If you are considering purchasing commercial insurance, you will have a certain level of power over a number of insurance brokers, insurance companies, and insurance providers who want to do business with you.
With this in mind, we’ll put you in the dealer position in our Business Insurance Poker game so you can watch the game unfold. Are you sitting comfortably? So let’s get started:
If you already have commercial insurance, we’ll give your current insurance provider the dealer button, since they really do have the best seat at the table. They have already built some kind of relationship with you and can sit back and see what the competition does before deciding to act.
Next up is the small blind. The small blind has an interest in your business as he has put in some of his own money in hopes of winning your business. You may have seen an ad for them, they have sent you a letter or they have called you to see if you would like a quote for your Business Insurance.
Next up is the big blind. The big blind when it comes to business insurance could very well be an insurance provider you’ve heard of. They have spent a considerable amount of money to get your attention (perhaps a TV ad or some promotion in the national press) and they are not likely to give up without a fight. Here are the 3 insurance providers that are definitely interested in you and your business insurance:
– Dealer button – Your current insurance provider
– Small blind – Perhaps an insurance broker who would like to help you
– Big blind: perhaps an insurance company that has invested heavily in marketing and has captured your attention.
This may only be a 3 player game, but as it is becoming more common among insurance brokers and insurance companies, other parties are entering the game. These other insurance providers generally fall into 2 categories:
1. They are likely to offer something (or have a hand) similar to your current insurance provider (who still has the button) or the big or small blind.
2. These new insurance providers will offer you something different. They get your attention because they have noticed an element of weakness in the other people at the commercial insurance desk and plan to show you how good they are. So how are they going to do this? Well, most of the time they will go up, and when it comes to commercial insurance, this means that they will give you more than the other people at the commercial insurance table.
Let’s play the Business Insurance Poker hand to explain it in more detail:
1. Your current insurance provider sends you renewal terms, but you decide to look for alternative insurance quotes because it’s more expensive than last year or you just want to see what else is available.
2. You receive a letter from an insurance broker who seems similar to your current insurance broker, but saves you a little on your insurance premium. Does it catch your eye but is it enough?
3. You will now be contacted by a direct insurer. You know their name, you’ve seen their ads, and they lower your renewal price even further. Sounds great, yes? Well maybe but let’s see how the game plays out.
4. Another player enters the game and places a bet (or in this case makes you an offer). His offer differs in that:
to. They specialize in the type of business insurance you’re really looking for.
b. They seem to focus more on you and your business than how good you are and how cheap you can get your premium.
C. They quote you a very good premium but also offer advice, guidance and tell you that if you suffer a loss with them, they will be there to help you. They don’t have a call center, they don’t make you wait in line. Instead, they employ people who understand your business, understand your needs, and are here to help you.
So, with all the bets (or trade insurance quotes) on the table, you may want to play against each other with bluffs, raises (or in this case reductions in premiums) until everyone has played their hand and you have to decide. . who will take care of your insurance for another year.
will you choose
1. Your current insurance provider – who gave you your renewal premium but only started playing when threatened by other providers.
2. Someone who offers you the same thing but saves you a little money
3. A company that saves you a little more money but doesn’t really stand out from the crowd.
4. An insurance broker who seems to understand what you need and will do whatever it takes to make sure you are satisfied.
Insurance companies and insurance brokers need to pay attention, because while insurance is still a very price sensitive business, the reality is that customers and people who buy commercial insurance want more than a cheap premium.
They want coverage tailored to their needs, they want an insurance provider that works for them and with their interests in mind, and they want someone to talk to when they need them most.
They don’t want to be kept waiting in lines or, worse yet, kept waiting only to be cut off. They also don’t want to talk to someone they don’t understand or who doesn’t understand them.
Texas Holdem Poker is a great game, but securing your business is serious business. Make sure you get the coverage, service and insurance provider you deserve and don’t break the bank.
While shopping for business insurance, Mark Burdett, Texas Holdem Poker Marketing Manager, introduced him to the new Texas Holdem Poker. Northern Counties Insurance Brokers. As one of the UK’s leading insurance brokers, Northern Counties has been offering commercial insurance to businesses since 1928 and specializes in commercial insurance, commercial auto insurance, day care insurance and nursing home insurance.
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