Insurance brokers assist people and businesses in finding and purchasing the insurance coverage they need. Some brokers work directly with customers while others help other insurance agents seeking specialized insurance options for their clients. Here are some useful tips insurance brokers can use.
Find a Niche To Fill
Here are two examples of filling niches, one related to location and one related to offered services. Staten Island insurance brokers fill the physical niche of selling insurance in the New York metropolitan area. Certain insurance brokers may decide to specialize in additional coverage, unique insurance needs, or hard-to-insure industries. If you can fill an open niche, you’re more likely to find success.
Learn About Insurance Coverage for Businesses
Business insurance coverage can be complicated, so it’s important that insurance brokers understand business insurance needs quite well, whether they work with businesses directly or indirectly. Most businesses require three basic types of coverage: business income insurance, commercial property insurance and general liability insurance. Every business is unique, but generally, small businesses and large corporations will have vastly different coverage needs. Businesses that operate in risky markets may find it difficult to qualify for traditional coverage.
Always Double Check the Information You Need
An insurance broker who works with individuals may only need to request a few types of information, such as identification records and proof of residence or ownership of property. However, the types of information a broker working with a business or another insurance agent needs can be more complex and extensive. Businesses routinely provide various financial records to their insurance agents, including bank documents, records of assets and acquisition or registration documents. Businesses seeking additional insurance or operating in hard-to-insure industries may need to offer proof that they need additional insurance or safety, liability records and current insurance records.
Stay Up-To-Date With The Business Insurance Market
One of the best things you can do as an insurance broker is to stay up-to-date on your market and your area of expertise. Keep an eye on the news as it relates to trends in your insurance specialty and the wider insurance market. Pay attention to how prices, coverage amounts and customer preferences change over time. Make sure your databases and records are safe and well-maintained. Consider taking courses and recertification classes regularly to keep your skills sharp.
Practice Your Transferrable Skills
While your main focus should be on researching and selling insurance and on supporting your customers, you shouldn’t neglect your transferrable skills. If you work with other insurance agents often, you may need to delegate, negotiate or research together. You should also take time to build and maintain your network. A good insurance broker should also hone his or her presentation and sales skills.
An insurance broker may work with individuals or with one or more types of businesses and organizations. He or she may also specialize in selling one or more types of insurance. Brokers should monitor their markets to ensure they’re providing the best options and recommendations to their clients.
