ["John, will you call me at exactly 3:00 p.m. Wednesday the 20th?" If they do not keep this agreement, what makes you think they will do the same with your potential customers?]

Have them send in some kind of assignment before the interview. Create open ended questions. Ask some sample questions you may want to hear more about in the interview. A sample may be, "what kind of income goals do you have for the next 5 years?" or "how do you think being in the insurance industry will help you achieve your personal and financial goals?" or "what kinds of judgments do you have about insurance agents or the insurance industry?" Did they do what they said they would before the interview even began? If not, this may not be a good fit for your team.

#4. INTERVIEW well. Ask your applicant(s) relevant questions pertaining to ethics, work habits and problem solving situations that you face in the insurance industry ~ questions that will tell you about this person's judgment. Have a value-based questionnaire with essay sections for them to complete. A sample question could be, "One of the biggest challenges in our industry agency is taking the commodity out of insurance - not making everything all about price. What kind of approach would you use to bring more value to our prospects and customers in their insurance buying decision?" Another sample question, "you are swamped with paperwork, insurance education classes, new training, prospects, appointments and commitments with your new job but you are also being told to get along with the service team. They are there to help you service clients, but you don't have any clients to service YET. You are responsible for producing revenue for the agency and your own family. How do you juggle the demands of the new job and become a "team player' at the same time?"

In addition, have some of your key staff interview the applicant(s). Would they [or you] buy insurance from the person sitting across from them? Listen to your instincts (and your staff). Someone who is energetic, teachable and willing will likely give you more return than someone who has a polished speech or resume.

#5. Find TOOLS that can assist. There are a lot of testing products out there, and a couple that are best known. Create your own questionnaire first to weed out applicants before investing in the more costly ones.

#5. Establish a time-phased TRAINING program. Assign a "buddy" to the new hire based on personality and aptitude, not necessarily experience or years in the agency. Some of your most experienced staff are not necessarily the best teachers. Have your new hire sit with staff to learn about agency technology, input and communication. Then create a list of questions for insurance companies - have them make calls to find out what each carrier is writing in your particular state (not the region) and what they really expect from a new employee. Talk about the importance of writing good business - and explain what "good business" means. Give specific examples. Create a simple flow chart of how insurance works, from the insured request to agency quoting process and carrier expectations. Explain the quoting process via automation vs. formal submissions. Talk about what should be in a cover letter to a carrier, and letters of engagement to potential customers.

Assign seasoned producer ride-alongs. Ask the new hire to come up with a list of things they want to know, judgments they may be developing, and personal concerns. If the agency principal is unwilling or unable to train personally, assign a producer or manager that is. Track progress (activity) weekly. Question without interrogation. Ask how things are going, what is working, what is not every 30 days. Have a time specific BY WHEN plan for changes. Talk about challenges, training ideas, improvements and suggestions the new hire has for the agency (you may find some great ideas and some helpful feedback along the way).

Call or e-mail for more information on some of our free interview tools and coaching tips. (208) 316-7656, http://www.pureprm.com or brandie@pureprm.com

Choosing Your Insurance Leads

Gathering insurance leads or commonly known as insurance lead generation can be a pain in the neck for insurance agents especially if they lack the ideas and strategies upon getting one. Taking for consideration that insurance is one of the most important things that every individual should have, it somehow looks very easy to gather leads. However, as what I've said earlier, if you lack the skills and ideas upon how to collect insurance leads, then it would not be easy for you.

There are different types of insurance companies nowadays and each insurance provider requires a different lead. That is why, as an insurance agent, it is required that you have knowledge about the needs of people who can be potential leads. Here are some of the types of people which can be considered as potential clients.

Newly Weds - People who are newly weds are the ones that are most likely to need insurance. Putting into consideration that they are about to have a family, they will surely need protection and security for their health, properties, and for other unexpected incidents. That is why, it could be helpful to read the local newspaper because normally, especially in small towns and cities, the names of newly weds are listed in it. Not only that but there is also a lot of helpful information there such as their address and contact numbers. If you happen to find one, don't hesitate! Grab your phone and start talking to them with regards to their insurance. Entrepreneurs - People who are planning to establish their own business requires insurance for their venture's protection. That is why, entrepreneurs should never be out of your prospect list. Public Servants - These people are normally the ones that are well-known by the public. However, there are also other types of public servants which you can offer insurance. Soldiers for example, are never sure if they can still come back to their homes after battle. That is why, you ought to offer them insurance so that they can be assured that their family would be properly taken care of if ever that they pass away because of war.

