Managing your insurance policies effectively is essential for the smooth operation of any small business. At Pie Insurance, the audit and renewal processes are designed to ensure that your small business is adequately covered, your premiums are fair, and that you stay compliant with state regulations. This blog post will walk you through these processes, offering insights into how they work, what you can expect, and tips to make everything run more smoothly.

The Importance of Audits in Insurance

An insurance audit plays a key role in verifying that your premiums align with your actual business activities. It’s a way for Pie Insurance to confirm the accuracy of payroll, classifications, and other relevant details provided at the policy’s inception or renewal.

Why Audits Matter:

Compliance and Accuracy: Audits help ensure compliance with state regulations and verify the accurate reporting of payroll and classifications. This accuracy is important because misclassifications can lead to either underpayment or overpayment of premiums, both of which can have financial implications for your small business.
Premium Adjustments: The audit might reveal changes in your small business operations, such as increased payroll or the use of subcontractors, which can impact your premium. Adjusting these factors ensures that you are neither overpaying nor underpaying for your small business insurance coverage.

The Audit Process Explained

The audit process at Pie Insurance can be broken down into several key stages:

Pre-Audit Preparation:

Prior to the policy expiration, Pie Insurance will notify you that an audit is upcoming. This notification serves as a reminder to start gathering the necessary documents, such as payroll records, profit and loss statements, and details about subcontractors.

Types of Audits:

Depending on your business size, industry, and state regulations, the audit might be conducted via mail, phone, or in-person (often handled by a third-party vendor). Some states may also require physical audits or test audits to ensure accuracy.

Document Submission:

After the policy expires, you will be asked to submit specific documents for review. This submission typically occurs within two weeks of the policy’s expiration. The requested documents might include payroll records, profit and loss statements, quarterly tax reports, and descriptions of your business operations.

Audit Review:

Once you submit your documents, the audit team at Pie Insurance will review them to ensure all payroll and classification details are accurate. They may also verify the use of subcontractors and check for any significant changes that could impact your premium.

Post-Audit Adjustments:

If the audit reveals significant changes, Pie Insurance will adjust your policy accordingly. For instance, if your payroll has increased substantially, your premium may be adjusted to reflect this. Conversely, if you’ve been overpaying, you may be eligible for a refund or credit.

Common Audit Requirements

To ensure a smooth audit process, it's essential to understand the typical documents and information that might be required:

Payroll Records: These are needed to assess the accurate exposure on your policy, considering specifics such as overtime, tips, and severance pay.
Profit and Loss Statements: These help verify subcontractor usage and provide a clear link between payroll and revenue, ensuring that subcontractor exposure is accurately captured.
Quarterly Reports: These are used to confirm employee pay and are typically required for verification by state and federal agencies.

Renewal Process at Pie Insurance

The renewal process at Pie Insurance is structured to ensure that your coverage remains uninterrupted and relevant to your current business needs. Here’s how it works:

Organized by DNR Date:

The workload for renewals is organized by the policy’s Do Not Renew (DNR) date, which is state-regulated. This date dictates the timeline by which Pie Insurance must notify you if they choose not to renew your policy.

Renewal Review:

About 60 to 105 days before your policy expires, the Pie Insurance team begins reviewing your policy to determine whether to renew it or issue a non-renewal. This review is based on factors such as claims history, changes in business operations, and compliance with underwriting guidelines.

Quote Delivery:

If your policy is up for renewal, you can expect to receive a quote approximately 30 days before the policy’s effective date. If your premium exceeds $20,000, the quote will be sent to your agent first, allowing them to review and adjust it if necessary. For premiums under $20,000, both the small business owner and their agent will receive the quote directly.

Non-Renewal Process:

If Pie Insurance decides not to renew your policy, you will be notified in advance. This notification allows you time to seek alternative coverage. Additionally, your agent will receive loss runs within three days of the non-renewal decision to assist in finding new coverage.

Reasons for Non-Renewal

Several factors can lead to a non-renewal of your policy, including:

Adverse Loss History: If your business has a history of frequent or severe claims, Pie Insurance might choose not to renew your policy.
Misalignment with Underwriting Guidelines: If your business operations have changed and no longer fit within Pie Insurance’s underwriting appetite, this could also result in non-renewal.
Uncooperative Audits: Failure to comply with audit requests can lead to non-renewal, as accurate data is critical for proper underwriting.

Tips for a Smooth Audit and Renewal Process

Prepare in Advance: Start gathering your documents early, and ensure that your payroll records and profit and loss statements are accurate and up-to-date.
Communicate with Your Auditor: Use the audit process as an opportunity to learn. Auditors are knowledgeable and can provide valuable insights into classifications and payroll reporting.
Update Payroll Information Promptly: If you know that your payroll will change in the upcoming year, inform Pie Insurance as soon as possible to receive an accurate renewal quote.

Navigating the audit and renewal processes at Pie Insurance doesn’t have to be daunting. By understanding the process, preparing in advance, and maintaining open communication with your insurance provider, you can ensure that your coverage remains appropriate for your business needs. Remember, these processes are in place to protect both you and your insurer, ensuring that your premiums are fair and that your business is adequately covered.

For further support, here is a renewals and audits checklist for small businesses. By taking these steps, small business owners can help to better protect their employees.

Thanks for reading! This content is intended for educational purposes only and does not imply coverage under workers’ compensation or other insurance offered through Pie Insurance Services, Inc. Please consult an agent or attorney for any questions regarding applicability of insurance coverage in all circumstances.

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Running a small business in Delaware is no small feat. Especially when it involves vehicles.

You've got to juggle a lot. From managing operations to ensuring the safety of your assets. And one of those crucial assets? Your business vehicles.

That's where commercial auto insurance comes in. It's not just a legal requirement in Delaware. It's a safety net for your business.

But let's face it. Insurance can be complex. And finding the right coverage at the right price? Even more challenging.

That's why we've put together this guide. To help you navigate the world of commercial auto insurance in Delaware. And more importantly, to help you save on it.

So, let's dive in. Let's demystify commercial auto insurance and find ways to keep those premiums in check.

Understanding Commercial Auto Insurance in Delaware

Commercial auto insurance is a must-have for Delaware businesses. It's not just about complying with state laws. It's about protecting your business.

It covers damage to your vehicles.
It protects you from liability if your vehicle causes harm.
It covers medical costs in case of injuries.

In short, it's a shield for your business. A shield against unexpected costs that could disrupt your operations.

The Importance for Small Businesses

For small businesses, every dollar counts. And unexpected costs? They can be a real setback.

Imagine a vehicle accident. The repair costs, the medical bills, the potential lawsuits. It can be overwhelming.

But with commercial auto insurance? You're covered. It takes care of these costs, so you can focus on what matters—running your business.

Personal vs. Commercial Auto Insurance

You might wonder, \"Why not just use personal auto insurance?\" It's a common question. But the answer is simple.

Personal auto insurance doesn't cover vehicles used for business. Your claim could be denied if you have an accident while on business.

Commercial auto insurance, on the other hand, is designed for business use. It provides the coverage you need when you're on the job. It's the right tool for the job.

Factors Affecting Your Commercial Auto Insurance Costs

So, how much does commercial auto insurance cost in Delaware? Well, it depends.

Several factors can influence your premium. Here are a few:

The type and number of vehicles you have.
How you use these vehicles.
The driving records of your employees.
The safety features and programs you have in place.

Understanding these factors can help you manage your costs.

Vehicle Types and Usage

The type of vehicle matters. A delivery van, for example, might cost more to insure than a sedan. Why? It's larger and could cause more damage in an accident.

How you use the vehicle also matters. If it's on the road all day, every day, it's more likely to be in an accident. That could mean higher premiums.

Driver Records and Safety Programs

Your employees' driving records matter too. A clean record can mean lower premiums. But a record with accidents or violations? That could increase your costs.

Safety programs can help. They reduce the risk of accidents. And lower risk can mean lower premiums. It's a win-win.

Cost-Saving Strategies for Delaware Commercial Auto Insurance

Now, let's talk about saving money. There are several strategies you can use to lower your commercial auto insurance costs in Delaware. Here are a few:

Compare insurance quotes.
Explore discounts and deductibles.
Consider bundling policies and fleet insurance.

Let's dive into each of these.

Comparing Insurance Quotes

Don't settle for the first quote you get. Shop around. Get quotes from different insurance companies. You might be surprised at the range of prices.

But remember, cheaper isn't always better. Make sure you're comparing apples to apples. Look at the coverage, not just the price.

Exploring Discounts and Deductibles

Ask about discounts. You might qualify for a safe driver discount, a fleet discount, or others. Every little bit helps.

Consider your deductible too. A higher deductible can lower your premium. But make sure it's an amount you can afford to pay out of pocket if you have a claim.

Bundling Policies and Fleet Insurance

If you have more than one vehicle, consider fleet insurance. It can be more cost-effective than insuring each vehicle separately.

Also, consider bundling your policies. If you have other types of business insurance, you might save money by getting all your coverage from the same company. It's worth asking about.

Managing Risks to Lower Insurance Costs

Risk management is key. The lower your risk, the lower your insurance costs. Here's how you can manage risks:

Implement safety features and programs.
Regularly review and update your policy.

Let's look at these in more detail.

Implementing Safety Features and Programs

Safety first. Invest in safety features for your vehicles. Things like anti-lock brakes, airbags, and anti-theft devices can lower your insurance costs.

Consider a driver safety program too. It can reduce accidents. And fewer accidents mean lower insurance costs.

Regular Policy Reviews and Updates

Don't set it and forget it. Review your policy regularly. Make sure it still fits your needs.

Update your policy as needed. If your business changes, your insurance needs might change too. Keeping your policy up to date can help you avoid overpaying.

Working with Insurance Agents and Understanding Your Policy

Working with an insurance agent can be a game-changer. They can help you understand your policy. They can also help you find cost-saving opportunities.

Here's what you should focus on:

Tailoring coverage to your business needs.
Navigating the claims process.

Let's dive deeper into these points.

Tailoring Coverage to Your Business Needs

Every business is unique. So, your insurance coverage should be too. Work with your agent to tailor your coverage.

Don't pay for coverage you don't need. But also, don't skimp on necessary coverage. It's a delicate balance.

Navigating the Claims Process

The claims process can be tricky. But your agent can guide you through it. They can help you avoid pitfalls that could increase your costs.

Remember, how you handle claims can affect your future premiums. So, it's important to navigate the process wisely.

Conclusion: Protecting Your Business Interests

In the end, commercial auto insurance is about protecting your business. It's about ensuring you can bounce back from unexpected events.

By understanding your policy and working with an agent, you can find savings. But more importantly, you can secure the right coverage for your Delaware business.

Thanks for reading! This content is intended for educational purposes only and does not imply coverage under commercial auto or other insurance offered through Pie Insurance Services, Inc. Policies underwritten by Pie not available in all states and situations. Please consult an agent or attorney for any questions regarding applicability of insurance coverage in all circumstances.

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Check out our coverage in Delaware.

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Navigating the world of commercial auto insurance in Texas can be a daunting task. Especially for small business owners.

You're juggling a million things, and insurance is just one more item on the list. But it's an important one.

Why? Because the right coverage can protect your business from financial disaster. And the wrong coverage can cost you more than you need to pay.

In this guide, we'll simplify the complexities of commercial auto insurance. We'll provide clear, actionable tips to help you save on your premiums.

Whether you're a seasoned business owner or just starting out, this guide is for you. Let's dive in and explore how to save on commercial auto insurance in Texas.

Understanding Commercial Auto Insurance in Texas

Commercial auto insurance is a must-have for Texas businesses. It's not just for trucking companies or taxi services.

Any business that uses a vehicle for work needs this coverage. That includes contractors, delivery services, and even florists.

But what exactly is commercial auto insurance? And how does it differ from personal auto insurance? Let's break it down.

The Basics of Commercial Auto Coverage

Commercial auto insurance covers vehicles used for business purposes. It provides protection against damage and liability.

This coverage is broader than personal auto insurance. It's designed to handle the unique risks businesses face.

For instance, it can cover higher liability limits. It can also cover employees who drive your business vehicles.

Understanding these basics is the first step to saving on your premiums.

Legal Requirements for Texas Businesses

In Texas, all businesses that use vehicles must have commercial auto insurance. It's not just a good idea, it's the law.

The state requires a minimum amount of liability coverage. This protects other drivers if your business vehicle causes an accident.

Failing to meet these requirements can result in hefty fines. Worse, it could leave your business exposed to costly lawsuits.

Knowing the legal requirements is key to choosing the right coverage for your business.

Factors Affecting Your Commercial Auto Premiums

Several factors can affect your commercial auto insurance premiums. Understanding these can help you find ways to save.

For instance, the type of vehicles you use can impact your rates. So can the way you use them.

Your drivers' records also play a big role. As do any safety programs you have in place.

Let's take a closer look at these factors.

Vehicle Types and Usage

Different vehicles come with different risks. A delivery van, for instance, might cost more to insure than a compact car.

How you use the vehicle also matters. A car driven for sales calls might have lower rates than one used for deliveries.

Understanding these factors can help you make smart decisions about your business vehicles.

Driver Records and Safety Programs

Your drivers' records can significantly impact your premiums. A driver with a clean record will likely cost less to insure than one with multiple tickets.

Safety programs can also help. Many insurers offer discounts for businesses with safety programs in place.

These can include driver training programs, regular vehicle inspections, and more.

Tips for Reducing Commercial Auto Insurance Costs

There are several ways to reduce your commercial auto insurance costs. The key is to understand your options and make smart choices.

For instance, you can compare quotes from different insurers. You can also look for discounts and bundle your policies.

Increasing your deductibles can also lead to savings. As can implementing risk management strategies.

Let's explore these tips in more detail.

Comparing Quotes and Coverage Options

One of the best ways to save is to shop around. Different insurers offer different rates and coverage options.

Take the time to get quotes from several insurers. Then compare these quotes to find the best deal.

Remember, the cheapest option isn't always the best. Make sure the coverage meets your business needs.

Discounts and Bundling Policies

Many insurers offer discounts for various reasons. For instance, you might get a discount for having safety features on your vehicles.

You can also save by bundling your policies. If you have multiple types of insurance with the same company, you might get a discount.

Ask your insurer about these and other discounts.

Increasing Deductibles and Managing Risks

Increasing your deductibles can lower your premiums. But remember, this means you'll pay more out of pocket if you have a claim.

Managing risks can also lead to savings. This can include implementing safety programs, maintaining your vehicles, and more.

Consider these options carefully to find the right balance for your business.

Maximizing Savings with Smart Business Practices

Smart business practices can help you save on commercial auto insurance. These practices can reduce the risk of accidents and claims, which can lower your premiums.

For instance, you can implement fleet safety programs. You can also regularly review and update your policy.

Let's look at these practices in more detail.

Implementing Fleet Safety Programs

Fleet safety programs can reduce the risk of accidents. These programs can include driver training, vehicle maintenance, and more.

By reducing accidents, these programs can lower your premiums. Plus, they can help protect your employees and your business.

Regular Policy Reviews and Updates

Regularly reviewing and updating your policy can also lead to savings. This can ensure your coverage matches your current needs.

For instance, if you've reduced your fleet size, you might need less coverage. Or if you've added safety features to your vehicles, you might qualify for discounts. Regular reviews can help you catch these changes and update your policy accordingly.

Navigating Discounts and Credits

Discounts and credits can significantly reduce your commercial auto insurance premiums. Many insurance providers offer these incentives to encourage safe driving and risk management.

For instance, you might qualify for discounts if your vehicles have certain safety features. Or if you use telematics to monitor your fleet's driving habits.

Let's explore these options further.

Safety Features and Telematics

Safety features like anti-lock brakes, airbags, and rear-view cameras can lower your premiums. These features can reduce the risk of accidents, which can lead to lower claims.

Telematics can also lead to discounts. These systems track your vehicles' driving habits, which can help you identify and address risky behaviors.

Employee Training and Clean Driving Records

Employee training can also lead to discounts. Training programs can improve your drivers' skills and safety awareness, which can reduce accidents.

Clean driving records can also lower your premiums. If your drivers have few or no traffic violations, your insurer might offer you a discount. So, it's worth investing in driver training and encouraging safe driving habits.

The Role of Insurance Professionals in Savings

Insurance professionals can play a crucial role in your savings journey. They have a deep understanding of the insurance landscape and can guide you through the process.

They can help you understand your coverage needs and identify potential savings. They can also help you navigate the complexities of insurance policies.

Consulting with Brokers and Agents

Insurance brokers and agents can be invaluable resources. They can help you compare quotes from different providers and find the best deal.

They can also help you understand the fine print in your policy. This can help you avoid costly mistakes and ensure you have the right coverage.

Remember, the goal is not just to save money, but to get the best coverage for your business. A good broker or agent can help you achieve both.

Conclusion: Protecting Your Business on the Road

Securing the right commercial auto insurance is crucial for your Texas business. It's not just about complying with the law, it's about protecting your assets.

By understanding your coverage needs and exploring different savings options, you can secure the best deal. Remember, the cheapest policy is not always the best.

