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HOW TO INSURE BUSINESS OWNERS WITH LIFE INSURANCE
National Edition Learn the Coverage. Find the Prospect. Build the Account.
DOESN'T COME TO WORK TOMORROW? That's the conversation many commercial insurance accounts never have. A business owner's death can create two problems simultaneously: A family problem. and A business problem.
THE BUSINESS OWNER MAY HAVE SEVERAL DIFFERENT LIFE-INSURANCE NEEDS. One owner can create multiple exposures. FAMILY PROTECTION
THEY MAY ALL EXIST INSIDE ONE COMMERCIAL ACCOUNT. WHAT YOU'LL LEARN This practical producer guide helps you work through topics including:
It's to teach the producer to:
WHO IS THIS GUIDE FOR? Especially useful for:
Because: YOU MAY ALREADY HAVE THE PROSPECTS. START WITH THE BUSINESS Before discussing a policy, understand the company. Ask:
THE OWNER'S FAMILY MAY DEPEND ON THE BUSINESS TOO. Business owners frequently blur the line between: Business income and Family income. The company may provide:
The producer needs to look beyond the company balance sheet. THE BUSINESS MAY BE THE FAMILY'S MOST IMPORTANT FINANCIAL ASSET. BUSINESS DEBT DOESN'T NECESSARILY DIE WITH THE OWNER Ask about:
Don't assume. Verify. The question isn't simply:
A company may have 25 employees but depend heavily upon one person.
And sometimes the key person isn't the owner. WHAT HAPPENS TO THE OWNERSHIP? Suppose two people own a company 50/50. One dies.
Legal and tax professionals may need to be involved. The insurance producer shouldn't practice law. But the producer should know enough to recognize:
The business owner says:
Now ask:
NOW LET'S FIND THE PROSPECT. This is where the opportunity becomes especially interesting for Commercial Lines agencies. START WITH YOUR OWN BOOK. You don't necessarily need another lead company. You may need a better report from your agency management system. PROSPECTING TRIGGER #1 EVERY COMMERCIAL ACCOUNT WITH AN OWNER Pull a list of appropriate commercial clients. Then ask:
The other sounds like prospecting. PROSPECTING TRIGGER #2 BUSINESSES WITH MULTIPLE OWNERS Multiple owners should immediately make the producer curious. Ask:
The producer recognizes the potential insurance need. PROSPECTING TRIGGER #3 BUSINESS LOANS A client tells you:
PROSPECTING TRIGGER #4 RAPID GROWTH The business adds:
The Life & Health producer should notice too. GROWTH CHANGES THE EXPOSURE. PROSPECTING TRIGGER #5 A NEW PARTNER Ownership changed. That should trigger questions.
REVIEW. PROSPECTING TRIGGER #6 SUCCESSION TALK The owner says:
That's a business-continuation clue. Ask:
Either way, the producer demonstrated value. |
COMMERCIAL RENEWALS ARE PROSPECTING OPPORTUNITIES
You're already reviewing:
BUILD A BUSINESS-OWNER OPPORTUNITY REPORT Sort appropriate commercial accounts by factors such as:
Don't attack 500 accounts. Start with 20. TURN THE COMMERCIAL BOOK INTO A PROSPECTING SYSTEM. CENTERS OF INFLUENCE Business owners often work closely with:
The producer's job isn't to pretend to provide every professional service. It's to become the insurance professional other advisors are comfortable bringing into the conversation. A CPA doesn't need another salesperson. A CPA may appreciate an insurance professional who knows when to say: “THAT'S A QUESTION FOR YOUR CPA.” Professional boundaries can actually strengthen referral relationships. EDUCATIONAL PROSPECTING Business owners have questions. Answer them.
A 30-DAY BUSINESS-OWNER PROSPECTING PLAN WEEK 1 — MINE THE COMMERCIAL BOOK Identify 20 appropriate business-owner accounts. Look especially for:
WEEK 2 — START THE CONVERSATION Ask:
WEEK 3 — CREATE ONE EDUCATIONAL PIECE Example:
Explain the issue without pretending there is one universal answer. WEEK 4 — FOLLOW THE OPPORTUNITIES Track:
ONE COMMERCIAL ACCOUNT CAN OPEN MULTIPLE DOORS Suppose you insure a contractor. During the annual review you discover:
Multiple legitimate needs. THAT'S ACCOUNT DEVELOPMENT. REAL-WORLD PRODUCER THINKING The guide includes practical business-owner situations requiring producers to work through:
Ask another question.
That's producer judgment. PRACTICAL PRODUCER TOOLS Use this guide for:
WHAT COULD ONE BUSINESS-OWNER RELATIONSHIP BE WORTH? The guide costs: $25.
$25 — BUY IT ONCE. USE IT FROM NOW ON. CLICK HERE TO BUY — ONLY $25 YOU ALREADY HAVE COMMERCIAL CLIENTS. WOULD YOU LIKE MORE OF THEM? Knowing where the opportunities exist inside your current book is valuable. Building a steady flow of new business owners is the next challenge. FYI Express+ can help agencies use educational marketing, local visibility and niche prospecting to become more visible to the businesses they want to insure. Instead of advertising:
Then give them a reason to call. BE FOUND. BE HELPFUL. BE REMEMBERED. ASK EDDIE ABOUT BUSINESS-OWNER PROSPECTING & FYI LOCAL VISIBILITY RELATED HOW TO INSURE GUIDES KEY PERSONS
BUY-SELL AGREEMENTS
SMALL GROUP HEALTH INSURANCE
DISABILITY INCOME The owner's ability to work may be one of the business's most important assets. FREE SAMPLE DOWNLOAD FREE GUIDE HOW TO INSURE BUSINESS OWNERS WITH LIFE INSURANCE
Buy It Once. Use It From Now On. CLICK HERE TO BUY FYI EXPRESS+ Practical Training. Better Producers. Stronger Agencies. Learn the Coverage. Find the Prospect. Build the Account. |
