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The Impact of Insurance on Quebec Small Businesses
The insurance sector is constantly developing to offer different profiles solutions adapted to their needs and in a personalized way. Business owners now have the opportunity to subscribe to guarantees that are more in line with their expectations.
Some consider insurance to be a commodity and those who are insuredonly want to get an online quote without the advice. However, this is not the case given that managers of small companies value the advice of brokers much more. And as a result, they must make sure they don’t miss anything by filling in the various gaps present at the time of offering their services.
Small businesses represent a segment of the insurance market that needs the most appropriate and comprehensive coverage possible when quoting insurance. It must be said that the perception of the insurance industry is very nebulous and small structures need to be reassured about the possibility of having tailor-made solutions in terms of coverage. Before the arrival of the net, customers turned to brokers for a quote to ask for advice and information. But the situation has changed since then, as policyholders first look for information on the web in order to find the right provider and get more details. The dilemma is that they are always faced with many choices and this is where a broker can come in to tell them which coverage is best for their respective structures.
At Assur360 you have the best of both worlds, you start your submission on the Net and you are advised by an experienced broker.
The most ambiguous elements in insurance
A study of small businesses conducted last year found that many of these businesses do not purchase or request a quote for commercial insurance. The reason is that homeowners believe that the prices of this type of coverage are exorbitant or that since their structures are domiciled in their places of residence, they are therefore covered by the home insurance contract.
At this level, it is the brokers who must take matters into their own hands in order to better inform owners of these trades, stressing the need to have adequate and complete coverage to be optimally protected. It is also an opportunity to eliminate some mythical ideas about insurance, particularly with regard to the insurance premium, by projecting the amount of business insurance onto that of home or car insurance. However, insurance dedicated to small businesses hardly exceeds a few hundred dollars annually.
How can brokers deal with the concerns of small structure owners and reassure them about the coverage and prices of the various coverages offered?
Generally, small businesses are seen as a segment that only seeks the lowest insurance rates. But in concrete terms, they are looking for adequate coverage that fits into their budgets. This makes all the difference with brokers.
Busting the myths surrounding the insurance industry is very important by starting by better educating customers about it. Several steps should be taken in this direction through regular publications on the internet. Customers must access the various information that may be of interest to them, such as the guarantees offered, quotes, rates, among others. Brokers must review the files of clients who pay high insurance to provide them with the coverage that best suits their exact needs and that ideally covers the risks involved.
How do you approach customers who don’t have time to learn about insurance?
It is very important to keep in mind that SME owners have different functions and usually take care of several tasks like marketing, finance, management, sales, etc. And because of this, they have little time. This is why brokers must be more attentive to them according to their availability in order to better communicate with them about their business insurance.
They must use the various tools at their disposal to get in touch with their business leaders, whether by phone, email or text. There is little need to demand a direct meeting with someone who is too busy. Different technologies are available nowadays that can facilitate communication with people who don’t have a lot of time and for whom every minute counts. It is very important to provide a better experience for such customers.
What methods can be adopted to transform these customers from simple insurance policyholders to real partners in risk management?
Continuous communication and exchange makes it possible to significantly limit the risks associated with customer activities. The proliferation of case studies, testimonials and communication efforts will provide opportunities for brokers to approach their clients and discuss prevention with them. It is also an opportunity not to be missed to establish a relationship of trust with policyholders outside the insurance contract renewal process, by keeping them informed of the latest practices and news in insurance.
What can brokers offer small business owners?
In addition to providing advice on coverage and coverage, brokers can interact with policyholders by informing them about prevention tools and changes to current regulations that affect them based on their industry. Brokers can offer prevention solutions to prevent claims that may impact the regular activity of their companies.
Nowadays, more and more brokers are taking the initiative to assist their clients in the search process. These include technologies that provide industry-specific information or online tools that inform customers about the different insurance solutions available to them.
Other takeaways about small business customers
One may have the impression that small companies are considered second-tier customers and that they are only contacted by brokers once they have already concluded good deals with the large structures.
That said, small business owners have a right 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 has no less than two million small businesses, representing 95% of the country’s economic fabric. These companies aspire to a real and effective collaboration with brokers who must assist them in choosing the best solutions and business insurance quotes in accordance with their needs.
The services offered in terms of prevention aim to boost the practices adopted in the context of safety, compliance and risk management. Of course, it is always wise to seek the services of a professional for more relevant advice and to inform yourself judiciously about insurance policies and to obtain quality business insurance quotes.
- Use an insurance comparison tool such as Assur360.
- Fill out an online form with detailed information about your business.
- Receive several offers from insurers and choose the one that suits you best.
- Contact a broker if you want a personalized analysis and negotiation of rates.
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