Your goal should be to find a balance between cost and coverage. With the right approach, you can protect your business on the road without breaking the bank.

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Check out our coverage in Texas.

","button":{"label":"Get a quote","formPopup":{"heading":"Get your commercial auto quote!","form":{"@type":"@builder.io/core:Reference","id":"c481e98b7fd2423593c85f5748b4ac5c","model":"marketo-forms","value":{"lastUpdatedBy":"gBRylRQTw3UrVo69ERWImDeSXKi1","folders":[],"data":{"formId":"1521","formName":"Pie Direct Commercial Auto Form"},"modelId":"42930cd4f9b448fa935bb08c1dfc0b45","query":[],"published":"published","firstPublished":1700071229258,"testRatio":1,"lastUpdated":1700071229261,"createdDate":1700071208459,"createdBy":"gBRylRQTw3UrVo69ERWImDeSXKi1","meta":{"kind":"data","lastPreviewUrl":""},"variations":{},"name":"Pie Direct Commercial Auto Form - 1521","id":"c481e98b7fd2423593c85f5748b4ac5c","rev":"uefud6p2ec"}}}}}},"responsiveStyles":{"large":{"display":"flex","flexDirection":"column","position":"relative","flexShrink":"0","boxSizing":"border-box"}}}]},{"id":"builder-pixel-72y8u46ayx","@type":"@builder.io/sdk:Element","tagName":"img","properties":{"src":"https://cdn.builder.io/api/v1/pixel?apiKey=b3f4fdb80a8d4c9884b91e16fa0d2aab","aria-hidden":"true","alt":"","role":"presentation","width":"0","height":"0"},"responsiveStyles":{"large":{"height":"0","width":"0","display":"inline-block","opacity":"0","overflow":"hidden","pointerEvents":"none"}}}],"state":{"deviceSize":"large","location":{"host":"undefined","pathname":"undefined","path":[],"query":{}}}}},{"data":{"featuredImage":{"alt":"Safety First: Bridging Generational Differences for Small Businesses","source":"https://cdn.builder.io/api/v1/image/assets%2Fb3f4fdb80a8d4c9884b91e16fa0d2aab%2Fea44e4943e62490691a93423d3d60640"},"author":{"@type":"@builder.io/core:Reference","model":"entity-person","id":"599a007e04684abe9d2dbe4ea2c1cc06","value":{"lastUpdatedBy":"9MaSf4vD5Ig5C8HfyKmeRHcivHa2","folders":[],"data":{"fullName":"Nik Scott","company":"Pie Insurance"},"modelId":"8ad33d57a7db4644bc3d5ded29478d46","query":[],"published":"published","firstPublished":1711397770792,"testRatio":1,"lastUpdated":1711397770798,"createdDate":1711397744451,"createdBy":"9MaSf4vD5Ig5C8HfyKmeRHcivHa2","meta":{"kind":"data","lastPreviewUrl":""},"variations":{},"name":"Nik Scott","id":"599a007e04684abe9d2dbe4ea2c1cc06","rev":"m1672r9594g"}},"readTime":3,"description":"Our 2024 survey shows older business owners have better safety records than younger ones. Small business owners must prioritize safety education and practices to close this gap and reduce workplace risks.","publishedDate":1718031600000,"category":{"@type":"@builder.io/core:Reference","model":"blog-category","id":"3e5d6190674a41d99b5a85b328f82207","value":{"lastUpdatedBy":"9MaSf4vD5Ig5C8HfyKmeRHcivHa2","folders":[],"data":{"theme":"white","label":"Safety"},"modelId":"216246934665444a91b4dbb42dae1fa9","query":[],"published":"published","firstPublished":1696445965727,"testRatio":1,"lastUpdated":1723064960047,"createdDate":1699325233732,"createdBy":"6GvakQAYwcPfcEbpsKxTUjHecF22","meta":{"lastPreviewUrl":"","kind":"data","originalContentId":"de800ee95281450cad33d1591861d2cb","winningTest":null},"variations":{},"name":"Blog Category - Safety","id":"3e5d6190674a41d99b5a85b328f82207","rev":"nn3wcbs3x1g"}},"seo":{"twitter":{"twitterTitle":"Safety First: Bridging Generational Differences for Small Businesses","twitterImage":"https://cdn.builder.io/api/v1/image/assets%2Fb3f4fdb80a8d4c9884b91e16fa0d2aab%2F4bcc09ff08ec46ef98d53f9d4f1c8d1f","twitterDescription":"Our 2024 survey shows older business owners have better safety records than younger ones. Small business owners must prioritize safety education and practices to close this gap and reduce workplace risks."},"noFollow":false,"seoDescription":"Our 2024 survey shows older business owners have better safety records than younger ones. Small business owners must prioritize safety education and practices to close this gap and reduce workplace risks.","seoTitle":"Safety First: Bridging Generational Differences for Small Businesses","openGraph":{"ogTitle":"Safety First: Bridging Generational Differences for Small Businesses","ogDescription":"Summer heat safety for small businesses.","ogImage":"https://cdn.builder.io/api/v1/image/assets%2Fb3f4fdb80a8d4c9884b91e16fa0d2aab%2Fd2b2eaa1b51b4caa8dea3cf691cb6e29"},"noIndex":false},"title":"Safety First: Bridging Generational Differences for Small Businesses","url":"/blog/generational-divides","blocks":[{"@type":"@builder.io/sdk:Element","@version":2,"id":"builder-6dcec68f7dac45c1bfcf88bf3b1c50c6","meta":{"previousId":"builder-ba540dd379b846a5a4370276af11a6cb"},"component":{"name":"Content Editor","options":{"tocHeadline":"In this article","socials":true}},"children":[{"@type":"@builder.io/sdk:Element","@version":2,"id":"builder-6239b7a1ae2549ffa1e2828cca3d565c","meta":{"previousId":"builder-bd3dd72ccc274e27a2285128f1ff3655"},"component":{"name":"Copy","options":{"rawHtml":"

Please note: the following article was developed for educational purposes only and covers a wide variety of general workplace safety concerns and considerations, some not relevant to workers’ compensation coverage.

Workplace safety should be a priority for every business owner, yet data shows that older generations of business owners are generally more aware of its importance versus younger generations. Our comprehensive survey of 1,034 small business owners as defined by companies with 1-500 revealed a significant gap in how different generations approach workplace safety.

But why is this happening? And what can be done to change this trend?

Let’s explore the generational safety differences and ways small business owners of all ages and their employees can be more prepared.

A Stark Contrast in Safety Records

Our survey uncovered a stark contrast in safety records between generations:

Nearly seven in 10 business owners aged 55 and older have not had a workplace injury in the past five years (69%).
In contrast, only 23% of business owners aged 18-34 said the same.
For those in the middle age bracket of 34-54, the figure stands at 41%.

This data suggests that younger business owners experience a higher incidence of workplace injuries.

Understanding the Risks

Mistakes are part of the territory when starting and running a small business but safety should be at the forefront of any business owners’ mind. Accidents aren't always preventable, but many can be mitigated with the right education and preparedness.

Young business owners often bring innovative ideas and a fresh approach to the table. However, with innovation comes a learning curve. A high claims history, especially early in your small business journey, can be detrimental. Not only does a high claims history impact your insurance premiums, but it also affects your bottom line and could tarnish your business reputation.

A Desire to Learn and Improve

The good news is that young business owners recognize the importance of safety and want to be more educated.

When asked:

\"What do you wish you would have known at the start of your business as it related to workplace/employee safety?\"

A substantial 47% each of business owners aged 18-34 said they would have focused more on employee safety from the start and better employee training.

This is compared to 30% overall for those that said they would have focused more on employee safety from the start, and 29% who said better employee training.

This willingness to learn and improve is a positive sign. Younger generations of business owners are likely eager to make changes that will protect their employees and their businesses.

A Call to Action

The findings of our survey are a call to action for younger business owners to prioritize workplace safety.

Here are some actionable steps you can take:

Invest in Safety Training: Make safety training a fundamental part of your onboarding process and ongoing employee development. Regular training sessions will ensure that all employees are aware of the latest safety protocols and best practices.
Encourage Open Communication: Foster an environment where employees feel comfortable voicing safety concerns and suggestions. Open communication channels can help identify potential hazards early and create a culture of safety.
Leverage Technology: Utilize the latest safety technologies and encourage younger workers to lead these initiatives. Involve older workers in the implementation process to ensure that technological solutions are effectively integrated with existing safety protocols.
Learn from Experience: Pair less experienced employees with seasoned ones to create mentorship opportunities focused on safety practices. This allows younger workers to benefit from the experience and knowledge of older employees, bridging the generational gap.
Conduct Regular Safety Audits: Regularly review and assess your workplace safety measures. Conducting safety audits can help identify areas for improvement and ensure that safety standards are consistently met. This proactive approach can significantly reduce the risk of workplace injuries.

Our 2024 safety survey highlights the critical need for young business owners to prioritize workplace safety. By understanding the unique risks within their industry and by leveraging the strengths of all generations in the workforce, they can create a safer, more productive environment.

Pie Insurance commissioned Yougov PLC to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1034 US small business owners, as defined as companies with 1-500 employees. Fieldwork was undertaken between 19th - 27th February 2024. The survey was carried out online.

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Navigating the world of commercial auto insurance can be a daunting task, especially for small business owners in Colorado.

You're not alone if you find insurance policies complex and frustrating. But, securing the right coverage is crucial for protecting your business interests.

In this guide, we'll simplify the process. We'll help you understand your options and how to save on commercial auto insurance in Colorado.

We'll cover everything from understanding the basics to qualifying for discounts. We'll also delve into the factors that affect your insurance rates.

By the end of this article, you'll be equipped with the knowledge to make informed decisions about your commercial auto insurance needs. So, let's dive in and start saving on your commercial auto insurance in Colorado.

Understanding Commercial Auto Insurance in Colorado

Commercial auto insurance is a must-have for any business that uses vehicles. Whether it's for deliveries, client visits, or transporting goods, you need coverage.

In Colorado, commercial auto insurance is not just a good idea. It's a legal requirement. It protects your business from financial loss in case of accidents.

The coverage typically includes liability for bodily injury and property damage. It also covers medical payments, collision damage, and comprehensive coverage for events like theft or vandalism.

Understanding the basics of commercial auto insurance is the first step towards finding the right policy and saving money.

The Importance of Commercial Auto Insurance for Small Businesses

Commercial auto insurance is crucial for small businesses. It's not just about complying with the law. It's about protecting your business.

Imagine a scenario where your delivery van is involved in an accident. Without insurance, you could face hefty out-of-pocket expenses. This could cripple your small business.

Commercial auto insurance provides a safety net. It covers the costs associated with vehicle accidents, theft, or damage. This allows you to focus on running your business.

In short, commercial auto insurance is an investment in the security and longevity of your small business.

Factors Influencing Your Commercial Auto Insurance Rates

Several factors can influence your commercial auto insurance rates in Colorado. Understanding these can help you find ways to save.

One major factor is the type of vehicles your business uses. Larger, heavier vehicles often cost more to insure. This is because they can cause more damage in an accident.

Your employees' driving records also play a role. If your drivers have clean records, you'll likely pay less for insurance.

Finally, the location of your business matters. Areas with high traffic or crime rates can lead to higher premiums.

To summarize, the factors influencing your rates include:

Vehicle type
Driving records
Business location

Tips for Comparing Commercial Auto Insurance Policies

When comparing commercial auto insurance policies, start by checking the coverage. Make sure it meets your business needs.

Next, look at the policy's limits. These are the maximum amounts the insurer will pay for a claim.

Also, consider the insurer's reputation. Check online reviews and ratings. Don't forget to compare the premiums. But remember, the cheapest policy isn't always the best.

Lastly, consider the insurer's customer service. Good service can make the claims process much easier.

Qualifying for Discounts on Commercial Auto Insurance

Many insurers offer discounts on commercial auto insurance. These can significantly reduce your premiums.

For instance, you may get a discount for having safety features in your vehicles. These include anti-lock brakes and anti-theft devices.

Another common discount is for bundling policies. If you buy multiple types of insurance from the same company, you could save money.

Safety features discount
Bundling policies discount
Good driving record discount
Paying premiums in full discount
Fleet safety program discount

Remember, discounts vary by insurer. So, ask about available discounts when shopping for insurance.

The Role of Deductibles in Insurance Premiums

Deductibles play a key role in your insurance premiums. They're the amount you pay out-of-pocket before your insurance kicks in.

Typically, a higher deductible means a lower premium. But it also means more out-of-pocket costs if you file a claim. It's a balancing act. You need to find a deductible that fits your budget but also provides adequate coverage.

Remember, never choose a deductible that's more than you can afford to pay out-of-pocket.

How Driving Records Affect Your Insurance Costs

Your driving record has a direct impact on your insurance costs. Insurers view drivers with clean records as less risky.

If your business has drivers with traffic violations or accidents, expect higher premiums. These indicate a higher risk to the insurer.

Consider implementing a driver safety program. It can help improve driving habits and reduce accidents.

Remember, a clean driving record can lead to significant savings on your commercial auto insurance.

Bundling Policies: A Smart Move for Small Businesses

Bundling your insurance policies can lead to savings. It's when you buy multiple types of insurance from the same company.

For instance, you might bundle your commercial auto insurance with general liability insurance. This often results in a discount.

Remember, not all bundles are created equal. Always compare the total cost and coverage of bundled policies with standalone policies.

Vehicle Classification and Its Impact on Premiums

Your vehicle's classification can affect your insurance premiums. This is because different types of vehicles carry different levels of risk.

For example, a delivery van may have a higher premium than a sedan. This is due to the van's size and the nature of its use.

It's crucial to accurately classify your vehicles when applying for insurance. Misclassification can lead to higher premiums or issues when filing a claim.

Safety Features and Programs That Can Save You Money

Investing in safety features for your vehicles can lead to savings. Features like anti-lock brakes and rear-view cameras can reduce accident risk.

Insurance companies often offer discounts for these features. They recognize that safer vehicles mean fewer claims.

Additionally, implementing a driver safety program can also lead to savings. These programs educate drivers on safe driving practices.

In conclusion, investing in safety can lead to significant commercial auto insurance savings in Colorado.

The Benefits of Paying Premiums in Full

Paying your insurance premiums in full can lead to savings. Many insurance companies offer discounts for this payment method.

It's a win-win situation. You save money, and the insurance company gets their payment upfront. Consider this option if your business cash flow allows it. It's a simple way to save on commercial auto insurance in Colorado.

Regular Policy Reviews: Keeping Your Coverage Up-to-Date

Regular reviews of your insurance policy are crucial. They ensure your coverage matches your current business needs.

As your business evolves, so do your insurance needs. Regular reviews help identify any gaps or excesses in coverage. Stay proactive. Regular policy reviews can lead to significant commercial auto insurance savings in Colorado.

Conclusion: Protecting Your Business with the Right Coverage

In conclusion, the right commercial auto insurance is vital for your business. It safeguards your assets and provides peace of mind.

Understanding your policy and exploring savings options can lead to significant cost reductions. Remember, the goal is not just to save money, but to secure the best protection for your business.

Stay informed, stay protected, and drive your business forward with confidence.

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Check out our coverage in Colorado.

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Navigating the world of business insurance can feel overwhelming for small business owners. Among the various types of coverage, it’s important to understand the differences between workers' compensation (workers' comp) and commercial auto insurance.

Workers' comp insurance is designed to protect employees in the event of a work-related injury. It covers medical expenses and lost wages, providing a safety net for your workforce.

On the other hand, commercial auto insurance is all about protecting your business vehicles. It covers damages and liability in the event of an accident involving your business vehicles.

But how do you know which coverage is right for your business?

In this article, we'll break down the complexities of these two types of insurance, helping you make an informed decision to protect your business.

Workers' Compensation Insurance

Workers' comp is designed to protect your employees if they get injured or sick due to their job. It covers medical expenses and lost wages, providing a vital safety net. Workers’ comp insurance is not just about protection; it also protects your business from potential lawsuits by injured employees.

Key components of workers' comp include:

Coverage for medical expenses related to work-related injuries or illnesses.
Compensation for lost wages during the employee’s recovery period.
Coverage for rehabilitation and recovery costs.
Death benefits for the families of employees who suffer fatal work-related injuries.

Commercial Auto Insurance

On the other hand, commercial auto insurance protects your business vehicles. Whether you own cars, trucks, vans, or any other vehicles used for business purposes, commercial auto insurance covers damages and liabilities in case of an accident.

Key aspects of commercial auto insurance include:

Coverage for damage to business vehicles due to accidents, theft, or vandalism.
Liability coverage if your business vehicle causes damage to other property or injuries to people.
Medical expense coverage for you or your employees if injured in a business vehicle accident.
Rental cost coverage while your business vehicle is being repaired.

Legal Requirements and Protection

When it comes to insurance, legal requirements vary by state.

For workers' comp, most states require businesses with employees to have coverage.

However, commercial auto insurance is typically required for any business-owned vehicles.

