How to Find the Best Commercial Insurance Rates for Clients

Insurance broker working client to find the best commercial insurance rates

Strong customer relationships are the cornerstone of building a successful business. And you build strong relationships by managing customer expectations, proactively putting their interests first, and building a reputation for over-delivering.

One of your biggest advantages as a broker is that you aren’t tied to any particular company or policy. Your unique flexibility means you can leverage your expertise to walk your customers through the process of finding the right policy at best possible rate. 

How do you find the best commercial rates for clients in 2022? The secret is this: it’s all about putting the client at the center of the experience.

Re-focus on Their Needs

The first place to start is by understanding your customer’s business model and what kind of coverage they need. Consider their current level of risk and how different policies can help them mitigate this risk. 

The amount your customers will pay for insurance will largely depend on the type of business they run. Riskier industries, like construction and manufacturing, will come with higher liability insurance. 

After all, the more risk a company takes on, the more likely they are to file a claim. And a business that has a lot of employees automatically comes with a higher level of risk. 

Your role is to use this data to analyze what the client’s biggest risk factors are and the types of coverage they can benefit from. 

For instance, commercial umbrella insurance is an add-on policy that will cover any additional costs outside of their general liability policy. An umbrella policy can help your customers save on out-of-pocket costs, such as legal fees or mediation expenses. 

Another hot product recently is business interruption insurance. Business interruption insurance can help supplement lost income due to forced closure.

The application will need to outline how many full-time and part-time employees and contractors they have on staff. Fortunately, technology makes it easier to run more accurate payroll, identify the correct class codes, and mitigate these risk factors to improve clients’ risk profiles. 

Bundle, Bundle, Bundle

Bundling multiple policies is one of the easiest ways to ensure that businesses receive adequate coverage at optimal rates. Most companies need a wide variety of coverage, and in many states, coverage is a requirement. Commercial auto, commercial property, and workers compensation insurance are all examples of mandatory coverage that often come with a big price tag when sold individually. 

By bundling these policies together, businesses are more likely to receive a discount and streamline their services. Clients who bundle multiple policies together remain customers longer. Why? Because bundling policies increases the opportunity cost of changing their policies based on a promise from another broker. 

Thanks to technology, bundling has never been easier. You can now analyze historical data and create personalized packages for your clients. 

Get Proactive About Re-Evaluating Coverage

Your customer’s insurance needs will change, so it’s a good idea to re-assess their coverage annually (at a minimum). Yearly check-ins allow you to ensure that clients have adequate coverage. These meetings are also a good time to pitch new products, as appropriate.

Before it’s time to renew, check to see what their current policy is and compare that to the current market offering. Then, consider any recent changes your customers have gone through. Changes impacting their premiums include:

  • bringing on new employees
  • purchasing new equipment
  • expanding into a new industry

If their risk profile changes or their payroll shoots up, then your client may need different coverage.

Shop Around

Finally, the best way to find a great deal for your clients is by utilizing technology and shopping around. Carriers offer differing levels of coverage at a wide range of price points; it doesn’t hurt to see what’s out there.

So, make sure you receive quotes from multiple companies and find the best recommendations for your clients. For instance, taking advantage of specialty insurtechs can help you find policies tailored to your unique clients that also offer more comprehensive coverage at a better price point.

Get the Best Policy at the Right Rate Every Time

The best rates rarely reach out and shake your hand. You need to look for them, and doing so proactively will benefit your clients. Thankfully, insurtechs like Foresight are making the process faster and more accurate.

If you need assistance finding the best commercial insurance rates for your clients, Foresight can help. When you become an appointed broker with Foresight, you’ll receive access to our cutting-edge risk management technology and a streamlined process that puts your clients first. 

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