Do you know what your client expects from their broker?
Insuring Your Contractor Clients
Contractors Insurance 101
Why your client discontinued business with you?
Customer retention is just as important as lead generation. If you are bringing in hundreds of new leads but are loosing 50% of your client base, you might have to shift your focus towards retention. In this article we go over the top reasons clients discontinue business with their brokers to give you insight on where your focus should be when setting up a customer retention strategy.
Lack of Expertise Shown
Trust is the foundation of relationship building. There are several reasons a client would choose to work with you, however, one of the main reasons is because they trust that you have their best interest in mind when providing coverage for their business.
As a broker, you should be asking your client thought-provoking questions while conducting a risk analysis in order to provide the broadest coverage terms available. Showing your client that you pay attention to details will give them the comfort and trust that there are no gaps in their coverage.
Lack of direct links with insurance markets
As a broker, you are advocating for the broker's best interest. To many small businesses seeking insurance, pricing is their main concern.
You should be able to provide competitive quotes and negotiate policy terms in order to give your client the best coverage possible.
One of the biggest reasons a client will decide not to work with you is due to the fact that they can access better markets with a better price elsewhere.
Lack of specialized experience
It is important to constantly be learning about the industry you operate in as a broker. The industry is constantly changing and new programs are always being added, therefore the client expects you to be updated on all changes happening in your industry.
Have you just moved from personal lines to commercial lines? Your client will expect you to learn quickly and provide them with the same expertise as a seasoned commercial broker.
Greenwood General Insurance Agency is staffed with seasoned Underwriters ready to assist you in your risk submissions to ensure all the necessary information is provided. The Underwriters at Greenwood specialize in providing our brokers with everything they need to ensure their success.
Continuous Errors and Omissions
Although everyone makes mistakes, a lack of attention to details can put your clients business at risk when a claim arises.
Continuous inconsistencies between policy terms and insurance policies are not only a waste of time for you as a broker, but puts the client in a bad position.
Last minute renewal processes & Late binding
Being late with a bind or renewal are grounds for a client seeking coverage elsewhere. If you are sending out your renewal application 30-60 days before a policy is about to expire, try raising the time period to 90 days.
This ensures plenty of time for the insured to prepare their application as well as reducing the stress of trying to beat a deadline on the broker's end.
Hard to reach
What does your availability look like? Does a client have to call you several times a day just to reach you? Are you available to answer your clients questions over the weekend or after 5pm?
There are brokers out there that provide their clients with full support at any time of the day. Your clients expect to receive the same treatment as claims can happen at any time. Ease of business is key when you think of what value you can offer the client.
Here at Greenwood, we focus on fast communication and easy applications, which is what makes our brokers so successful. Get started by booking a free demo with our Business Development Manager.
Greenwood General Insurance Agency
Exclusive General Liability programs specifically designed for contractors and artisans
- Multiple “A” Rated Carriers ; Non-Admitted
- 50+ Classifications including General Contractors
- Online or Self Rater (2 minute process)
- $500 Minimum Premium on Most Classes
- No Prior and New Venture OK
- Flexible Underwriting
Greenwood General Insurance Agency
Are you ready to start writing more profitable business? Book a free demo with us to learn about our fast and easy online quoting system