Understanding these legal requirements is crucial to avoid penalties and ensure your business remains compliant.

Financial Consequences of Inadequate Coverage

Not having the right insurance can be costly.

If an employee gets injured and you don't have workers' comp, you could be on the hook for their medical bills. Plus, you might face fines for not carrying required insurance.

Similarly, if one of your business vehicles is involved in an accident and you lack commercial auto insurance, you could be responsible for repair costs. If your vehicle caused damage to others, you might also face liability claims.

In short, inadequate coverage can lead to significant financial strain and potential legal issues.

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Choosing the Right Coverage

Workers' comp and commercial auto insurance serve different purposes:

Workers' comp protects your employees, covering medical expenses and lost wages if they’re injured on the job.
Commercial auto insurance protects your business vehicles and covers liability if your vehicle causes damage to others.

Choosing the right coverage means assessing your business needs. Consider the nature of your operations, the number of employees, the types of vehicles used, and the specific risks associated with your industry.

Assessing Your Insurance Needs

Determining your small business insurance needs can be a complex process. It involves understanding the risks your business faces and how insurance can mitigate those risks.

For workers' comp, consider the nature of your business and the potential for workplace injuries. If your small business involves physical labor or hazardous conditions, workers' comp is essential.

If your small business owns vehicles or employs drivers, commercial auto insurance is a must. This is especially true if your vehicles are used for deliveries or transporting goods.

Here are some factors to consider when assessing your insurance needs:

The nature of your business operations
The number of employees
The type and number of vehicles your business owns
The potential risks and liabilities associated with your industry
The legal requirements in your state
Your financial capacity to handle potential losses or lawsuits

Remember, the goal is to have sufficient coverage to protect your business without overpaying for unnecessary coverage.

Selecting the Right Insurance Provider

Selecting the right commercial insurance provider is a critical step in protecting your business. You want a provider that understands your industry and can offer tailored solutions.

Look for a provider with a strong reputation and a history of handling claims efficiently. Customer reviews and ratings can provide valuable insights into a provider's reliability and service quality.

Consider the provider's financial stability as well. You want to ensure they can pay out claims, even in times of high demand or economic downturn.

Finally, assess the provider's customer service. You want a provider that is responsive and helpful, especially when you need to file a claim.

Filing Insurance Claims

Filing an insurance claim can seem overwhelming, but understanding the process can make it less stressful. Whether it's a workers' comp claim or a commercial auto claim, the first step is always to report the incident to your insurance provider.

For workers' comp claims, this usually involves providing details about the employee's injury and how it occurred. For commercial auto claims, you'll need to provide information about the accident, including any damage to the vehicle and any injuries.

Your insurance provider will then review the claim and determine whether it's covered under your policy. This process can take some time, so it's important to be patient.

Once the claim is approved, your insurance provider will pay out the benefits according to your policy's terms. Remember, it's crucial to keep all relevant documentation and cooperate fully with your insurance provider to ensure a smooth claims process.

Both workers' comp and commercial auto insurance are key for protecting your small business. Tailoring your coverage to your specific needs ensures you have the right protection, helping you focus on growing your business.

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Running a small business in California is no small feat. Especially when it involves vehicles. Commercial auto insurance is a must-have. But understanding it can be a challenge. It's complex, filled with jargon, and can be costly.

But don't worry. This guide is here to help. We'll break down the complexities of commercial auto insurance in California. We'll provide tips on how to save on your premiums.

Whether you're a seasoned business owner or just starting out, we'll help you navigate the insurance landscape, so you can focus on what you do best - running your business.

So, let's dive in and start saving on your commercial auto insurance in California.

Understanding Commercial Auto Insurance in California

Commercial auto insurance is a type of policy that covers vehicles used for business purposes. It's designed to protect your business from financial loss in case of accidents or damages.

In California, if you use a vehicle for business, you're required to have commercial auto insurance. This applies whether you own a single delivery van or a fleet of trucks.

But what does commercial auto insurance cover? Here's a quick rundown:

Bodily injury liability: Covers medical expenses if you're at fault in an accident.
Property damage liability: Pays for damages to other people's property.
Collision coverage: Covers damages to your vehicle from an accident.
Comprehensive coverage: Pays for damages from theft, vandalism, or natural disasters.

Understanding these coverages is the first step in saving on your commercial auto insurance in California.

Legal Requirements for Commercial Auto Insurance

In California, commercial auto insurance is not just a good idea. It's the law.

If you're caught without it, you could face hefty fines. Worse, you could be held personally liable for damages if you're involved in an accident.

So, it's crucial to understand the legal requirements for commercial auto insurance in California. Make sure your policy meets the minimum coverage limits set by the state.

Personal vs. Commercial Auto Insurance: Knowing the Difference

You might be wondering, \"Can't I just use my personal auto insurance for my business vehicle?\" The answer is no.

Personal auto insurance doesn't cover vehicles used for business purposes. If you file a claim for a business-related accident, your insurer could deny it.

Commercial auto insurance, on the other hand, is designed to cover business vehicles. It provides higher coverage limits and includes coverages not found in personal auto policies.

Knowing the difference between personal and commercial auto insurance can save you from costly mistakes. It's a key part of understanding how to save on commercial auto insurance in California.

Factors Affecting Your Commercial Auto Insurance Rates

Several factors can affect your commercial auto insurance rates in California. Understanding these factors can help you find ways to save on your premiums.

Here are some of the key factors:

Vehicle type and usage: The type of vehicle you use and how you use it can affect your rates.
Business size and industry: The size of your business and the industry you're in can also impact your premiums.
Driving records: The driving records of you and your employees can significantly affect your insurance costs.

Vehicle Type and Usage

The type of vehicle you use for your business plays a big role in determining your insurance rates. For instance, insuring a delivery van might cost more than insuring a sedan.

How you use the vehicle also matters. If you're using your vehicle for high-risk activities, like transporting hazardous materials, your rates could be higher.

Business Size and Industry

The size of your business can also affect your commercial auto insurance rates. If you have a large fleet of vehicles, you might pay more for insurance.

Your industry can also impact your rates. Some industries are considered higher risk than others. For instance, a construction company might pay more for commercial auto insurance than a real estate agency.

Driving Records and Risk Assessment

Your driving record, and those of your employees, can significantly impact your insurance rates. If you or your employees have a history of accidents or traffic violations, your rates could be higher.

Insurance companies also conduct a risk assessment. They look at factors like your business location and the safety features on your vehicles. The lower the risk, the lower your premiums.

Tips for Finding the Cheapest Commercial Auto Insurance in California

Finding the cheapest commercial auto insurance in California doesn't have to be a daunting task. With a little research and some savvy shopping, you can find a policy that fits your budget.

Here are some tips to help you save:

Compare quotes from multiple insurers.
Explore discounts that you may be eligible for.
Consider the role of deductibles and coverage limits.

Comparing Quotes and Exploring Discounts

One of the best ways to save on commercial auto insurance is to compare quotes from multiple insurers. Prices can vary significantly from one company to another.

Don't forget to explore discounts. Many insurers offer discounts for things like having safety features on your vehicles or maintaining a good driving record.

The Role of Deductibles and Coverage Limits

Your deductible and coverage limits can also impact your insurance premiums. A higher deductible usually means lower premiums. But remember, if you have a claim, you'll have to pay that deductible out of pocket.

Similarly, lower coverage limits can reduce your premiums. But make sure you have enough coverage to protect your business in case of an accident. It's a delicate balance to strike.

Maintaining Your Policy and Managing Costs

Once you've found a policy that fits your needs, it's important to maintain it properly. This includes regular reviews and updates, as well as implementing safety programs and vehicle maintenance.

Here are some tips to help you manage your costs:

Conduct regular policy reviews and updates.
Implement safety programs.
Maintain your vehicles properly.

Regular Policy Reviews and Updates

Regularly reviewing and updating your policy can help you save money. As your business changes, your insurance needs may change as well. Make sure your policy reflects your current needs.

Implementing Safety Programs and Vehicle Maintenance

Implementing safety programs can help reduce accidents, which can lead to lower insurance premiums. Similarly, regular vehicle maintenance can prevent breakdowns and accidents, further reducing your insurance costs.

Leveraging Technology and Professional Assistance

In today's digital age, technology can be a great ally in managing your commercial auto insurance. From telematics to online tools, there are many ways to leverage technology for insurance savings.

Here are some ways to use technology to your advantage:

Use telematics to monitor driving behavior.
Use online tools to compare insurance options.

The Impact of Telematics and Online Tools

Telematics can provide valuable data on driving behavior, which can help you manage risks and potentially lower your premiums. Online tools, on the other hand, can make it easier to compare insurance options and find the best rates.

Working with Brokers and Understanding Your Policy

Working with an insurance broker can help you navigate the complexities of commercial auto insurance. They can provide valuable advice and help you understand your policy better. Remember, understanding your policy is key to ensuring you have the right coverage and are not overpaying.

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Check out our coverage in California.

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In the world of small business, vehicles can play a very critical role. They transport goods, deliver services, and drive the economy forward.

But with the use of vehicles comes inherent risks. Accidents, damages, and liabilities can pose significant financial threats to small businesses.

That's where commercial auto insurance comes in. It provides coverage for a wide range of vehicles used for business purposes.

With the goal of helping you understand the importance of having the right commercial auto insurance for your specific business needs, delve into the types of vehicles covered under commercial auto insurance.

Understanding Commercial Auto Insurance

Commercial auto insurance is a type of policy designed to cover vehicles used for business purposes. It provides financial protection against physical damage, third-party liability, and other risks associated with commercial vehicle use.

Unlike personal auto insurance, commercial auto insurance is tailored to meet the unique needs of small businesses. It takes into account the higher risks and liabilities that come with commercial vehicle use.

Key coverages under commercial auto insurance typically include:

Liability insurance: Covers damages to third parties caused by your vehicle.
Physical damage coverage: Pays for repairs or replacement of your vehicle if it's damaged in an accident, theft, or other covered events.
Medical payments: Covers medical expenses for you and your passengers in the event of an accident.

For small businesses, understanding these coverages is crucial to ensure they have adequate protection for their commercial vehicles.

Who Needs Commercial Auto Insurance?

Commercial auto insurance is essential for any business that uses vehicles for its operations. This includes a wide range of industries, from transportation and delivery services to construction and retail.

Even small businesses that use a single vehicle for work-related tasks need commercial auto insurance. This is because personal auto insurance policies typically exclude coverage for vehicles used for business purposes.

Essentially, if you use a vehicle to carry out any business activity, whether it's delivering goods, transporting employees, or providing services, you need commercial auto insurance to protect your business from potential financial losses.

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Types of Covered Vehicles

Commercial auto insurance covers a wide range of vehicles used for business purposes. The type of vehicle and its use in your business will determine the specific coverage you need.

For example, a delivery van used for transporting goods will require different coverage than a dump truck used in construction. Similarly, a food truck has unique insurance needs compared to a fleet of courier vehicles.

Here are some common types of vehicles covered under commercial auto insurance:

Trucks (including semi-trucks, box trucks, flatbed trucks, and pickup trucks)
Vans (such as delivery vans, cargo vans, and service vans)
Specialty vehicles (like food trucks, dump trucks, and custom-built vehicles)
Trailers and towed property

Trucks and Heavy-Duty Vehicles

Trucks and other heavy-duty vehicles are commonly used in many industries. These vehicles, due to their size and the nature of their work, often face unique risks on the road.

Commercial truck insurance is designed to cover these risks. It provides coverage for physical damage to the truck, liability for accidents, and cargo protection. Whether you operate a single truck or a fleet, having the right insurance is important.

From semi-trucks and flatbed trucks to dump trucks and pickup trucks, commercial auto insurance offers tailored coverage for a variety of truck types.

Vans and Service Vehicles

Vans and service vehicles are integral to many small businesses. Whether it's a plumbing van, a delivery van, or a catering van, these vehicles also need specific insurance coverage.

Van insurance for small businesses covers the vehicle itself, the equipment inside, and the goods being transported. It also provides liability coverage in case of accidents.

Whether you're an electrician, a plumber, or a courier service, having the right insurance for your van or service vehicle is essential to protect your business.

Specialty and Custom Vehicles

Specialty and custom vehicles, such as food trucks, landscaping vehicles, and custom-built vehicles, have unique insurance needs. These vehicles often require specialty vehicle insurance, which provides coverage tailored to their specific risks.

For instance, a food truck might need additional coverage for cooking equipment and food spoilage. A landscaping vehicle might require coverage for the equipment it carries.

Regardless of the type of specialty vehicle you operate, it's important to work with an insurance provider who understands your unique needs and can provide the right coverage.

Trailers and Towed Property

Trailers and other towed property also require specific coverage under commercial auto insurance. Trailer insurance provides protection for the trailer itself and the goods it carries.

Whether you're hauling equipment, goods, or other property, you’ll need the right insurance for your trailer to protect your business from potential financial losses.

Key Coverages for Commercial Vehicles

Commercial auto insurance offers a range of coverages to protect your small business vehicles. These coverages are designed to safeguard your business from financial losses due to accidents, damages, or liabilities.

The key coverages for commercial vehicles include:

Liability Insurance
Physical Damage Coverage
Medical Payments Coverage
Uninsured/Underinsured Motorist Coverage
Additional Coverage Options

Liability Insurance

Liability insurance should be a part of any commercial auto insurance policy. It covers the costs if your business is found legally responsible for an accident involving your vehicle.

This coverage can pay for damages to other people's property, as well as medical expenses for injuries caused by the accident. It's an essential safeguard for your business against potential financial losses.

Physical Damage Coverage

Physical damage coverage protects your business vehicles against damages from accidents, theft, or other perils. It typically includes collision coverage for damages from accidents and comprehensive coverage for damages from other incidents.

Whether it's a minor fender bender or a major collision, physical damage coverage can help cover the repair or replacement costs of your business vehicle.

Additional Coverage Options

In addition to the standard coverages, commercial auto insurance also offers additional options to further protect your business. These may include roadside assistance, rental reimbursement, and coverage for custom parts and equipment.

These additional coverages can provide extra protection and peace of mind for your small business, ensuring you're covered for a wide range of scenarios.

Managing Your Commercial Auto Insurance

Managing your commercial auto insurance effectively is key to protecting your business assets and maintaining financial stability. It involves regularly reviewing your coverage, assessing your business needs, and finding ways to reduce premiums.

Here are some key steps to manage your commercial auto insurance:

Regularly review and update your coverage
Accurately declare vehicle use and maintain up-to-date vehicle inventory records
Work with an insurance agent or broker who specializes in commercial auto insurance
Implement safety programs and driver training to reduce premiums

Assessing Your Small Business Needs

Understanding your small business needs is the first step in managing your commercial auto insurance. This involves assessing the types of vehicles you use, the nature of your operations, and the risks associated within your industry.

By accurately assessing your business needs, you can ensure that your commercial auto insurance provides the right level of coverage for your specific requirements.

Reducing Insurance Premiums

Reducing your commercial auto insurance premiums can result in significant cost savings for your business. Reducing commercial auto insurance premiums can be achieved by implementing safety programs, providing driver training, and maintaining a good driving record.

By taking proactive steps to reduce risks and improve safety, you can lower your insurance premiums and make your commercial auto insurance more affordable.

Commercial auto insurance is an essential aspect of risk management for small businesses that utilize vehicles for their operations. It provides protection against financial losses and helps ensure business continuity in the event of accidents or other unforeseen incidents.

By understanding the types of vehicles covered and managing your insurance effectively, you can ensure that your small business is adequately protected and your insurance costs are kept to a minimum.

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Running a business in Arkansas comes with its unique set of challenges. One of these is managing commercial auto insurance. This type of insurance is crucial for businesses that use vehicles. It protects your assets and meets legal requirements.

But, commercial auto insurance in Arkansas can be costly. It's a significant expense for many businesses.

So, how can you save on this necessary cost?

This article will provide you with actionable tips and insights. You'll learn how to reduce your premiums while maintaining adequate coverage.

Whether you're a small business owner or a fleet manager, this guide is for you.

Understanding Commercial Auto Insurance in Arkansas

Commercial auto insurance is a must-have for businesses. It covers vehicles used for business purposes.

This includes cars, trucks, and vans. It also covers specialty vehicles like food trucks or construction vehicles.

But what does commercial auto insurance cover?

It provides coverage for property damage and bodily injury. It also covers liability and medical payments.

In essence, it protects your business from financial loss due to vehicle-related incidents.

Legal Requirements and Coverage Basics

In Arkansas, commercial auto insurance is a legal requirement. Businesses must have at least the minimum coverage. This includes liability coverage for bodily injury and property damage. It also includes uninsured motorist coverage.

Failure to meet these requirements can result in penalties. These can range from fines to license suspension. It's crucial to understand these basics to stay compliant.

Assessing Your Business's Insurance Needs

Every business has unique insurance needs. These depend on factors like the type of vehicles and how they're used.

For instance, a delivery service might need more coverage than a small retail store.

Consider the risks associated with your business operations. Then, choose a policy that adequately covers these risks.

Remember, the goal is to protect your business without overspending.

