If you are looking to buy commercial insurance, you will have a certain level of power over a number of insurance brokers, insurance companies, and insurance providers who want to do business with you.
With this in mind, we will place you in the dealer position in our Business Insurance Poker game so you can see how the game plays out. Are you sitting comfortably? So let’s get started:
If you already have commercial insurance, we will give your current insurance provider the dealer button as you really have the best seat at the table. They have already established some kind of relationship with you and can sit back and see what the competition does before deciding to act.
So the next thing is the small blind. The little blind man has an interest in your business, as he has invested some of his own money in the hope that he can earn your business. You may have seen an ad for them, they may have sent you a letter or called you to see if you would like a quote for your business insurance.
Next is the big blind. The big blind when it comes to commercial insurance may well be an insurance provider you’ve heard of. They have spent a considerable amount of money to get your attention (perhaps a television ad or some promotion in the national press) and they are not likely to give up without a fight. So those are the 3 insurance providers that are definitely interested in you and your business insurance:
– Dealer button – Your current insurance provider
– Little blind: maybe an insurance broker who would like to help you
– Big blind – Perhaps an insurance company that has a large investment in marketing and has caught your eye.
This may just be a 3 player game, but as it is becoming more common with insurance brokers and insurance companies, other parties are entering the game. These other insurance providers generally fall into 2 categories:
1. They are likely to offer something (or have a hand) similar to your existing insurance provider (who still has the button) or the small or big blind.
2. These new insurance providers will offer you something different. They get your attention as they have noticed an element of weakness with the other people at the Commercial Insurance table and are planning to show you how good they are. So how are they going to do this? Well most of the time they will increase and when it comes to commercial insurance this means they will give you more than the other people at the commercial insurance table.
Let’s play the Business Insurance Poker hand to explain in more detail:
1. Your current insurance provider sends you their renewal terms, but you decide to look up alternative insurance quotes as it is more expensive than last year or you just want to see what else is available.
2. You receive a letter from an insurance broker that looks similar to your current insurance broker, but saves you a bit on your insurance premium. Does it catch your attention but is it enough?
3. Now a direct insurer will contact you. You know their name, you’ve seen their ads, and they lower your renewal price even further. Sounds great right? Well maybe, but let’s see how the game plays out.
4. Another player enters the game and makes a bet (or in this case makes you an offer). Your offer is different in that:
to. They specialize in the type of business insurance you are looking for.
B. They seem to focus more on you and your business than how good you are and how cheap you can get your premium.
vs. They quote you a very good premium but in addition to this they offer you advice, guidance and tell you that if you suffer a loss with them they will be there to help you. They don’t have call centers’, they don’t make you wait in queues. Instead, they employ people who understand your business, understand your needs, and are here to help you.
So with the bets (or business insurance quotes) on the table, you may want to play against each other with bluffs, raises (or in this case premium reductions) until everyone has played their hand and you have to to decide. who to take care of your insurance for another year.
Will you choose?
1. Your current insurance provider – Whoever gave you your renewal premium, but only started gambling when you were under threat from other providers.
2. Someone who offers you the same but saves you a little money
3. A business that saves you a little more money, but doesn’t really stand out from the crowd.
4. An insurance broker who seems to understand what you need and will do whatever it takes to make sure you’re satisfied.
Insurance companies and brokers need to pay attention, because while insurance is still a very price-sensitive business, the reality is that customers and people buying commercial insurance want more than a cheap premium.
They want coverage that is tailored to their needs, they want an insurance provider that works for them and has their interests in mind, and they want someone to talk to when they need it most.
They don’t want to be kept waiting in queues or worse still, just to be cut off. They also don’t want to talk to someone they don’t understand or don’t understand.
Texas Holdem Poker is a great game, but insurance for your business is serious business. Make sure you get the coverage, service, and insurance provider you deserve and don’t screw it up.
You are buying commercial insurance, the new Texas Holdem Poker was introduced to you by Mark Burdett, Marketing Manager of Northern Counties Insurance Brokers. As one of the UK’s leading insurance brokers, the Northern Counties have provided business insurance to businesses since 1928 and specialize in business insurance, commercial car insurance, childcare insurance and assisted home insurance.
