According to commercial property insurance experts, the biggest success secrets for agents and brokers operating in this space relate to building strong relationships, gathering detailed information, and educating clients.
Here are six specific tips for success in commercial property insurance:
- Focus on building sustainable long-term relationships. Understanding the market and client needs is key. You need the most up-to-date CAT projections and evolving risk info to convince clients of the need for rate increases and expanded coverages.
- Educate your clients from the beginning of your relationship with them. As you gather information, share it with them throughout the process. The more you know and convey information, the better off you will be.
- Provide satisfactory application information on behalf of clients. Understand the insureds’ business income and common extra expenses to ensure that the insurance-to-value is adequate.
- Develop open communication and long-term relationships with carriers. A strong partnership will help you respond quickly to evolving markets and individual customers’ changing needs.
- Look to partner with carriers that invest in data management and technology. That allows you to focus on growing sales and risk management.
- For stable long-term growth, focus most on clients that are safety-minded and open to recommendations. Help them become — and then stay — proactive at maintaining their facilities and addressing risk-control deficiencies.
The following graphic from the March 2020 issue of NU Property & Casualty magazine takes a closer look at the current commercial property insurance landscape.