Factors Influencing Insurance Rates in Arkansas

Several factors influence commercial auto insurance rates in Arkansas. Understanding these can help you find ways to save. Firstly, the type and number of vehicles you insure play a role. More vehicles mean higher premiums. Secondly, the driving records of your employees matter. A clean record can lead to lower rates. Lastly, the location of your business and the routes your vehicles take can affect rates. High-risk areas might lead to higher premiums.

Here are some key factors:

Type and number of vehicles
Employee driving records
Business location and driving routes

Vehicle Types and Usage

The type of vehicle you insure impacts your rates. For instance, insuring a large truck is usually more expensive than insuring a small car. How you use the vehicle also matters. Vehicles used for deliveries or heavy-duty work might attract higher rates.

It's important to accurately report vehicle usage to your insurer. Misrepresentation can lead to denied claims.

Driver Records and Safety Programs

Your employees' driving records can significantly impact your rates. A history of accidents or violations can increase premiums. On the other hand, a clean record can lead to discounts. Encourage safe driving practices among your employees.

Implementing a driver safety program can also help. It shows insurers that you're proactive about reducing risk.

Tips for Reducing Commercial Auto Insurance Costs

There are several strategies to reduce your commercial auto insurance costs. The key is to balance cost savings with adequate coverage.

Firstly, compare quotes from different insurers. Prices can vary significantly. Secondly, consider bundling your policies. Many insurers offer discounts for multiple policies. Lastly, choose a higher deductible if you can afford it. This can lower your premiums.

Here are some tips:

Compare quotes
Bundle policies
Choose a higher deductible

Comparing Quotes and Bundling Policies

Comparing quotes from different insurers can lead to significant savings. Each insurer uses different factors to calculate rates. Don't just look at the price. Consider the coverage, deductibles, and customer service.

Bundling your policies can also lead to discounts. If you have other types of business insurance, consider getting them from the same insurer.

Choosing Higher Deductibles and Correct Vehicle Valuation

Choosing a higher deductible can lower your premiums. However, make sure you can afford the deductible in case of a claim.

Accurate vehicle valuation is also crucial. Overvaluing your vehicles can lead to higher premiums. On the other hand, undervaluing can lead to inadequate coverage. Make sure your vehicles are valued correctly.

Implementing a Company Car Policy

A company car policy can help reduce insurance costs. It sets rules for vehicle use, maintenance, and driver behavior. Such a policy can reduce the risk of accidents and claims. It can also lead to discounts from insurers.

Make sure your policy is clear, comprehensive, and well communicated to your employees.

Leveraging Discounts and Risk Management

There are other ways to save on commercial auto insurance in Arkansas. One is by leveraging discounts offered by insurers. Many insurers offer discounts for safety features and anti-theft devices. They also reward businesses that implement risk management strategies.

Here are some strategies:

Install safety features and anti-theft devices
Implement risk management strategies

Safety Features and Anti-Theft Devices

Safety features can reduce the risk of accidents. These include anti-lock brakes, airbags, and stability control. Anti-theft devices can reduce the risk of theft. These include car alarms, tracking systems, and immobilizers.

Insurers often offer discounts for vehicles equipped with these features.

Employee Training and Fleet Management

Employee training can also lead to discounts. Many insurers offer discounts for businesses that provide driver safety training.

Fleet management strategies can also reduce insurance costs. These include regular vehicle maintenance and GPS tracking. These strategies can reduce the risk of accidents and claims, leading to lower premiums.

Working with Insurance Agents and Brokers

Working with insurance agents and brokers can be beneficial. They have access to multiple insurers and can help you find the best rates.

They can also help you understand the coverage options available. This can ensure that you get the right coverage for your business needs. Insurance agents and brokers can also provide advice on how to reduce your premiums. They can suggest strategies based on your specific business situation.

Finding the Best Rates and Coverage

Finding the best rates and coverage involves comparing quotes from different insurers. An insurance agent or broker can help with this. They can also help you understand the terms and conditions of each policy. This can ensure that you get the coverage you need at the best price.

Remember, the cheapest policy may not always be the best. It's important to consider the coverage provided and the insurer's reputation.

Annual Policy Reviews and Updates

Regularly reviewing and updating your policy can also lead to savings. Your business needs may change over time, and your policy should reflect these changes.

An annual policy review can help identify any changes in your business that may affect your insurance needs. This can include changes in vehicle usage, driver records, or business operations.

Updating your policy to reflect these changes can ensure that you're not overpaying for coverage. It can also ensure that you're adequately covered in case of a claim.

Conclusion: Staying Informed and Compliant

Staying informed about changes in Arkansas insurance laws and regulations is crucial. It ensures your business remains compliant and avoids penalties.

Regular communication with your insurance provider can help with this. They can update you on any changes that may affect your policy.

In conclusion, saving on commercial auto insurance in Arkansas involves understanding your coverage needs, comparing quotes, and staying informed. With these strategies, you can ensure adequate coverage while keeping costs manageable.

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Check out our coverage in Arkansas.

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Lifting is a common task in many small businesses, yet it's often performed incorrectly, leading to injuries and health issues. It’s important to understand as it not only ensures workplace safety but also promotes occupational health.

Many workers make mistakes when lifting, which can lead to immediate injuries or chronic back problems.

Explore common mistakes in lifting techniques and gain insights into ergonomics, spine protection, and safe practices to prevent back injuries.

Understanding the Importance of Proper Lifting

Proper lifting techniques are vital for maintaining back health and preventing strain and injury to the spine and muscles. Incorrect lifting can lead to serious consequences, including acute injuries like sprains and strains, or more severe issues such as herniated discs.

Understanding the mechanics of lifting allows you to use your body effectively and safely, reducing the risk of injury. In small businesses, proper lifting is a critical component of manual handling safety, helping to ensure a safe and productive workplace.

The Consequences of Improper Lifting

Improper lifting techniques can lead to severe back injuries, causing significant pain and discomfort.

For small business owners, back injuries can result in lost productivity and increased costs due to medical expenses and workers' compensation claims. For employees, chronic back problems can develop from repeated improper lifting, affecting an individual's quality of life.

Understanding and avoiding these consequences emphasizes the importance of proper lifting techniques and ergonomics in lifting.

Top Mistakes to Avoid When Lifting

When it comes to lifting, certain mistakes are commonly made, increasing the risk of back injuries. Here are the top three mistakes to avoid:

Bending Incorrectly

Bending at the waist puts a lot of strain on the back, forcing the spine to carry the weight of the load. Instead, bend at the knees, allowing the strong muscles of the legs to carry the load, reducing strain on the back.

Ignoring Ergonomics

Ergonomics is the study of people's efficiency in their working environment. Ignoring ergonomics in lifting can lead to poor posture and increased risk of injury. For example, lifting a heavy object with your arms outstretched can strain your back. It's better to keep the load close to your body.

Lifting Without Preparation

Lifting without preparation can lead to injuries. This includes not assessing the weight of the load or not warming up before lifting. Before lifting, assess the weight of the load. If it's too heavy, get help or use a lifting aid. Warming up before lifting can help prepare your muscles and reduce the risk of injury.

Ergonomics and Spine Protection Techniques

Helping to reduce the risk of back injuries and promoting overall back health, ergonomics and spine protection techniques play an important role in safe lifting. Understanding the mechanics of lifting can help you lift safely and avoid common mistakes that can lead to injuries.

The Role of Ergonomics in Lifting

Ergonomics is about designing tasks and workspaces to fit the worker, reducing the risk of back injuries and improving efficiency and productivity.

Protecting Your Spine While Lifting

Protecting your spine involves maintaining a straight spine and avoiding twisting movements. Using proper lifting form, such as keeping the load close to your body and lifting with your legs, can help protect your spine.

6 Steps for Proper Lifting Techniques

Proper lifting techniques can help prevent back injuries and make lifting tasks easier and more efficient. Here are six steps for proper lifting techniques:

Assess the load: Before lifting, check the weight and stability of the object. If it's too heavy, ask for help or use a lifting aid.
Prepare for the lift: Clear your path and position yourself close to the load. Make sure your feet are shoulder-width apart for stability.
Bend your knees: Keep your back straight and bend at the knees, not the waist. This helps protect your spine.
Lift with your legs: Use the strength of your legs, not your back, to lift the load.
Hold the load close: Keep the load close to your body to reduce strain on your back.
Move slowly and smoothly: Avoid sudden movements that can lead to injuries.

Remember, safety should always be your top priority when lifting. If you're unsure about lifting a load, it's better to ask for help than risk an injury.

Safe Manual Handling and Workplace Safety

Manual handling safety is a key aspect of workplace safety. It involves the use of safe lifting practices to prevent injuries.

In order to reduce the risk of accidents and promote health and safety in small businesses, a safe lifting environment is crucial for manual handling safety.

Creating a Safe Lifting Environment

This involves clear pathways, proper lighting, and regular equipment maintenance. A clean and organized work environment can prevent lifting hazards and make lifting tasks easier and more efficient.

Implementing Safe Lifting Practices

These practices include proper lifting techniques, use of lifting aids, and regular breaks. Training and continuous education ensure that workers are well-informed about lifting safety guidelines and lifting mechanics.

Tips for Injury-Free Lifting

Injury-free lifting is achievable with the right techniques, including proper lifting form and back injury prevention strategies. Here are some tips for injury-free lifting:

Maintain a straight spine
Keep the load close to the body
Strengthen core muscles
Use lifting aids when necessary

Correct Lifting Posture

Correct lifting posture minimizes strain on the back and reduces the risk of injury. The correct posture involves bending at the knees, not the waist, to protect the spine and maintain back health.

Heavy Lifting Tips

Heavy lifting requires additional precautions, such as performing a warm-up before lifting and using personal protective equipment (PPE). Team lifting is also recommended for heavy loads to ensure coordination and reduce the risk of injury.

Fostering a Culture of Safety

Promoting a culture of safety is essential in any small business. It involves implementing safe lifting practices and encouraging adherence to lifting safety guidelines.

By fostering a culture of safety, you can reduce back injury risk and promote occupational health.

Remember, safety is everyone's responsibility.

Thanks for reading! This content is intended for educational purposes only and does not imply coverage under workers’ comp or other insurance offered through Pie Insurance Services, Inc. Please consult an agent or attorney for any questions regarding applicability of insurance coverage in all circumstances.

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Navigating commercial auto insurance can be tricky, especially in a unique state like Alaska. With its vast landscapes and unpredictable weather, having the right coverage is crucial. But that doesn’t mean you have to break the bank. Here are some effective tips on how to save on commercial auto insurance in Alaska.

Assess Your Coverage Needs

The first step to saving on commercial auto insurance is to know exactly what you need. Evaluate the type of vehicles you have, how often they are used, and the risks associated with their operation. This will help you determine the right level of coverage without paying for unnecessary extras.

Shop Around for Quotes

One of the best ways to find savings is by shopping around. Contact multiple insurance providers and ask for quotes. Compare these quotes, not just on price but also on the coverage they offer. You may find significant differences that can help you save money without compromising on essential coverage.

Increase Your Deductible

Increasing your deductible can lower your monthly premium. However, this means you'll pay more out-of-pocket in the event of a claim. Make sure you choose a deductible that you can afford in case an accident happens. This balance can help you save money in the long run.

Bundle Your Policies

If you already have other types of insurance, such as general liability or property insurance, check if your provider offers a bundling discount. Many insurers offer lower rates if you purchase multiple types of coverage from them.

Implement a Safety Program

A strong safety program can significantly reduce your insurance costs. Train your drivers in safe driving practices and regularly maintain your vehicles to prevent accidents. Some insurers offer discounts to businesses that have a documented safety program in place.

Utilize Telematics

Telematics devices track driving behavior and can help you monitor how your vehicles are being used. Insurers often provide discounts for businesses that use these devices because they promote safer driving habits. Installing telematics can give you insights into your fleet’s performance and help you save on insurance costs.

Review and Update Your Policy Regularly

Your business and its needs can change over time. Regularly review your insurance policy to make sure it still fits your needs. Remove any unnecessary coverage and add new ones if required. This can help you avoid paying for coverage that you no longer need.

Work with an Insurance Broker

Insurance brokers have access to multiple insurance providers and can help you find the best deals. They can also provide expert advice tailored to your specific business needs. Working with a broker can be a time-saving and cost-effective way to find the right commercial auto insurance.

By following these tips, you can find ways to save on commercial auto insurance in Alaska without sacrificing necessary coverage. Remember, the cheapest option isn’t always the best. Make sure you have adequate protection for your commercial vehicles to ensure your business can operate smoothly and safely.

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Check out our coverage in Alaska.

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The scope of small business insurance can be daunting, however, one essential yet often neglected component is commercial auto coverage.

Commercial auto insurance is critical for companies utilizing vehicles in their operations, offering financial safeguards against accidents, theft, and other vehicle-related issues.

However, understanding the specifics of commercial auto insurance can be challenging. From various coverage choices to legal obligations, there’s much for small business owners to consider.

The Importance of Commercial Auto Insurance for Small Business Risk Management

Commercial auto insurance plays an important role in small business risk management. It provides a safety net against potential financial losses that can occur due to vehicle-related incidents.

Commercial auto insurance isn’t just about protecting vehicles. It's about safeguarding the business itself. It helps ensure business operations can continue in the face of unexpected events.

Protecting Business Assets and Continuity

Commercial auto insurance protects your small business assets. It covers the cost of repairs or replacement if a business vehicle is damaged or stolen.

More importantly, it ensures business continuity. If your small business is dependent on vehicles for your daily operations, commercial auto insurance can help you get back on the road quickly after an accident.

Legal Compliance and Auto Insurance Requirements

In many states, commercial auto insurance is a legal requirement for business-owned vehicles. This means that operating without it can lead to legal penalties.

Moreover, it's not just about compliance. Having adequate insurance is a sign of responsible business management. It shows that you're prepared to handle unexpected events and protect your business assets.

Benefits of Commercial Auto Insurance for Small Businesses

Commercial auto insurance offers numerous benefits for small businesses. It provides financial protection, peace of mind, and helps keep your business running.

Financial Protection from Accidents and Theft

Accidents and theft can lead to significant financial losses. Commercial auto insurance can help mitigate these losses.

It covers the cost of repairs or replacement of your business vehicles. This means your business can continue to operate even after an accident or theft.

Coverage for Legal Fees and Medical Expenses

In the event of an accident, legal fees and medical expenses can quickly add up. Commercial auto insurance can help offset, and in some cases, cover these costs.

This coverage can protect your business from potential lawsuits and large medical bills making commercial auto insurance an essential part of your small business risk management strategy.

Fleet Insurance: A Cost-Effective Solution for Multiple Vehicles

For businesses with multiple vehicles, fleet insurance can be a cost-effective solution. It provides coverage for all your business vehicles under one policy.

This not only simplifies the management of your insurance but can also lead to significant cost savings. It's a smart choice for small businesses looking to streamline their insurance needs and reduce costs.

The Role of Commercial Auto Insurance in Small Business Protection

Commercial auto insurance is essential for protecting small businesses. It shields your company from financial losses caused by vehicle-related incidents, ensuring your operations can continue to run smoothly.

In essence, commercial auto insurance isn’t just an insurance policy, but a critical part of a comprehensive risk management strategy for small businesses.

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Commercial auto insurance is essential for businesses that rely on vehicles for their operations. Whether you're running a delivery service, a construction company, or a small business with a fleet of cars, having the right insurance is crucial. However, premiums can be high, especially in Alabama. Here are some effective strategies to help you save on commercial auto insurance in Alabama.

Shop Around

The first step in saving money on commercial auto insurance is to shop around. Different insurance companies offer different rates for the same coverage. Get quotes from multiple providers to ensure you're getting the best deal. Websites that compare insurance quotes can make this process easier and more efficient.

Bundle Policies

If you have multiple types of insurance, such as general liability or property insurance, consider bundling them with the same provider. Many insurers offer discounts for businesses that purchase multiple policies. This can significantly reduce your premiums and streamline your insurance management.

Increase Your Deductible

Another way to lower your premiums is to increase your deductible. The deductible is the amount you pay out of pocket before the insurance kicks in. By choosing a higher deductible, you assume more risk, but your monthly premiums will be lower. Make sure the deductible you choose is an amount you can afford in case of an accident.

Maintain a Clean Driving Record

Insurance companies look at the driving records of all employees who will be driving the company vehicles. A clean driving record can lead to lower insurance premiums. Implement a driver safety program to ensure your employees understand the importance of safe driving. Regularly review driving records and consider offering incentives for maintaining a clean record.

Choose the Right Vehicles

The type of vehicles you use can also impact your insurance rates. Newer vehicles with advanced safety features often come with lower premiums. Additionally, some vehicles are cheaper to insure than others. Research the insurance costs for different types of vehicles before making a purchase for your business.

Limit Coverage

While it's important to have comprehensive coverage, you might be paying for more than you need. Review your policy to see if there are any coverages you can reduce or eliminate. For example, if you have older vehicles that are fully depreciated, you might not need collision coverage. Tailor your policy to meet your specific needs without paying for unnecessary extras.

