Is buying commercial insurance the new Texas Holdem Poker?
If you’re looking to buy business insurance, you’ll 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 position of the dealer in our Business Insurance Poker game so you can see how the game unfolds. Are you sitting comfortably? So let’s start:
If you already have commercial insurance, we’ll give your current insurance provider the dealer button, as they truly have the best seat at the table. They have already established some kind of relationship with you and can sit back and wait to see what the competition does before deciding to act.
So next is the small blind. The small blind is interested in your business as he has put up some of his own money in hopes of winning your business. She may have seen an ad for them, sent you a letter, or called to see if she wants a quote for her business insurance.
Next 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’ve spent a considerable amount of money to get your attention (perhaps a TV commercial or some promotion in the national press) and they’re not likely to give up without a fight. Those are the 3 insurance providers that are definitely interested in you and your business insurance:
– Dealer Button – Your Existing Insurance Provider
– Small blind – Maybe an insurance broker who wants to help you
– Big blind: Perhaps an insurance company that has a large marketing spend and has caught your attention.
This may just be a 3-player game, but as it’s becoming more common with insurance brokers and insurance companies, other parties enter the game. These other insurance providers generally fall into 2 categories:
1. They are likely to offer (or have a hand in) something similar to your existing insurance provider (who still has the button) or to the small or big blind.
2. These new insurance providers will offer you something different. They catch your eye because they have noticed an element of weakness with the other people at the Business Insurance table 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 business insurance this means they will give you more than the other people at the business insurance table.
Let’s play the Business Insurance Poker hand to explain in more detail:
1. Your current insurance provider sends you renewal terms, but you decide to look into 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 that seems similar to your current insurance broker, but saves you a little on your insurance premium. Does it catch your attention but is it enough?
3. You are now in contact with a direct insurer. You know their name, you’ve seen their ads and they lower your renewal price even more. Sounds great, yes? Well, maybe, but let’s see how the game unfolds.
4. Another player enters the game and places a bet (or in this case makes you an offer). His offer is different in that:
on. They specialize in the type of business insurance you are really looking for.
B. They seem to focus more on you and your business than how good they are and how cheap they can get your premium.
Cons They quote you a very good premium, but also offer you advice, guidance and tell you that if you suffer a loss with them, they will be there to help you. They don’t have call centers’, they don’t make you wait in queues. Instead, they employ people who understand your business, understand your needs, and are here to help.
So, with the betting (or trade insurance quotes) on the table, you may want to play against each other with bluffs, raises (or in this case, premium cuts) until everyone has played their hand and you have what to decide who will take care of your insurance for another year.
will you choose
1. Your existing insurance provider – who gave you your renewal premium, but only really started playing when you were under threat from other providers.
2. Someone who offers you the same 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’re satisfied
Insurance companies and brokers need to pay attention, because while insurance is still a very price-sensitive business, the reality is that customers and people who buy business insurance want more than a cheap premium.
They want coverage tailored to their needs, they want an insurance provider who works for them and has their interests in mind, and they want someone to talk to when they need it most.
They don’t want to be made to wait in lines or, worse yet, to be made to wait just to get 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 insurance for your business is serious business. Make sure you get the coverage, service and insurance provider you deserve and don’t mess it up.
It is the purchase of Business Insurance, the new Texas Holdem Poker presented by Mark Burdett, marketing manager of Northern Counties Insurance Brokers. As one of the UK’s leading insurance brokers, Northern Counties has been providing business insurance to businesses since 1928, specializing in commercial insurance, commercial motor insurance, child insurance and care home insurance.