If you are looking to buy Business Insurance, you will have some power over many insurance brokers, insurance companies, and insurance providers that want to do business.
We’ll place you as the dealer in our game Business Insurance Poker so that you can see how the game progresses. Are you sitting comfortably? Let’s get started:
We’ll give your current insurance provider the dealer button if you have Business Insurance. They really do have the best seat at this table. They already have a relationship with your company and can wait to see how the competition reacts before taking action.
The small blind is next. As they are willing to invest some of their own funds in the hopes of winning your business, the small blind may have an interest in your company. They may have placed an advertisement for you, sent you a mail or called to ask if you would like a quote on your Business Insurance.
The big blind is next. You may have heard of an insurance company that is big in Business Insurance. They spent considerable money to grab your attention (perhaps a TV commercial or promotion in the National newspaper) and aren’t likely not to stop trying. These are the 3 insurance companies who are definitely interested in your and your Business Insurance.
– Dealer button – Your existing insurance provider
– Small blind. – An insurance broker may be able to help.
– Big Blind – An insurance company with a significant marketing budget that has caught your attention.
Although this may only be a 3-player game, it is becoming more popular with insurance brokers and companies that allow other players to join the game. These other insurance providers fall generally into two categories:
1. They will likely offer you something or have a hand similar to your current insurance provider (who still holds the button) or to the small or large blind.
2. These new insurance companies will offer something different. They are trying to get your attention because they noticed a weakness in the Business Insurance table and want to show you how great they are. What are their plans? They will often raise, and when it is about Business Insurance, this means that they will give more to you than any other person at the Business Insurance table.
Let’s take a look at the Business Insurance Poker hand.
1. You receive your renewal terms from your current insurance provider. However, you decide to shop around for insurance quotes because it is either more expensive than last year, or you simply want to check out what other options are available.
2. An insurance broker sends you a letter that is similar to your existing broker. However, they will save you some money on your insurance premium. It grabs your attention, but is it enough?
3. A direct insurer has reached out to you. You’re familiar with the name of the direct insurer. It sounds great, right? Let’s wait and see what happens.
4. Another player joins the game and places a wager (or makes you an offer). Their offer is unique in this:
a. They specialize in the type and level of business insurance that you actually need.
b. They seem to place more emphasis on your business and you than on how well they can get your premium.
They will not only quote you a great premium, but they will also give you guidance and advice. They don’t have call centers’ and don’t make you wait in long lines. Instead, they have people who get your business and can help you.
With all the odds (or business insurance quotes) on the table, it is possible to play one against the other with bluffs and raises (or reductions in premiums). Until everyone has played their cards, then you will have to choose who will look after your insurance for the next year.
What will you choose?
1. Your existing insurance provider. They gave you the renewal premium but really only began to play when they were under threat from others.
2. Someone who offers the same thing but costs less
3. A company that helps you save a little bit more but isn’t too different from the rest.
4. An insurance broker who is able to clearly understand your needs and will do all they can to ensure that you are satisfied
Insurance brokers and insurance companies need to pay close attention, as insurance is still a highly price sensitive business. Customers and business owners who are looking for business insurance also want more than a low premium.
They need insurance that is tailored to them, and an insurance company who will work with them and their interests.
They don’t want to be kept waiting in lines, or worse, be forced to wait only to be cut off. They don’t like to be spoken to by someone they don’t understand.
Texas Holdem Poker may be a great game, but insurance for your company is very important. Don’t compromise your rights by not getting the coverage, service and insurance you need.
Mark Burdett (Marketing Manager at) brought you the Texas Holdem Poker: Is Business Insurance the New Texas Holdem Poker? Northern Counties Insurance Brokers. Northern Counties Insurance Brokers is one of the UK’s most reputable. They provide Business Insurance to companies starting in 1928.
Mark Burdett is Northern Counties Insurance Brokers’ Marketing Manager. Mark has more 17 years experience in Marketing the Financial Services Industry and has worked on campaigns such as those for Kia, Norwich Union and Zurich.
Mark is currently based at Newcastle upon Tyne as the Marketing Manager of one of the UK’s most respected insurance brokers, Northern Counties Insurance Brokers.