Take Advantage of Discounts

Many insurance companies offer various discounts that can help reduce your premiums. These might include discounts for being a member of a business association, having a good credit score, or installing anti-theft devices in your vehicles. Ask your insurance provider about any available discounts and take advantage of them.

By following these strategies, you can significantly reduce your commercial auto insurance premiums in Alabama. Always review your policy annually to ensure you’re getting the best rates and coverage for your business needs.

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Check out our coverage in Alabama.

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Navigating the world of commercial auto insurance can be daunting. It's a complex field, filled with jargon and intricate details.

This guide aims to simplify the process. We'll break down the basics of commercial auto insurance, helping you understand its importance.

We'll explore who needs it, the types of vehicles it covers, and how to choose the right policy. We'll also delve into the factors that influence its cost.

Whether you're a small business owner or a fleet manager, this guide will equip you with the knowledge to make informed decisions about commercial auto insurance.

What is Commercial Auto Insurance?

Commercial auto insurance is a type of policy designed to cover businesses. It provides financial protection against vehicle-related accidents and damages.

This insurance is crucial for companies that use vehicles for business purposes. It covers a wide range of vehicles, from cars and trucks to vans and trailers.

The coverage extends to various scenarios. These may include:

Collision damage to your company vehicle
Liability for damage or injuries caused by your vehicle
Medical expenses for injuries sustained in an accident involving your vehicle
Damage from non-collision events, like theft or vandalism

Commercial auto insurance is not just about protecting your vehicles. It's about safeguarding your business from potential financial losses. Understanding its role is the first step towards making the right insurance decisions for your business.

Who Needs Commercial Auto Insurance?

Commercial auto insurance is a must for small businesses that own, lease, or rent vehicles. It's also necessary if employees drive their own cars for business purposes.

This insurance is not limited to large corporations with fleets of vehicles. Small businesses, contractors, and even sole proprietors can benefit from it.

For instance, a florist delivering flowers, a contractor transporting tools to a job site, or a real estate agent driving clients to property viewings would all need commercial auto insurance.

In essence, if a vehicle is used in any way to carry out business operations, commercial auto insurance is typically required.

The Difference Between Commercial and Personal Auto Insurance

Commercial auto insurance and personal auto insurance serve different purposes. They are designed to cover different types of risks.

Personal auto insurance is intended for individuals using their vehicles for personal use. This includes commuting, running errands, or leisurely drives.

On the other hand, commercial auto insurance is designed for vehicles used for business purposes. It provides coverage for risks associated with business operations, which are typically excluded from personal auto policies.

In essence, the main difference lies in the usage of the vehicle and the nature of the risks covered.

Types of Vehicles Covered

Commercial auto insurance covers a wide range of vehicles used for business purposes. This includes cars, vans, and trucks.

It also extends to specialized vehicles. These can be construction vehicles, delivery vans, or taxis.

The type of vehicle can influence the cost and terms of your policy. For instance, insuring a commercial truck may cost more than a regular car due to its size and potential for causing more damage in an accident.

In essence, if a vehicle is used for business operations, it likely qualifies for commercial auto insurance.

Key Coverages in Commercial Auto Policies

Commercial auto policies offer various types of coverage. These are designed to protect your business from different risks associated with vehicle use.

One key coverage is liability insurance. This covers damages your business is legally responsible for if your vehicle causes harm to others.

Another important coverage is collision insurance. This covers damage to your vehicle from a collision, regardless of who is at fault.

Comprehensive insurance is also crucial. It covers damage to your vehicle from non-collision events like theft, vandalism, or natural disasters.

Uninsured/underinsured motorist coverage is an option too. It protects your business if an accident is caused by a driver without adequate insurance.

Commercial auto policies can also include customized endorsements. These enhance your coverage based on specific business needs.

Here's a quick rundown of these key coverages:

Liability Insurance: Covers damages your business is legally responsible for.
Collision Insurance: Covers damage to your vehicle from a collision.
Comprehensive Insurance: Covers damage from non-collision events.
Uninsured/Underinsured Motorist Coverage: Protects against accidents caused by inadequately insured drivers.
Customized Endorsements: Enhances coverage based on specific business needs.

Understanding these coverages can help you choose a policy that best protects your business.

Benefits of Commercial Auto Insurance for Small Businesses

Commercial auto insurance offers several benefits to small businesses. One of the main advantages is the protection of business assets.

In the event of an accident, the policy can cover the cost of vehicle repairs or replacement. This helps to minimize business disruption and financial loss.

Commercial auto insurance can also cover medical expenses. If an employee is injured in a vehicle accident, the policy can help cover their medical costs.

Lastly, having adequate commercial auto insurance can enhance your business reputation. It shows that your business takes responsibility for its actions and cares about its employees and the public.

How to Choose the Right Commercial Vehicle Insurance

Choosing the right commercial vehicle insurance requires careful consideration. First, understand your business needs. Consider the types of vehicles you have and how they’re used in your business operations.

Next, review the coverage options available. These may include liability, collision, comprehensive, and uninsured/underinsured motorist coverage. Choose the ones that best suit your business needs.

Consider the cost of the policy. While it's important to find a policy that fits your budget, don't compromise on the coverage you need. Remember, the cheapest policy may not always provide the best protection.

Lastly, work with a reputable insurance provider. They can guide you through the process and help you find a policy that meets your specific needs.

Factors Influencing Commercial Auto Insurance Costs

Several factors can influence the cost of your commercial auto insurance. One of the main factors is the type of vehicles your business uses. Larger, heavier vehicles often cost more to insure due to the potential for greater damage in an accident.

The driving records of your employees can also impact your premiums. If your drivers have a history of accidents or traffic violations, your rates may be higher.

The location of your business plays a role too. Areas with high traffic or high crime rates can lead to higher insurance costs.

Lastly, the amount and types of coverage you choose will affect your premiums. More comprehensive coverage will generally cost more, but it can provide better protection for your business.

Commercial Auto Insurance for Small Businesses

Small businesses often use vehicles for various tasks, from deliveries to client visits. Commercial auto insurance is crucial to protect these businesses from potential financial losses.

Even a minor accident can lead to significant costs. Having the right commercial auto insurance can help small businesses manage these risks effectively.

Protecting Your Business on the Road

Commercial auto insurance is more than just a legal requirement. It's a vital tool for protecting your business assets on the road.

From minor accidents to major collisions, the right coverage can save your business from costly expenses. It also provides peace of mind, knowing that your business can withstand unexpected events.

Choosing the right commercial auto insurance requires understanding your business needs and risks. It's worth investing time to research and compare policies.

In the end, the goal is to ensure your business continues to run smoothly, no matter what happens on the road.

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Commercial auto insurance is essential for businesses that use vehicles as part of their operations. Whether you own a small business or have a large fleet of trucks, having the right insurance can protect your business from significant financial losses. However, finding affordable commercial auto insurance in Maryland can be challenging. In this article, we’ll explore strategies to help you save on commercial auto insurance while ensuring your vehicles and drivers are adequately protected.

Understanding Commercial Auto Insurance in Maryland

Before diving into ways to save, it’s crucial to understand what commercial auto insurance covers. Commercial auto insurance provides coverage for vehicles used for business purposes. This includes:

Liability coverage: Protects against damages or injuries you cause to others.
Collision coverage: Covers damage to your vehicle from accidents.
Comprehensive coverage: Covers non-collision-related damage, such as theft or natural disasters.
Medical payments: Covers medical expenses for you and your passengers.
Uninsured/underinsured motorist coverage: Protects you if the other driver lacks sufficient insurance.

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Check out our coverage in Maryland.

Tips to Save on Commercial Auto Insurance

Shop Around for Quotes

One of the most effective ways to save on commercial auto insurance is to shop around. Different insurers offer varying rates and discounts, so it’s essential to compare quotes from multiple providers. Use online tools or work with an insurance broker to find the best rates for your business.

Bundle Your Policies

Many insurance companies offer discounts if you bundle multiple policies. Consider getting your commercial auto insurance from the same provider that handles your general liability or property insurance. Bundling can lead to significant savings and simplify managing your insurance policies.

Maintain a Good Driving Record

Insurance companies consider your driving record when determining your premiums. Encourage your drivers to follow safe driving practices and avoid traffic violations. Some insurers offer discounts for businesses with clean driving records, so maintaining a good record can help lower your premiums.

Invest in Safety Features

Equipping your vehicles with safety features can reduce the risk of accidents and lower your insurance costs. Consider installing:

Anti-lock brakes
Airbags
GPS tracking systems
Dashcams
Anti-theft devices

Opt for Higher Deductibles

Choosing a higher deductible can lower your monthly premium. However, be sure you can afford the deductible amount in case of an accident. A higher deductible means you’ll pay more out-of-pocket before your insurance kicks in, but it can significantly reduce your overall insurance costs.

Take Advantage of Discounts

Insurance companies often offer various discounts that can help you save on your premiums. Some common discounts include:

Multi-vehicle discount: For insuring multiple vehicles.
Safe driver discount: For maintaining a clean driving record.
Paid-in-full discount: For paying your annual premium upfront.
Safety features discount: For equipping your vehicles with safety features.

Regularly Review and Update Your Policy

Your business needs can change over time, so it’s essential to review your commercial auto insurance policy regularly. Ensure you have the right coverage and adjust your policy as needed. For example, if you’ve added or removed vehicles from your fleet, update your policy to reflect these changes. Regularly reviewing your policy can help you avoid paying for unnecessary coverage and ensure you’re getting the best rates.

Implement a Driver Training Program

Investing in a driver training program can improve your drivers’ skills and reduce the risk of accidents. Many insurance companies offer discounts to businesses that provide training programs for their drivers. A well-trained driver is less likely to be involved in an accident, which can lead to lower insurance premiums.

Choose Vehicles Wisely

The type of vehicles you use can impact your insurance rates. When purchasing new vehicles for your business, consider factors such as:

Safety ratings
Repair costs
Theft rates

Opting for vehicles with high safety ratings and low repair costs can help lower your insurance premiums.

Work with an Experienced Insurance Agent

An experienced insurance agent can help you navigate the complexities of commercial auto insurance and find the best rates for your business. They can provide personalized recommendations and help you take advantage of discounts and savings opportunities.

The Role of Maryland-Specific Factors

Maryland Insurance Requirements

Maryland has specific insurance requirements for commercial vehicles. Understanding these requirements can help you avoid fines and ensure you have the necessary coverage. In Maryland, commercial auto insurance must include:

Minimum liability coverage of $30,000 for bodily injury per person
$60,000 for bodily injury per accident
$15,000 for property damage

Local Risks and Considerations

Maryland's unique geographic and economic factors can affect your insurance rates. For example, urban areas like Baltimore may have higher rates due to increased traffic and accident risks. Additionally, weather conditions, such as heavy rain and snow, can impact your insurance costs. Understanding these local risks can help you make informed decisions about your coverage.

Compliance with State Regulations

Ensure your insurance policy complies with Maryland state regulations. Non-compliance can result in fines and legal issues. Work with your insurance provider to confirm that your policy meets all state requirements.

Conclusion

Saving on commercial auto insurance in Maryland requires a combination of smart strategies and informed decisions. By shopping around for quotes, bundling policies, maintaining a good driving record, and taking advantage of discounts, you can reduce your insurance costs without compromising on coverage. Regularly review your policy, invest in safety features, and work with an experienced insurance agent to ensure you’re getting the best rates for your business. By following these tips, you can protect your commercial vehicles and drivers while keeping your insurance premiums manageable.

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Navigating the world of commercial auto insurance in Wisconsin can be complex.

Understanding the ins and outs is crucial for business owners and fleet managers.

Why? Because it's not just about meeting legal requirements. It's about protecting your business assets and financial stability.

This article will provide actionable tips and explain various factors that affect insurance rates.

Our goal is to help you make informed decisions when purchasing or renewing your commercial auto insurance policies.

So, whether you're a seasoned business owner or just starting out, this guide is for you. Let's dive in.

Understanding Commercial Auto Insurance in Wisconsin

Commercial auto insurance is a must for businesses with vehicles. It's not just about cars and trucks. It covers all types of vehicles used for business purposes. This includes vans, buses, and even specialized vehicles.

But how does it differ from personal auto insurance?

Here are a few key differences:

Commercial auto insurance covers vehicles used for business purposes.
It provides coverage for employees driving company vehicles.
It often has higher coverage limits to protect businesses from liability.

Legal Requirements and Coverage Options

In Wisconsin, commercial auto insurance is a legal requirement.

Businesses must have at least the minimum liability coverage.

This includes $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $10,000 for property damage.

But these are just the minimums. Depending on your business needs, you might need more coverage.

Here are some coverage options to consider:

Liability coverage: Covers damages to others caused by your vehicle.
Collision coverage: Covers damages to your vehicle from a collision.
Comprehensive coverage: Covers damages to your vehicle not caused by a collision.
Uninsured motorist coverage: Covers damages if the other driver doesn't have insurance.

Remember, choosing the right coverage is crucial. It can protect your business from financial loss in case of an accident.

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Check out our coverage in Wisconsin.

Factors Influencing Insurance Rates

Several factors can influence your commercial auto insurance rates in Wisconsin.

These include the type of vehicles you have, how they're used, and the driving records of your employees.

Your business location and the amount of coverage you need also play a role.

Here are some key factors to consider:

Vehicle type, make, and model
Vehicle usage and mileage
Driver records and training
Business location
Coverage amount and deductibles

Vehicle Types and Usage

The type of vehicle you have can greatly affect your insurance rates.

For instance, a large truck will likely cost more to insure than a small car.

The vehicle's usage also matters. If your vehicles are used for high-risk activities or driving long distances, your rates may be higher.

Driver Information and Records

The driving records of your employees can also impact your insurance rates.

Drivers with clean records are often rewarded with lower rates. On the other hand, drivers with a history of accidents or violations can lead to higher premiums.

Regular driver training can help improve driving habits and potentially lower your rates.

Tips for Reducing Commercial Auto Insurance Costs

There are several ways to reduce your commercial auto insurance costs in Wisconsin.

These include seeking discounts, bundling policies, implementing safety programs, and conducting regular policy reviews.

Here are some tips to consider:

Seek discounts and bundle policies
Implement safety programs and use telematics
Conduct regular policy reviews and risk assessments

Discounts and Bundling Policies

Insurance companies often offer discounts for various reasons.

For instance, you might get a discount for having multiple policies with the same company.

You could also get a discount for having safety features in your vehicles.

It's worth asking your insurance provider about any available discounts.

Implementing Safety Programs and Telematics

Implementing safety programs can help reduce accidents, which can lead to lower insurance rates.

Telematics, or GPS tracking, can also help reduce rates by monitoring driver behavior. These systems can provide data on speed, braking habits, and other driving behaviors.

Insurance companies may offer discounts for businesses that use these systems.

Regular Policy Reviews and Risk Assessment

Regularly reviewing your policy can help ensure you're not overpaying for coverage.

You should also conduct regular risk assessments to identify potential areas of risk and address them. For instance, if you find that certain vehicles are involved in accidents more often, you might consider additional driver training.

Keeping your risk low can help keep your insurance rates low.

Choosing the Right Insurance Provider

Choosing the right insurance provider is crucial.

Different providers may offer different rates and coverage options. It's important to choose a provider that understands your business needs. Also, consider the provider's reputation and customer service.

Comparing Quotes and Services

When comparing quotes, don't just look at the price. Consider the coverage options and services offered. Remember, the cheapest quote may not always be the best option.

Final Thoughts on Saving on Commercial Auto Insurance

Saving on commercial auto insurance requires a strategic approach.

Understanding your business needs and risk factors is key.

With the right knowledge and strategies, you can significantly reduce your insurance costs.

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Navigating the world of commercial auto insurance in Indiana can be complex. Yet, it's a crucial task for any business owner.

Understanding how to save on these costs is vital. It can significantly impact your bottom line.

This guide is designed to help Indiana-based businesses reduce their commercial auto insurance expenses. We'll explore various factors that influence insurance rates. We'll also delve into discounts specific to Indiana and strategies to maximize savings.

Whether you're a small business owner or manage a large fleet, this guide is for you. It's packed with actionable insights and tips.

Understanding Commercial Auto Insurance in Indiana

Commercial auto insurance is a must for any business that uses vehicles. It covers damages from accidents involving business-owned vehicles.

In Indiana, this type of insurance is not just for large fleets. Even small businesses with a single vehicle need it.

The cost of commercial auto insurance varies. It depends on several factors, which we'll discuss in the next section.

It's important to note that commercial auto insurance is different from personal auto insurance. The former provides coverage for vehicles used for business purposes.

Understanding these differences helps ensure that your business is adequately protected.

Factors Affecting Insurance Rates in Indiana

Several factors influence the cost of commercial auto insurance in Indiana. One of these is the type of vehicle your business uses.

The make and model of your vehicles can affect your premiums. For instance, a delivery van may cost more to insure than a compact car.

Your business location within Indiana also plays a role. Insurance rates can vary based on geographic location.