Pet lovers - There are people who take care of their pet up to the fullest extent that they consider these animals as parts of their family. These people are most likely to get a pet insurance for the wellbeing of their animal. One of the things that you can do to be able to track down pet lovers is by seeking the help of pet shops in your area. By doing this, the owners of the shop will then forward potential insurance leads to you because there is also a great possibility for pet buyers to ask the pet store owner for any insurances that thy know.

Three Benefits of Buying a Long-Term Care Policy

Very few people these days ever consider buying insurance for future events. While it's difficult to convince people to purchase life insurance to take care of their loved ones after their death, convincing people to purchase a long-term care policy is even more difficult. But if you point out the benefits that they can receive with a long-term care (LTC) insurance policy, it may not be as difficult to convince them of this important need as you may think.

Benefit #1: Personal Savings is No Longer Enough There was a time when your personal life savings may have been enough to pay for your long-term care, or at least for awhile. But with the cost of health care increasing at two times the rate of inflation, your retirement savings is no longer enough to pay for your care if you ever become unable to take care of yourself. Just living in an assisted living facility for a year can cost at least $30,000. That's more than a year's salary for many people! Living in a nursing home costs even more than that.

Benefit #2: Not Depending on Medicare or Medicaid Coverage Many people have the notion that the federal government - through Medicare and Medicaid - will pay for their long term care. While this is mainly true for those over 65 on a fixed income, there are many things that these two health welfare programs will not cover. In most cases, patients are still responsible for co-payments and other costs associated with their cared through Medicare. There are also limits to the amount of care that any given patient can receive. While these regulations vary between states, the complete cost of care is almost never covered even when the patient is eligible for both of these programs.

Benefit #3: Reduced Stress As you grow older, long-term care insurance premiums are likely going to increase. Combine that with the rate of inflation and rising insurance costs and you could pay a lot more on your premiums if you wait a few years. But by purchasing a long-term care policy right now, you can get the best rates and start resting easier assured in the fact that you will have funds available to take care of you properly in the event that you are unable to take care of yourself.

When talking to people about why they should purchase a long-term care insurance policy, these are just three of the benefits that should go into your pitch. There are many misconceptions that people have about Medicare, Medicaid and other government programs that are designed to help low-income people who are unable to take care of themselves. But many of the ideas are just that - misconceptions. When they hear the truth, they will be more likely to purchase a policy to protect their assets for their heirs and give them the coverage they need to get ample medical care in their old age. And if they never need it, they can consider themselves lucky.

The Beauty of Lead Generation Telemarketing for Insurance Firms

Insurance, what can we do without it?

Simply speaking, the word 'insured' can be found within the term insurance. In other words, the service allows people and businesses alike to be insured of payment from all sorts of uncertain loss. Some examples of the many types of insurance include:

auto insurance

health insurance

home insurance

accident insurance

casualty insurance

credit insurance

and many more

Being insured is a top priority for many as it will lessen out their worry about footing the bill or at least a part of it. Take hospital bills for example; we do not know when accidents will strike. Unfortunately, when it happens, it happens and people are left with the worry of paying the large hospital bill. But when a person has signed up for an accident insurance plan, a hefty sum of the bill will be paid by the insurance company.

However, contrary to popular belief, insurance firms have it hard in convincing people, let alone those that own businesses, to opt for their services. In generating leads for these firms, it can become the most difficult marketing encounter they can ever face. A number of reasons as to the existence of this high level of difficulty. Some of which are:

not everyone wants to be insured or is not interested in the service

the wrong type of insurance is being sold to the wrong market

they are already insured by another company

These are but a few of the many reasons as to why insurance firms find great difficulty in generating quality insurance leads. Therefore, the firm needs to find a way wherein they can grab the attention of potential clients while keeping up with the competition. In other words, the two main aspects that are needed of the marketing campaign are speed and precision.

To get these two much needed assets, insurance firms should do well in outsourcing their lead generation campaign to a telemarketing company. Let us take a look at why outsourcing to professional telemarketers uphold both speed and precision for their lead generation campaign.

Speed

Telemarketers can call potential clients by the hundreds on a daily basis. So if the campaign runs for a long period of time, the insurance firm can expect the number of prospects to be contacted to rake up to the thousands by the time the marketing course ends.

Precision

Telemarketing companies take charge with the campaign as they make use of their highly detailed and very lengthy list of possible leads. Insurance firms can take advantage of their list as many of today's telephone marketing companies have millions of potential clients for their business that are just waiting to be called.

With the professional aid of these telemarketing companies, insurance firms are sure to acquire the quality leads they need to close more sales. More sales means more income. More income means that the firm will encounter their financial growth a lot sooner than what has been expected. With the acquisition of their quality leads, insurance firms are sure to acquire their own brand of financial success.