Whether your client is a seasoned entrepreneur or a brand new one, purchasing property can be scary. There are so many aspects to owning property that even the most experienced property owner can miss things. It is your job as a broker to ensure that at least one aspect of their business is stress-free, purchasing insurance.
A lot of entrepreneurs do not take the time to research insurance since they are juggling so many other things. Here are 5 things you should know before purchasing commercial property insurance for your client.
Their Current Policy
You should take a look at their existing policy so you know what coverages they currently have. While you do need to do your own assessment of their risks and coverages needed, this will at least give you a baseline. Even better, it will help you point out what is missing.
Identify Their Pain Point
This goes hand in hand with reviewing their current policy. Identifying what is missing is a great way to land the sale. In addition, pointing out something unique that they might not have thought about will help to build the trust between you and your client.
You should know what coverage options are available from any company you shop the policy out to. Things like equipment breakdown, cyber liability, business income, and ordinance or law can make a huge difference at claim time.
Make sure you review their policy with them on an annual basis. This will help you to retain the client, and make sure their policy still covers their business venture. As you know, entrepreneurs are constantly doing new things and may not always think to tell you. Proactively reviewing their policy and the business venture will give them confidence that you have their best interests at heart.
Working with Us
One of the best things you can do for your client is to work with us. Novita Insurance Solutions has a great package from ComStar that covers a lot of the bells and whistles that are necessary for property owners. Give us a call today to see how we can help you and your client.