Lastly, the driving records of your employees matter. A clean driving record can lead to lower insurance premiums.

Legal Requirements for Indiana Businesses

In Indiana, businesses are required to have commercial auto insurance. This is to cover any damages or injuries caused by business-owned vehicles.

The minimum liability coverage required is $25,000 for property damage. It's also $25,000 per person and $50,000 per accident for bodily injury.

Failure to meet these requirements can result in penalties. These may include fines or suspension of your business license.

It's crucial to understand these legal requirements. They form the baseline for your commercial auto insurance policy.

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Check out our coverage in Indiana.

Maximizing Savings on Your Policy

There are several ways to save on commercial auto insurance in Indiana. One of the most effective is to explore discounts.

Many insurance providers offer discounts for safe driving. They may also offer discounts for businesses with multiple policies.

Bundling your commercial auto insurance with other policies can lead to savings. This is often referred to as a multi-policy discount.

Another way to save is by choosing the right coverage limits. This requires a careful assessment of your business needs.

Lastly, consider your deductible. A higher deductible can lower your premium, but it also means higher out-of-pocket costs in case of a claim.

Discounts and Bundling Options

Insurance providers often offer discounts to attract and retain customers. These can significantly reduce your premium.

For instance, you may get a discount if your business has a clean driving record. This is because a good driving record indicates lower risk.

Bundling your policies can also lead to savings. If you have multiple insurance needs, consider getting them from the same provider.

Remember, every dollar saved on insurance is a dollar that can be invested back into your business.

Choosing the Right Coverage Limits

Choosing the right coverage limits is crucial. It can mean the difference between adequate protection and financial disaster.

If your coverage limits are too low, you may end up paying out-of-pocket for damages. This can strain your business finances.

On the other hand, if your limits are too high, you may be paying for coverage you don't need. This can lead to unnecessary expenses.

The key is to find a balance. Assess your business risks and choose coverage limits that provide adequate protection without breaking the bank.

Deductibles and Premiums: Finding the Balance

Your deductible is the amount you pay out-of-pocket before your insurance kicks in. A higher deductible can lower your premium.

However, a high deductible means higher out-of-pocket costs in case of a claim. This can strain your business finances.

On the other hand, a lower deductible means higher premiums. This can increase your regular business expenses.

Again, the key is to find a balance. Consider your business finances and risk tolerance when choosing your deductible.

Risk Management and Safety Measures

Risk management is key to saving on commercial auto insurance. By reducing risks, you can lower your premiums.

Investing in safety measures can significantly reduce risks. This includes safety features in your vehicles and driver training programs.

Anti-theft devices can also lower your premiums. Insurance providers often offer discounts for vehicles equipped with these devices.

Here are some safety measures to consider:

Regular vehicle maintenance
Driver safety training
Anti-theft devices
Safety features in vehicles

Investing in Safety and Anti-Theft Devices

Safety and anti-theft devices can lower your insurance premiums. They reduce the risk of accidents and theft, which are major factors in insurance costs.

For instance, anti-lock brakes and airbags can reduce the risk of injuries in an accident. This can lead to lower premiums.

Anti-theft devices can deter thieves and help recover stolen vehicles. This can also lead to lower premiums.

Remember, every dollar saved on insurance is a dollar that can be invested back into your business.

Driver Training and Fleet Management Systems

Driver training programs can reduce the risk of accidents. They teach drivers safe driving techniques and how to handle difficult situations.

Fleet management systems can also reduce risks. They allow you to monitor your vehicles and drivers in real time.

For instance, you can track driving behavior and vehicle maintenance. This can help prevent accidents and breakdowns.

Again, reducing risks can lead to lower premiums. It's an investment that can pay off in the long run.

Regular Policy Review and Updates

Regularly reviewing your commercial auto insurance policy is crucial. It ensures your coverage matches your current needs.

As your business evolves, so do your insurance needs. Regular reviews help you adjust your coverage accordingly.

Remember, over-insurance is a waste of money. Under-insurance can leave you exposed to financial risks.

A regular policy review can help you strike the right balance.

When to Review Your Policy

You should review your policy at least once a year. This ensures your coverage is up-to-date.

Also, review your policy whenever there are significant changes in your business. This includes changes in your fleet size, vehicle usage, or business operations.

Adjusting Coverage as Your Business Evolves

As your business grows, your insurance needs change. You may need more coverage or different types of coverage.

For instance, if you add more vehicles to your fleet, you may need to increase your coverage. If you start delivering goods, you may need cargo coverage.

Remember, the right coverage protects your business assets and ensures your business continuity.

Comparing Quotes and Negotiating with Providers

Comparing quotes from different insurance providers is a smart move. It helps you find the best deal for your business.

Don't just look at the price. Consider the coverage, deductibles, and customer service.

Here are some tips for comparing quotes:

Check the coverage: Make sure it matches your needs.
Look at the deductibles: Higher deductibles mean lower premiums, but you'll pay more out-of-pocket in case of a claim.
Consider the insurer's reputation: Check customer reviews and ratings.

How to Compare Insurance Quotes

Start by gathering quotes from multiple insurance providers. You can do this online or by contacting the providers directly.

Compare the quotes side by side. Look at the coverage, deductibles, and premiums. Also, consider the insurer's reputation and customer service.

Tips for Negotiating Better Rates

Don't be afraid to negotiate with insurance providers. They may be willing to offer discounts to win your business.

Also, ask about any discounts you may qualify for. This could be for bundling policies, having a clean driving record, or installing safety features in your vehicles.

Conclusion

Saving on commercial auto insurance in Indiana is possible with the right approach. It involves understanding your needs, comparing quotes, and implementing safety measures.

Remember, the goal is not just to save money. It's also to ensure that your business is adequately protected from potential risks.

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Navigating the world of commercial auto insurance in Illinois can be complex.

Understanding the ins and outs of your policy is crucial. It can help you save money while ensuring your business vehicles are adequately covered.

In this guide, we'll explore strategies to help you reduce your commercial auto insurance costs. We'll delve into company policies, fleet insurance, and more.

Whether you're a small business owner or manage a large fleet, this guide will show you ways to save on commercial auto insurance in Illinois.

Understanding Commercial Auto Insurance in Illinois

Commercial auto insurance is a must-have for any business that uses vehicles. In Illinois, it's not just a good practice, it's a legal requirement.

This type of insurance covers your business vehicles against damage and liability. It can protect your company from financial loss in case of accidents or other incidents.

Here are some details to consider:

The type and usage of your vehicles
The number of vehicles in your fleet
The driving records of your employees
The level of coverage you need

Understanding these factors can help you find the right policy for your business.

Legal Requirements and Coverage Essentials

In Illinois, businesses are required to carry a minimum amount of liability insurance.

This coverage pays for bodily injury and property damage caused by your business vehicles.

However, minimum coverage may not be enough to fully protect your business.

Consider additional coverages like collision, comprehensive, and uninsured motorist protection. These can provide a safety net in case of unexpected incidents.

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Check out our coverage in Illinois.

Evaluating Your Company Policy for Savings

Your company policy can greatly impact your insurance rates.

For instance, a strict safety policy can lower your risk profile. This can lead to lower premiums.

Here are some policy aspects to consider:

Driver screening and training
Vehicle maintenance schedules
Accident reporting procedures
Safety equipment requirements

By refining these aspects, you can create a safer work environment. This can lead to significant savings on your commercial auto insurance.

Fleet Insurance Benefits and Considerations

If your business owns multiple vehicles, consider fleet insurance.

This type of policy can cover all your vehicles under one contract. It can simplify management and potentially lower your premiums.

However, fleet insurance also comes with its own considerations.

For instance, all vehicles in the fleet are typically covered at the same level. This might not be ideal if your vehicles have different uses and risks. Make sure to evaluate your needs carefully before opting for fleet insurance.

Strategies for Commercial Auto Insurance Savings

There are several strategies you can employ to save on commercial auto insurance.

Firstly, consider the role of deductibles. A higher deductible can lower your premium. However, it also means higher out-of-pocket costs in case of a claim.

Secondly, driver records play a crucial role. Employing drivers with clean records can lower your insurance costs.

Thirdly, the classification and usage of your vehicles can impact your rates. Make sure your vehicles are properly classified to avoid overpaying.

Here are some strategies to consider:

Opt for a higher deductible if you can afford the risk
Employ drivers with clean records
Properly classify your vehicles based on usage

Deductibles and Premiums: Finding the Balance

Deductibles and premiums have an inverse relationship.

A higher deductible means lower premiums. However, it also means higher out-of-pocket costs in case of a claim.

You need to find a balance that suits your financial situation and risk tolerance.

Remember, the goal is not just to lower your premium, but to secure adequate coverage.

Driver Records and Safety Programs

Driver records can significantly impact your insurance costs.

Drivers with clean records are less of a risk to insurers. This can lead to lower premiums.

Implementing a safety program can also help. It can reduce accidents, leading to fewer claims and lower premiums.

Consider regular driver training and strict hiring practices to maintain a clean record.

Vehicle Classification and Usage

The classification and usage of your vehicles can impact your insurance rates.

For instance, a delivery truck might have a higher rate than a passenger car.

Make sure your vehicles are properly classified to avoid overpaying.

Also, consider usage-based insurance if your vehicles have low mileage.

Leveraging Discounts and Payment Options

There are several ways to leverage discounts and payment options for savings.

Firstly, many insurers offer discounts for bundling policies. If you have multiple insurance needs, consider getting them from the same provider.

Secondly, consider your payment options. Paying your premium annually, instead of monthly, can lead to savings.

Here are some tips to consider:

Bundle your policies for discounts
Opt for annual payments to save on premiums

Bundling Policies and Annual Payments

Bundling policies can lead to significant savings.

If you have multiple insurance needs, consider getting them from the same provider.

Also, paying your premium annually, instead of monthly, can lead to savings. It reduces administrative costs for the insurer, which can be passed on to you.

Telematics and Business Affiliations

Telematics can help you save on insurance costs.

It allows insurers to track driving habits, which can lead to discounts for safe driving.

Also, check if your business affiliations offer any insurance discounts. Some business associations have partnerships with insurers for group discounts.

Regular Review and Risk Management

Regular review of your insurance policy is crucial.

It ensures that your coverage matches your current needs.

Risk management, on the other hand, helps reduce potential claims.

This can lead to lower premiums over time.

Here are some tips to consider:

Regularly review your policy
Implement risk management strategies

Updating Policies and Managing Claims

Keeping your policy updated is important.

It ensures that your coverage matches your current needs.

Also, managing claims effectively can prevent increases in premiums.

Training and Certifications for Drivers

Training and certifications for drivers can lead to lower premiums.

Insurers often offer discounts for drivers with certain certifications.

Also, a well-trained driver is less likely to be involved in accidents, reducing potential claims.

Conclusion: Maximizing Your Commercial Auto Insurance Value

In conclusion, saving on commercial auto insurance in Illinois involves a strategic approach.

By understanding your coverage needs, managing risks, and leveraging discounts, you can maximize the value of your insurance investment.

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Running a business in Arizona involves many costs. One of these is commercial auto insurance.

This insurance is vital for businesses that use vehicles. It covers costs from accidents, theft, and other incidents.

But, commercial auto insurance can be expensive. It can eat into your profits if not managed well.

This article aims to help you save on commercial auto insurance in Arizona. We will provide tips and insights to reduce your insurance costs.We will also guide you on how to maintain adequate coverage for your vehicles.

Whether you're a small business owner or manage a large fleet, this guide is for you.

Understanding Commercial Auto Insurance in Arizona

Commercial auto insurance is a must for businesses in Arizona. It covers vehicles used for business purposes.

This includes cars, trucks, vans, and other types of vehicles. It provides coverage for damage, theft, and liability.

Factors Affecting Insurance Rates in Arizona

Insurance rates in Arizona are influenced by several factors. Understanding these can help you find affordable commercial auto insurance.

Vehicle type and usage: The type of vehicle and how it's used can affect your insurance rates. For example, a delivery truck may have higher rates than a company car.
Driver's record: A driver with a clean record can help lower your insurance costs. On the other hand, a driver with a history of accidents or violations can increase your rates.
Location: Where your business is located and where your vehicles operate can also impact your rates. Areas with high traffic or crime rates may lead to higher insurance costs.

Tips for Achieving Commercial Auto Insurance Savings

Achieving commercial auto insurance savings in Arizona is possible. It requires a strategic approach and understanding of the insurance market.

Here are some tips to help you save on your commercial auto insurance.

Compare Multiple Insurance Quotes

Don't settle for the first quote you get. Shop around and compare quotes from different insurance providers.

This can help you find the best rates and coverage for your business needs.

Maintain a Good Driving Record

A good driving record can lead to lower insurance premiums. Encourage safe driving habits among your employees.

Remember, a driver with a history of accidents or violations can increase your rates.

Bundle Policies with Fleet Insurance

If you have multiple vehicles, consider bundling your policies. Fleet insurance can be more cost-effective than individual policies.

This can lead to significant commercial auto insurance savings.

Explore Discounts and Safety Features

Insurance providers often offer discounts for safety features. These can include anti-theft devices, GPS tracking, and advanced driver assistance systems.

Also, explore other discounts such as:

Multi-vehicle discounts
Paid-in-full discounts
Business experience discounts

Opt for Higher Deductibles

Choosing a higher deductible can lower your annual premiums. However, ensure your business can afford the deductible in case of a claim.

This strategy can lead to significant savings in the long run.

Regular Policy Reviews and Updates

Regularly review and update your insurance policy. Ensure it reflects your current needs and vehicle usage.

This can help you avoid paying for unnecessary coverage.

Implement Driver Training Programs

Driver training programs can lead to insurance savings. They can improve driver safety and reduce the risk of accidents.

Insurance providers often offer discounts for businesses with driver training programs.

Leverage Telematics and GPS Tracking

Telematics and GPS tracking can contribute to insurance savings. They can improve driver safety and provide valuable data for insurance providers.

This technology can also help in theft recovery, further reducing your risk.

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Check out our coverage in Arizona.

Managing Your Fleet for Insurance Savings

Effective fleet management can lead to significant insurance savings. It involves accurate vehicle classification, regular maintenance, and a strong company policy.

Here are a few practices that can reduce risks and lower your insurance premiums.

Accurate Vehicle Classification and Usage

Accurate vehicle classification is crucial for insurance savings. It affects your insurance rates and coverage.

Ensure your vehicles are correctly classified based on their usage. This can help you avoid overpaying for insurance.

Maintaining Vehicles and Documentation

Regular vehicle maintenance can reduce the risk of accidents. It can also extend the lifespan of your vehicles.

Maintain proper documentation of your vehicles and their maintenance records. This can help in claim settlements and policy renewals.

Establishing a Strong Company Policy

A strong company policy can mitigate risks and reduce insurance costs. It should cover vehicle usage, driver behavior, and accident reporting.

Ensure your employees understand and follow the policy. Regular training and updates can help in this regard.

Final Thoughts on Saving on Commercial Auto Insurance

Saving on commercial auto insurance in Arizona requires a strategic approach. It involves understanding the factors that affect your premiums and taking steps to mitigate risks.

By implementing the tips discussed in this guide, you can achieve significant savings. Remember, the goal is not just to reduce costs, but to ensure adequate coverage for your commercial vehicles. Regular reviews and updates of your insurance policy can help you achieve this balance.

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Navigating the world of commercial auto insurance can be a daunting task, especially when you're trying to find ways to save on costs without compromising on coverage.

If you're a small business owner, fleet manager, or commercial vehicle operator in Tennessee, this guide is for you. We aim to provide you with actionable tips to help you reduce your commercial auto insurance expenses.

We'll delve into the factors that affect insurance rates in Tennessee and explore discounts specific to Tennessee commercial auto insurance policies.

From understanding the role of a clean driving record to the impact of vehicle type on insurance rates, we've got you covered. We'll also discuss the benefits of bundling multiple policies and implementing safety programs.

By the end of this guide, you'll be equipped with the knowledge to make informed decisions about your commercial auto insurance. Let's dive in and start saving on your Tennessee commercial auto insurance today.

Understanding Tennessee's Commercial Auto Insurance Landscape

Commercial auto insurance in Tennessee is a complex landscape. It's influenced by many factors, from the type of vehicle to the driver's record.

Understanding these factors can help you navigate this landscape. It can also help you find ways to reduce your insurance costs.

Factors Affecting Insurance Rates in Tennessee

One of the key factors affecting insurance rates is the type of vehicle. Commercial vehicles are often more expensive to insure than personal vehicles. This is due to their size and the potential for higher damage in an accident.

Another factor is the driver's record. A clean driving record can significantly reduce your insurance premiums. On the other hand, a record of accidents or violations can increase your rates. The location of your business plays a role as well. Areas with high traffic or accident rates can lead to higher insurance costs.

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Check out our coverage in Tennessee.

Legal Requirements for Commercial Vehicles

In Tennessee, commercial vehicles must have a minimum amount of liability insurance. This covers bodily injury and property damage in case of an accident.

It's important to understand these requirements. Not meeting them can result in fines and penalties. It can also leave you financially vulnerable in case of an accident.

