BUSINESS INSURANCE QUOTE

The impact of insurance on small businesses in Quebec

The insurance sector is constantly developing to offer different profiles solutions tailored to their needs. Business owners now have the option of subscribing to cover more in line with their expectations.

Some consider insurance to be a commodity, and policyholders simply want an online quote without the advice. This is not the case, however, as the managers of small business value brokers' advice much more. As a result, brokers have to make sure they don't miss out on anything by filling in the various gaps present when offering their services.

Small businesses represent a segment of the insurance market that needs the most suitable and comprehensive coverage possible when quoting insurance. It has to be said that the perception of the insurance industry is very nebulous, and small structures need to be reassured that they can get tailor-made solutions when it comes to coverage. Before the advent of the Internet, customers would undoubtedly turn to brokers for advice and information. But the situation has changed since then, as policyholders seek information first on the web in order to identify the right provider and get more details. The dilemma is that they are always faced with numerous choices, and this is where a broker can step in to show them the cover that best suits their respective structures.

At Assur360, you get the best of both worlds: you start your quotation on the Net and you are advised by an experienced broker.

The most ambiguous aspects of insurance

A survey of small businesses carried out last year revealed that many of these companies do not subscribe to, or request, a commercial insurance quote. The reason for this is that owners feel that the price of this type of cover is exorbitant, or that since their structures are domiciled in their homes, they are therefore covered by the home insurance contract.

It's up to brokers to take matters into their own hands and better inform the owners of these businesses, emphasizing the need for adequate and comprehensive coverage for optimum protection. It's also an opportunity to dispel a few myths about insurance, particularly with regard to premiums, by projecting the cost of business insurance onto that of home or car insurance. In fact, insurance for small businesses hardly exceeds a few hundred dollars a year.

How can brokers address the concerns of owners of small structures and reassure them about the coverage and prices of the various coverages on offer?

Small businesses are generally considered to be a segment that seeks only the lowest insurance rates. But in practice, they are looking for adequate coverage that fits within their budgets. And that makes all the difference to brokers.
Breaking down the myths surrounding the insurance industry is very important, starting with better informing customers on the subject. This can be achieved through regular publications on the Internet. Customers need to have access to information of interest to them, such as coverage, quotes and rates. Brokers need to study the files of high-paying customers to offer them cover that best suits their exact needs and ideally covers the risks involved.

How do you approach customers who don't have the time to learn about insurance?

It's very important to bear in mind that sme owners occupy a number of different positions and are generally responsible for several tasks, such as marketing, finance, management, sales and so on. As a result, they have little time. That's why brokers need to be more attentive to their needs, depending on their availability, in order to better communicate with them about their business insurance. They need to exploit the various tools at their disposal to get in touch with business owners, whether by telephone, e-mail or text message. It's hardly necessary to demand a face-to-face meeting with someone who's too busy. There are a number of technologies available today that can make it easier to communicate with people who don't have much time, and for whom every minute counts. It's very important to offer a better experience to such customers.

What methods should be adopted to transform these customers from simple insurance policyholders into genuine risk management partners?

Ongoing communication and exchange can significantly limit the risks associated with customer activities. The multiplication of case studies, testimonials and communication efforts will provide brokers with many opportunities to approach their customers and discuss preventive measures with them. It's also a chance not to be missed to build a relationship of trust with policyholders outside the insurance renewal process, by bringing them up to date with the latest practices and insurance news.

What can brokers offer small business owners?

In addition to providing advice on coverage and guarantees, brokers can interact with policyholders, informing them about prevention tools and regulatory changes that affect them in their sector of activity. Brokers can offer preventive solutions to avert losses that could impact their company's day-to-day business.
Today, more and more brokers are taking the initiative to assist their customers in the research process. We're talking here about technologies that publish sector-specific information, or online tools that inform customers about the different insurance solutions available to them.

Other points to remember about customers in the small business segment

The impression can be created that small companies are seen as second-tier customers, and are only approached by brokers once they have already secured a good deal with the larger structures.

That said, small business owners are entitled to take great pride in their contribution to the country's economy. They aspire to have the consideration and respect they deserve. Suffice it to say that Canada is home to no less than two million small businesses, representing 95% of the country's economic fabric. These companies aspire to real and effective collaboration with brokers, who must help them choose the best business insurance solutions and quotes to suit their needs.

Prevention services are designed to boost safety, compliance and risk management practices. Of course, it's always a good idea to seek out the services of a professional for more pertinent advice and information on insurance policies, and to obtain quality business insurance quotes.