This post is part of a series sponsored by Old Republic Surety.
The cross-sell guarantee and trade insurance make marketing sense: Strengthening your exit barriers increases your value.
An insurance agent who can meet the bonds needs of clients along with their insurance is a comprehensive agent. You provide the insured with first-class customer service and instill confidence in your ability to handle all of their business.
The more insurance products agents have to sell, the better, rather than one specific type of one specific type of entity – in the industry we call these exit barriers. Here are the different types of products that agents can offer, which represent “checkout” opportunities for cross-selling:
Business Services Deed
Business owners in the service industry often have employees or subcontractors, such as plumbers and electricians, who work on the customer’s premises, with access to the customer’s valuables. The Business Services Deed This is a basic theft-only policy that covers both the business owner and the customer. It represents a great cross-selling opportunity for an insurance agent who has service business clients. It is also a marketing tool for the business owner, who can advertise their company as “mortgaged and insured,” giving it a competitive advantage. here is a file sample list From the service business that may need a business services bond, and More reasons To obtain a business services bond.
Commercial Crime Policy
employee theft It can cause great hardship to the company’s finances, especially a small business. It is estimated that an average of 5% of annual revenue is lost due to theft or fraud. The average amount stolen is $175,000, and the majority of losses from employee theft are not recovered. A commercial crime policy is a good cross-selling opportunity to introduce nonprofits or other organizations that want to connect people who handle their money or accounting responsibilities.
Any insurance agent who already sells to their customer an employer policy should automatically file a commercial offense policy as well. a deed of fidelity The insured can give the insured the extra coverage they need, especially since the crime coverage offered in the property and casualty package is very likely not enough for most companies. There are two scenarios that should be considered as a proxy:
- The insured was offered a commercial crime policy As an additional coverage, the insured takes your advice and has a policy in place. An employee steals and makes sure that the loss is covered by the document. Therefore, these funds are protected and can be recovered.
- You do not offer the insured a commercial crime document His business was theft of an employee. Later, the insured discovers that this is coverage that you, as his agent, could have offered to protect him. The insured can lose faith in your relationship.
Performance and payment guarantees
performance And the Payment vouchers Required for different projects, especially if it is city or public work. Essentially, this type of warranty guarantee is a protection for the owner, stating that the contractor will perform the job according to contract specifications, in addition to paying subcontractors and suppliers. If the contractor fails to complete its contractual obligations, the escrow company will step in and complete the task and/or pay the claim.
This is a missed opportunity for many agents who don’t feel they can or want to deal with their clients’ escrow bonds. If you refer your client to another agent for their bonds, you leave the door open for that agent to eventually take over your client’s insurance needs. Performance and reimbursement bonds are a great example of a cross-selling opportunity to help you maintain the insured’s business by meeting their needs.
International Chamber of Commerce Broker Bond
For agents who specialize in trucking insurance, the ICC Federal Broker’s bond is one of a number of bonds specific to the industry. It protects against fraud or unethical actions by freight brokers who match shippers with transportation services to move goods. The federal government requires transport brokers to purchase an ICC intermediary bond to operate as a business.
Heavy or excess bond
When agents sell trucking insurance, they need to know, or be knowledgeable enough to ask if the state requires their clients to get a very heavy bond. This bond guarantees prompt payment of all special permit fees and fees owed to operate vehicles of extra weight or dimensions on state highways.
Cross-selling bonds like we mentioned, cement the insurance agent as an invaluable asset to the customer. When you can offer other products to your customers, you strengthen the relationship while protecting the customer even more. Agents have to get into this mindset. Find out what kind of business or personal life your clients have, then decide what kind of bonds they need.
The wider your product range, the higher your value.
For more advice on cross-selling methods, or anything to do with warranty, contact Old Republic Warranty branch closer to you.
Interested in commercial fonts?
Get automatic alerts for this topic.