Comparing Insurance Providers: The Key to Cost Savings

One of the best ways to save on commercial auto insurance in Tennessee is to compare quotes from different providers. Insurance rates can vary significantly from one company to another.

This is because each insurance company uses its own formula to calculate rates. They consider different factors and weigh them differently.

It's worth taking the time to get quotes from multiple providers. This can help you find the best coverage for your needs at the most affordable price.

How to Effectively Compare Quotes

When comparing quotes, it's important to make sure you're comparing apples to apples. This means looking at the same types of coverage and the same limits.

Don't just look at the price. Consider the coverage you're getting for that price. A cheaper policy might not provide the coverage you need.

Also, consider the reputation of the insurance company. Look at their customer service ratings and their claims handling process. This can give you an idea of what to expect if you need to file a claim.

The Role of Insurance Brokers

Insurance brokers can be a valuable resource when shopping for commercial auto insurance. They work with multiple insurance companies and can help you compare quotes.

Brokers can also help you understand the different coverage options. They can advise you on the best coverage for your needs.

Remember, brokers work for you, not the insurance company. Their goal is to help you find the best coverage at the best price.

Discounts and How to Qualify for Them

Insurance companies often offer discounts to attract and retain customers. These discounts can significantly reduce your commercial auto insurance premiums.

To qualify for these discounts, you may need to meet certain criteria. This could include maintaining a clean driving record or implementing safety programs.

It's important to ask your insurance provider about the discounts they offer. You might be eligible for more discounts than you realize.

Common Discounts Available in Tennessee

In Tennessee, there are several common discounts available for commercial auto insurance. These include discounts for safe driving, multi-vehicle policies, and safety features.

Safe driving discounts are often offered to businesses with a good driving record. This means few or no claims in the past few years.
Multi-vehicle discounts are available for businesses that insure multiple vehicles with the same company.
Safety feature discounts are offered to businesses that equip their vehicles with safety features like anti-lock brakes and anti-theft devices.

Remember, each insurance company offers different discounts. So, it's worth shopping around to find the best discounts for your business.

Bundling Policies for Better Rates

Bundling multiple insurance policies with the same company can lead to significant savings. This could include your commercial auto insurance, general liability insurance, and property insurance.

Insurance companies often offer discounts to customers who buy multiple policies. This is because it's more cost-effective for them to manage multiple policies for the same customer.

If you need multiple types of insurance, consider getting them from the same company. This could help you save on your commercial auto insurance in Tennessee.

Managing Risks to Lower Insurance Costs

Risk management is a key factor in reducing commercial auto insurance costs. By minimizing the risk of accidents, you can lower your premiums.

This involves implementing safety programs, training drivers, and maintaining vehicles. These measures can significantly reduce the likelihood of accidents and claims.

Safety Programs and Driver Training

Safety programs and driver training can play a crucial role in reducing insurance costs. These programs can help drivers understand and avoid risks on the road.

Training can include defensive driving courses and safety seminars. These programs can help drivers respond effectively to road hazards and emergencies.

Insurance companies often offer discounts to businesses that implement these programs. So, investing in driver training can lead to both safer driving and lower insurance costs.

Vehicle Maintenance and Safety Features

Regular vehicle maintenance can prevent breakdowns and accidents. This can reduce the likelihood of insurance claims and lower your premiums.

Safety features can also lower insurance costs. These can include anti-lock brakes, airbags, and anti-theft devices.

Insurance companies often offer discounts for vehicles with these features. So, investing in vehicle maintenance and safety features can be a cost-effective way to reduce your commercial auto insurance costs in Tennessee.

Strategic Policy Management

Managing your insurance policy strategically can lead to significant cost savings. This involves understanding and adjusting your deductibles and coverage limits, and regularly reviewing and updating your policy.

Deductibles and Coverage Limits

Your deductible is the amount you pay out of pocket before your insurance coverage kicks in. Increasing your deductible can lower your premium, but it also increases your out-of-pocket costs in the event of a claim.

Coverage limits are the maximum amount your insurance company will pay for a covered loss. Lowering your coverage limits can reduce your premium, but it will also decrease your protection.

Balancing deductibles and coverage limits is a strategic way to manage your commercial auto insurance costs. It's important to find a balance that provides adequate protection while keeping premiums affordable.

Regular Policy Reviews and Updates

Regularly reviewing and updating your insurance policy can help ensure it reflects your current needs. This can involve adjusting your coverage limits, adding or removing vehicles, or updating driver information.

Changes in your business operations, such as expanding your fleet or changing vehicle usage, should be reflected in your policy. Regular reviews can help you avoid paying for unnecessary coverage and ensure you're adequately protected.

Conclusion: Balancing Cost and Coverage

Saving on commercial auto insurance in Tennessee involves a careful balance. It's about finding the right mix of cost-saving strategies without compromising on necessary coverage.

Remember, the cheapest policy isn't always the best. Aim for a policy that provides the protection your business needs at a price you can afford.

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Understanding commercial auto insurance and finding ways to save on your premiums can be tricky. In Minnesota, it's important to make sure your business vehicles are properly covered without overspending. This guide will help you learn about Minnesota commercial auto insurance and give you tips to reduce costs while keeping enough coverage.

Understanding Commercial Auto Insurance in Minnesota

Commercial auto insurance, or fleet insurance, is designed to cover vehicles used by businesses. It covers damage, theft, and liability if there's an accident. In Minnesota, businesses that own, lease, or rent vehicles must have this insurance. It's also needed if employees use their own cars for work.

This insurance includes:

Bodily injury liability
Property damage liability
Medical payments
Uninsured motorist coverage

It can also cover collision and comprehensive damage, which means it pays for damage from accidents or other events like theft or natural disasters.

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Check out our coverage in Minnesota.

Why Commercial Auto Insurance is Essential for Your Business

Commercial auto insurance is very important for protecting your business. If there's an accident, the costs can be overwhelming. Without the right coverage, your business might have to pay a lot of money out of pocket, which could hurt your operations. This insurance also protects you from being sued if your vehicle causes damage or injury to others.

The Difference Between Personal and Commercial Auto Insurance

Personal and commercial auto insurance are not the same. Commercial insurance usually has higher coverage limits because business vehicle use is riskier. It also covers a wider range of uses, like transporting goods or clients, which personal insurance might not cover. Plus, commercial auto insurance can cover multiple drivers, which is important for businesses with many employees using the same vehicle.

Factors Influencing Commercial Auto Insurance Rates

Several factors affect the cost of your commercial auto insurance in Minnesota:

Type of Vehicles
Vehicle Usage
Location and Operating Radius
Driver Records

How Vehicle Type and Usage Impact Your Premiums

The type and use of your business vehicles can greatly affect your insurance costs. For example, commercial trucks usually have higher premiums than passenger cars because they can cause more damage in an accident and cost more to repair or replace. If your vehicles are used for high-risk tasks, like transporting hazardous materials, your premiums will also be higher.

The Role of Driver Records and Training

Your employees' driving records play a big role in your insurance costs. Drivers with clean records are less risky, so your premiums will be lower. Drivers with a history of accidents or traffic violations can increase your insurance costs. Training your drivers can also help. Many insurers offer discounts if your employees take defensive driving courses, as trained drivers are less likely to have accidents.

Tips for Reducing Your Commercial Auto Insurance Costs

Here are some tips to help you save on commercial auto insurance in Minnesota:

Assess Your Insurance Needs
Explore Discounts and Bundling Options
Increase Your Deductibles

Assessing Your Insurance Needs Accurately

It's crucial to accurately assess your insurance needs to manage your premiums. Know the value of your vehicles and the risks they face. Over-insuring can lead to unnecessary costs, while under-insuring can leave you financially vulnerable. Assess your needs carefully to ensure you're not paying too much or too little for your coverage.

Exploring Discounts and Bundling Options

Ask your insurer about available discounts and bundling options. Discounts can come from safe driving records, defensive driving training, and vehicle safety features. Bundling your insurance policies can also save you money if you have multiple policies with the same provider.

Increasing Deductibles and Managing Risks

Raising your deductibles can lower your premiums, but make sure you can afford the higher out-of-pocket costs if you need to make a claim. Managing your risks effectively by implementing safety practices can also help lower your premiums.

Shopping for Commercial Auto Insurance in Minnesota

When looking for commercial auto insurance in Minnesota, compare quotes from different insurers to find the best deal. It's not just about the cheapest price; you also need to understand the coverage limits and exclusions of each policy. Working with an insurance broker can be helpful as they can guide you through the complex insurance market and find the best policy for your business.

Comparing Quotes and Understanding Coverage Limits

Make sure to compare quotes for similar policies by looking at coverage limits, deductibles, and exclusions. Understanding these details is crucial to avoid financial risks.

The Benefits of Working with an Insurance Broker

Insurance brokers can help you find the best deal by accessing a wide range of insurers. They can explain the terms and conditions of each policy and suggest strategies for managing risks and qualifying for discounts.

Maintaining Your Commercial Auto Insurance Policy

To keep your commercial auto insurance policy effective, do regular reviews and updates. Notify your insurer about any changes in your business, like new vehicles or drivers. Keep organized records of all insurance documents and claims to manage your history effectively.

Regular Policy Reviews and Updates

Regularly review and update your policy to ensure it reflects your current business needs. This can help you identify potential savings and make sure your coverage is adequate.

Managing Claims and Leveraging No-Claim Bonuses

In the event of an accident, it's important to report claims within 24 hours and document incidents accurately. Managing your claims history well can prevent unnecessary premium increases. No-claim bonuses, which are discounts for not making any claims during the policy period, can also lead to significant savings.

Conclusion: Maximizing Savings on Commercial Auto Insurance in Minnesota

To save on commercial auto insurance, understand your coverage needs, manage risks, and shop wisely. Regular policy reviews and effective claims management are also important. The goal is to save money while ensuring your business is properly protected. Make informed decisions to maximize your savings on commercial auto insurance.

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As the summer months approach and temperatures are already beginning to soar, small business owners are feeling the heat—quite literally. We recently conducted a comprehensive workplace safety survey of 1,034 small business owners as defined by companies with 1-500 employees where a remarkable 94% of small business owners said they feel prepared for the hot summer days ahead, but the reality may be more complex.

Are small businesses really ready to tackle the challenges posed by extreme heat?

Last summer was Earth’s hottest since global records began in 1880, and forecasters are predicting that this extreme weather will continue this summer. Small businesses should consider making a plan or evaluating existing plans for how to protect their employees during the hotter summer months.

Mixed Results and an Industry Standout

A closer look at our survey data reveals a mixed bag of preparedness.

For example:

65% of survey respondents said they have already adjusted or are planning to adjust safety measures to account for rising temperatures during the summer.
However, a concerning 35% have no such plans.

Heat safety should be top of mind and a lack of planning could pose significant risks to both employees and small business owners.

The survey results weren’t all storm clouds, however. The construction industry stood out for its high level of preparedness. A notable 83% of small business owners in construction have made or are planning to make adjustments to safeguard their workers from the heat, well above the average. This proactive stance demonstrates the construction industry's recognition of the dangers imposed by high temperatures.

In addition, there's a stark generational divide in the approach to heat safety. Younger small business owners, aged 18-34, are leading the charge, with 92% having made or planning to make adjustments for rising temperatures. In contrast, only 37% of business owners aged 55 and older have taken similar steps. This disparity highlights the need for a more uniform approach to heat safety across all age groups.

Employee concerns are also driving changes. About 31% of small business owners reported that their employees have been increasingly vocal about how rising temperatures are affecting their work. This heightened awareness among workers is prompting many businesses to rethink their safety practices.

For those businesses that have already adjusted their heat protocols, the most common updates included installing better air conditioning and cooling devices (57%), mandating water and rest breaks (53%), and providing additional training to recognize the signs of heat-related illnesses such as heat stroke and heat exhaustion (49%). These measures are essential for creating a safer and more comfortable work environment during the hot summer months.

Tips for Protecting Your Business and Employees from Extreme Summer Heat

Given the potential dangers, it’s important for all small business owners to take proactive steps to protect their businesses and employees from the extreme summer heat. While impossible to eliminate all risks, here are some suggested steps small businesses can take to safeguard themselves:

Invest in Cooling Solutions: Ensure that your workplace is equipped with adequate air conditioning or cooling devices. This can help maintain a comfortable indoor temperature and prevent heat-related illnesses.
Mandate Regular Breaks: Implement policies that require employees to take regular water and rest breaks, especially during peak heat hours. This can help them stay hydrated and reduce the risk of heat exhaustion.
Provide Heat Safety Training: Offer training sessions for employees to help them recognize the signs of heat-related illnesses, such as heat stroke and heat exhaustion. Educating your team can be a crucial step in preventing serious health issues.
Adjust Work Schedules: If possible, consider adjusting work schedules to avoid the hottest parts of the day. Early morning or late afternoon shifts can help reduce exposure to extreme heat.
Encourage Hydration: Make sure that cool, potable water is readily available to all employees throughout the day. Encourage them to drink water regularly, even if they don't feel thirsty.
Create Shaded Areas: For outdoor work environments, provide shaded areas where employees can take breaks and cool down.
Monitor Weather Conditions: Keep an eye on weather forecasts and heat advisories. Be prepared to make adjustments to work schedules and safety procedures as necessary.

For further support, here is a summer heat safety checklist for small businesses. By taking these steps, small business owners can help to better protect their employees.

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Insurance agents face the constant challenge of providing their clients with the right coverage, a task that can be time-consuming and fraught with the risk of rejection. Pie Insurance has a solution to streamline this process: our integrated Appetite Checker.

Pie’s Appetite Checker is a unique tool designed to optimize the submission process for agents. It works by allowing agents to quickly determine whether a particular business is within Pie's underwriting appetite. This is achieved by entering a class code or business, which returns one of three immediate statuses:

Preferred: These businesses are our sweet spot! In many cases, these businesses will be eligible to be instantly quoted and bound through our portal.
Considered: Pie will write these businesses as long as they meet expectations laid out in our UW guidelines.
Declined: These businesses are out of our appetite, we aren’t a market for this type of risk.

This clear categorization helps agents instantly understand whether Pie Insurance is likely to underwrite a certain risk, thereby reducing the time spent on potential rejections.

Benefits for Insurance Agents

Increased Efficiency: The Appetite Checker minimizes time spent on researching and submitting quotes that are likely to be declined. This tool provides instant results, which allows agents to focus on submitting more quotes and improve their workflow.
Enhanced Success Rates: By pre-checking our appetite, agents can increase their chances of a bindable quote This not only boosts the efficiency of the submission process but also enhances the overall success rate of securing coverage for their clients.
Reduced Uncertainty and Rejections: The tool reduces the guesswork and uncertainty involved in the submission process. Knowing in advance whether a business is in appetite helps agents manage expectations and plan their strategies more effectively.
Easy Access: The Appetite Checker is accessible through Pie’s partner portal, making it easy to use before submitting a quote. This accessibility ensures that agents can leverage the tool as part of their regular business workflow without any additional hassle.

Pie Insurance's Appetite Checker is a game-changer for insurance agents. It not only streamlines the submission process but also enhances the accuracy and success of providing clients with the right insurance coverage. By reducing time spent on declined submissions and focusing on those within our appetite, agents can optimize their workflow and provide better service to their clients.

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From skunks to chickens to robots, there is truly a wild west range of workplace accidents that can occur.

We recently conducted a comprehensive workplace safety survey of 1,034 small business owners as defined by companies with 1-500 employees. The survey revealed a slew of small business safety concerns and insights like unforeseen hazards, the most common injury types and more.

But something that also stood out was the breadth of incidents that can occur when we asked business owners to tell us about their most unique injury claims they’ve ever experienced.

Fifty percent of small businesses cited having at least one injury in the past 5 years, and while many of them experienced common injuries like slips and falls (16%) and cuts, we also found that accidents aren’t always typical and they come in all shapes, sizes and in the case of the skunk: bites.

Uncommon Accidents

One small business had to file a claim after a bird flew into a worker's face, breaking their nose while they were on the roof of a house.

A restaurant owner shared that one of his cooks dipped their hand into hot caramel and got second-degree burns.

Another business owner reported filing a claim because a baby skunk nipped one of their employees.

Another business owner’s employee broke their foot frantically running away from a spider.

In an even more bizarre case, a small business reported an injury where a robotic arm, while being operated by an employee to check its grasping ability, grabbed her and inflicted trauma to her chest.

In the small business world, safety sometimes takes a back seat among the countless number of priorities but as we discovered, anything can happen. However, neglecting workplace safety can lead to unfortunate consequences for both employees and the business.

In fact, the Centers for Disease Control and Prevention states that small businesses tend to have higher rates of injuries than their larger counterparts. It’s crucial to protect the well-being of employees and ensure the prosperity of the business.

Steps to Prevent Workplace Accidents

Small businesses can help prevent some workplace accidents through a proactive approach. While impossible to eliminate all risks, especially when caused by unpredictable animals and robots, here are some suggested steps small businesses can take to safeguard themselves from those more common pitfalls:

Conduct regular risk assessments: The cornerstone of accident prevention lies in identifying potential hazards before they turn into accidents. Whether it's a sharp edge of a piece of machinery or a slippery floor in the kitchen, a thorough risk assessment lays the foundation for a safer workplace.
Implement safety protocols and procedures: Once hazards are identified, business owners and their staff can train for and implement safety protocols and procedures. From safe operating procedures for machinery to emergency response plans, every aspect of the business should have clear and concise safety guidelines.
Provide personal protective equipment (PPE): In potentially hazardous environments PPE acts as the last line of defense against accidents. Whether it's helmets, gloves, or goggles, providing appropriate PPE is a safety must.
Promote a culture of safety: Safety isn't just a set of rules; it's a mindset that should permeate every aspect of the workplace. Small business owners and their employees can foster a culture of safety by prioritizing communication and training.
Encourage employee involvement: Employees are the eyes and ears of the workplace, uniquely positioned to identify hazards and suggest improvements. Small businesses should actively involve employees in safety initiatives, empowering them to take ownership of their own safety and that of their colleagues.
Regularly review and update safety policies: The only constant in business is change, and workplace safety is no exception. Small businesses must regularly review and update their safety policies to reflect changes in the workplace environment or regulations. When an uncommon injury occurs, now businesses have a better understanding of what could happen. Document it and train for future prevention.

Not all accidents are created equal or can be predicted but by prioritizing safety, small businesses can protect employees and their own livelihoods.

There’s no surefire way to prevent workplace accidents, but choosing Pie Insurance puts you in a great position when they do happen.

Pie Insurance commissioned Yougov PLC to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1034 US small business owners, as defined by companies with 1-500 employees. Fieldwork was undertaken between 19th - 27th February 2024. The survey was carried out online.

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Claim management is an important part of commercial insurance that needs to be managed carefully. As an insurance agent, it’s important not only to understand your knowledge of the basics of commercial insurance but to properly guide your clients through the process.

In this blog post, we’ll delve into the importance of and provide insight into why encouraging your clients to file claims early is an essential piece of your business.

Understanding Commercial Insurance Claims

Commercial insurance claims refer to the process by which policyholders seek compensation from their insurance providers for losses or damages incurred in the course of their business operations. These claims may include property damage, liability claims , business interruptions, and more.

For insurance agents, a thorough understanding of the claims process is essential. This includes facilitating communication between clients and insurance companies, verifying the accuracy of claims, and ensuring that clients receive fair and prompt settlement. Familiarity with the nuances of claims management allows agents to streamline processes, reduce potential disputes, and maintain client satisfaction.

The Importance of Early Claim Filing

Encouraging your clients to file their claims quickly is a practice that cannot be overstated. In fact, the U.S. Chamber of Commerce suggests reporting a claim “within 72 hours to keep things moving.”

Here’s why it matters:

Timely Resolution of Issues

Filing a claim quickly allows problems to be resolved faster and provides a gateway for insurance companies to investigate and respond faster. By initiating the claims process early, your clients can reduce delays in receiving the funds they need to address their losses and/or liabilities. This is especially important where business operations are disrupted or financial stability is at stake.

Preservation of Evidence

Filing claims early helps in preserving crucial evidence related to the incident. Whether it's documenting property damage, collecting witness statements, or securing relevant documentation, timely action enhances the accuracy and reliability of information available for claim evaluation. Such evidence serves as a cornerstone for substantiating the validity of the claim and expediting its resolution.

Mitigation of Further Losses

Delaying claim filing can exacerbate the situation and lead to additional losses for your clients. Unresolved issues may escalate, causing further harm or liability exposure. By promptly reporting incidents to their insurance providers, your clients can initiate damage control measures, implement risk mitigation strategies, and prevent the escalation of losses.

Compliance with Policy Requirements

Many insurance regulations stipulate specific timeframes within which claims must be filed to remain valid. Failing to adhere to these timelines can result in claim denials or reduced coverage. As trusted advisors, insurance agents play a pivotal role in ensuring that clients understand their policy obligations and take timely action to fulfill them.

Strengthening Client Relationships

Encouraging early claim submitting demonstrates proactive client advocacy and fosters trust, credibility, and loyalty. Clients rely on insurance agents not only for policy procurement but also for guidance and support during challenging times. By prioritizing prompt claim filing and providing timely assistance throughout the process, agents solidify their role as valuable partners.

In the realm of commercial insurance, effective claims management is vital for safeguarding the interests of both insurers and policyholders. By understanding and advocating the importance of filing claims early, insurance agents can improve client outcomes, streamline claim resolution, and nurture enduring client relationships.

As risk mitigation and financial protection professionals, insurance agents have significant influence in shaping the claims landscape for the benefit of their clients. Embracing the principles outlined in this blog post ensures that agents are equipped to navigate the complexities of claims management with expertise and efficacy.

If you have a Pie policy or your clients do, click here to learn what you need to know about filing claims with Pie.

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When discussing workplace safety, it’s natural to immediately think of common risks such as burns in a kitchen or machinery injuries on a construction site. However, there’s a spectrum of unseen and often underestimated dangers that can impact small business owners and their employees.

Pie Insurance recently conducted a comprehensive workplace safety survey of 1,034 small business owners, as defined by companies with 1-500 employees, which unveiled hazards that are keeping your clients on high alert — importantly, many of these hazards are invisible. The report also spotlighted the critical need for heightened awareness and preparedness.

Beyond the Obvious: Natural Disasters and Security Threats

Natural disasters like fires, floods, hurricanes, tornadoes, and earthquakes are scary. They also pose tangible risks to businesses but aren’t something we always think of when it comes to workplace safety. Our survey uncovered a growing concern among small business owners regarding climate-related events and the potential impact on workplace safety.

In addition, workplace violence and security threats such as shootings, intruders, assaults, and robberies emerged as significant concerns for business owners. These worst-case scenarios underscore the necessity of a comprehensive approach to workplace and employee safety and the importance of comprehensive emergency preparedness plans.

In the face of a natural disaster or security threat, proactive measures such as emergency response planning and safety training can possibly mitigate harm to workers and minimize disruptions to business operations. While these aren’t events we can predict or stop from affecting your clients’ businesses, you can raise awareness of being as prepared as possible to potentially reduce harm to their workers.

Mental Health: A Silent Workplace Threat

Our survey highlighted mental health as a silent-yet-pervasive workplace safety threat. In the survey, small business owners expressed concerns about the impact of mental health-related issues on worker safety and overall business performance.

Insights from individual respondents via an open ended question revealed a concerning trend, with many citing \"mental health,\" \"mental stress,\" and \"anxiety\" as significant workplace injuries and safety nightmares. In fact, 13% of small business owners identified mental stress as the most common workplace injury experienced at their businesses in the past 5 years–with this figure soaring to 22% among younger entrepreneurs aged 18 to 34.

Mental health-related injuries are not confined to specific industries and they affect businesses across a variety of sectors. Interestingly, those in less physical industries were actually more likely to point to mental health claims as the most common injury faced in their workplace. From media and arts (19%) and finance (24%) to research, engineering and IT (36%), small businesses are grappling with the repercussions of workplace stressors, underscoring the urgent need for proactive intervention.

No matter your client’s industry or size, work can trigger anxiety, stress and mental health issues. The World Health Organization estimates 12 billion working days are lost each year to depression and anxiety at a cost of $1 trillion in lost productivity. It goes without saying that having healthy and happy workers directly impacts any businesses’ financial success.

In response to the growing prevalence of mental health issues in the workplace, organizations like the Occupational Safety and Health Administration (OSHA) offer valuable guidance for employers to ensure they’re taking actionable measures to reduce the potential for mental health injuries and claims in the workplace.

Key focus areas for small business owners from OSHA include:

Awareness and Acknowledgment: Recognize and acknowledge the unique emotional burdens carried by employees, fostering a culture of understanding and support.
Identification of Stressors: Identify factors contributing to workplace stress and explore opportunities for adjustments or accommodations to alleviate these pressures.
Empathy and Open Dialogue: Create a safe and trusting environment where employees feel empowered to discuss their work-related stressors openly and without fear of judgment.
Access to Resources: Provide access to coping mechanisms, resilience-building resources, and supportive networks to help employees navigate mental health challenges effectively.

Business Owners Wished They Prioritized Safety

When asked:

“What do you wish you would have known when you started your business??”

30% of small business owners wished they would’ve known to prioritize employee safety more from the start. This, coupled with the fact that 50% of small business owners had at least one workplace injury over the past 5 years, indicates that workplace safety should never fall off your to-do list.

Spring is here and there’s no better time for small businesses to do a refresh of safety best practices and emergency preparation. To help your clients better understand and address visible and unseen hazards, we’ve developed a spring cleaning safety checklist that can be used to potentially mitigate some risks.

Our safety survey has illuminated the significance of considering both visible and invisible risks and the impact these factors can have on employee well-being and business success. Stay tuned for more uncovered safety trends over the next few months to share with your clients. In the meantime, we’re here to help them if they need to file a claim.

Pie Insurance commissioned Yougov PLC to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1034 US small business owners, as defined by companies with 1-500 employees. Fieldwork was undertaken between 19th - 27th February 2024. The survey was carried out online.

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Every day, employees across various industries head to work believing they’ll return home safely at the end of their shift. However, workplace accidents can disrupt this expectation, with falls being the largest category of losses seen across all types of incidents.

In fact, according to OSHA (Occupational Safety and Health Administration), falls are recognized as the top cause of workplace injuries. In this blog post, we will delve into the importance of understanding trip-and-fall exposures in the workplace. We’ll have a particular focus on ladder-related accidents, which surface to be a leading cause of concern for small businesses.

The Ladder of Concern

Among the various causes of falls in the workplace, ladders stand out as a prominent cause. Ladder-related accidents are far too common, and they can have severe consequences for both the employee and the small business owner.

Understanding the causes of these accidents is crucial in order to take effective preventive measures. Let’s discuss the common causes of ladder-related accidents:

Inadequate training: One of the leading causes of ladder-related accidents is a lack of proper training. Employees who use ladders without sufficient knowledge and training on how to do so safely are at a higher risk of accidents.
Poorly maintained ladders: Ladders that are not properly maintained, inspected, or replaced when necessary pose a significant risk. This includes checking for damaged rungs, loose screws, and ensuring that ladders don’t need to be replaced.
Incorrect placement: Placing a ladder on an unstable surface or using it on uneven ground can lead to accidents. It's crucial to ensure that ladders are set up on a stable and level surface.
Overreaching: Overreaching while on a ladder to access distant objects is another common cause of accidents. Employees should be aware of their limitations and avoid leaning too far.
Rushed tasks: In a fast-paced work environment, employees may be tempted to rush their tasks, including ladder use. Taking shortcuts and not following proper safety protocols can lead to accidents.

Fall prevention through safety awareness

To reduce the incidence of ladder-related workplace accidents, it's important to foster a culture of safety awareness within your small business.

Here are some steps you can take:

Education and training: Ensure that your employees receive proper training on ladder safety, including how to set up and use ladders safely.
Regular inspections: Implement a routine ladder inspection program to identify and address any defects promptly.
Safety protocols: Develop and enforce strict safety protocols for ladder use, such as weight limits, maximum height, and proper placement.
Use the right equipment: Make sure employees have access to the appropriate ladder for the task at hand. Using the wrong type of ladder can increase the risk of accidents.
Encourage reporting: Create an environment where employees feel comfortable reporting ladder-related hazards or near misses. This information can help identify and rectify potential dangers.

Falls account for a significant portion of workplace injuries and accidents, resulting in both physical and financial consequences. Employees may suffer injuries that range from minor bruises to life-altering disabilities leaving small business owners to face the burden of workers' compensation claims, reduced productivity, and potential legal repercussions.

By understanding the causes of these accidents and implementing preventative measures, you can help ensure that your employees go home safely every night. Fostering a culture of safety awareness can lead to a more secure and productive work environment for your small business. Remember, safety is an ongoing commitment, and it requires continuous effort and vigilance to protect your most valuable assets – your employees.

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As part of our commitment to making 2024 your best year ever with Pie, we’re enhancing your agent experience with additional writing papers. We’re excited to introduce our latest addition, Pie Casualty Insurance Company. This represents another step toward the goal John and I set at Pie’s inception: to provide simple, affordable insurance to small businesses.

Here at Pie, we want to be your trusted one-stop shop for all your workers' compensation needs. Becoming a full-stack carrier with multiple insurance companies to write on allows us to be more flexible with our appetite and have a broader pricing breadth. In turn, your agency can receive more quotes and fewer declines across a broader appetite.

Here’s what you can expect:

Strong financial backing

Pie proudly holds an A- rating (Excellent) by AM Best for both of our writing companies. This solid financial backing provides you and your clients with peace of mind—a vital part of making small business insurance as easy as pie.

Enhanced agent experience

Our expansion to multiple writing companies allows us to broaden our pricing appetite and offer you increased pricing flexibility. Depending on the state you’re operating in, we can now provide better pricing or fewer declinations to help you win more business.

State rollout

We will begin writing on Pie Casualty Insurance Company paper for submissions in Tennessee. But we won't stop there! We will be adding our remaining states throughout 2024.

Thank you for your continued partnership. We’re excited to carry this momentum into 2024 and achieve more success together. Pie Insurance remains committed to serving you with excellence and providing you with the tools and resources you need to excel.

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We founded Pie Insurance in 2017 with the mission to enable small businesses to thrive by making commercial insurance affordable and as easy as Pie. We saw firsthand the inequitable experience that small businesses had when shopping for commercial insurance and we set out to do it better. We created an insurance solution built for small businesses—one that’s simple, fair, and affordable. We meet small business owners where they are, whether that be directly, through a trusted insurance agent, or through their payroll provider.

Small businesses are vital to not only the entire U.S. economy but also to our local communities, friends, and families. We created this report with the purpose of better understanding the very unique concerns and challenges facing small businesses heading into 2024, and how we as insurers and the partner agents who serve them, can help them make next year the best one yet.

Further, many of Pie’s small businesses are skilled trades workers - your local plumber, landscaper, roofer and construction worker. They are faced with the reality of an aging workforce and a talent shortage to replace those reaching retirement. This survey places a magnifying lens on their world and helps us better understand how we can support them in years to come.

We hope you enjoy reading through our findings. Don’t forget to support your local small businesses this holiday season and cheers to 2024 being your best year yet!

-John Swigart and Dax Craig

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Small businesses and commercial agents have dealt with outdated workers’ comp experiences for too long. Pie is staging an intervention.

Many people see clever and trendy insurance ads and assume all insurance lines have successfully crossed into the modern era. It is nearly the year 2020, after all. However, small business owners and insurance experts could tell a different story altogether, especially when it comes to shopping for workers’ compensation coverage.

For decades, getting workers’ comp insurance has remained an archaic process. In fact, it’s justly gained a reputation as a time-consuming and altogether overly-expensive coverage type. For almost everyone involved, finding the right workers’ comp coverage means one thing: hassle.

This hassle is experienced by small business owners and insurance agents alike. Having worked with insurance carriers for 15 years, I’ve seen just how critical a role insurance brokers play for many small business owners who are seeking coverage. These agents have had to battle with a taxing and complicated insurance ecosystem—a battle that often still results in expensive workers’ comp coverage for their clients.

Throughout my career, I’ve imagined what a modern commercial insurance experience could be: one where data drives decisions and makes life easier for both agents and small business owners. That dream became a reality when we launched Pie, and we’ve seized this long-awaited opportunity to transform the small business insurance experience for everyone.

Pie improves the entire workers’ compensation insurance experience from quote to claim so that small businesses and our insurance agent partners both win. Small business owners can now save up to 30% in minutes—and whether they choose to get a quote directly online or partner with an insurance agent to find coverage, we make getting workers’ comp coverage as easy as pie.

From the beginning, Pie has worked with local, regional, and national insurance agencies that share our mission for easier and more affordable workers’ compensation insurance. One of our very first agency partners is Appalachian Underwriters—ranked as the nation’s 5th largest MGA by Business Insurance. Together, we’ve been able to write policies for almost 1,000 customers, helping their small business clients attain more affordable workers’ comp coverage with ease.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Pie Co-founder and CEO, John Swigart, recently joined Coverager founder, Shefi Ben-Hutta, for an engaging Q&A. Below are a few highlights from the virtual conversation. For more, watch the recording on Coverager.

On the value of efficiency and effective pricing structures…John sees an opportunity within the industry for commercial insurance and incumbent carriers to improve efficiency such that they’re returning more and more value to customers. He also discusses room for improving pricing structures for commercial lines in the way that homeowners and auto insurance have highly sophisticated algorithms for identifying risk.

As for underwriting…Pie has a broad spectrum and writes over 80 percent of all classes. Most of Pie’s customers are contractors, janitors, truckers, landscapers, restaurants, retail, and construction companies. And because these are small businesses, they’re particularly feeling the economic impacts of COVID-19. To help ease the burden on customers, Pie has proactively reached out to them so that if they’ve had to reduce their workforce, the changes to premium could be made mid-term to provide immediate relief.

In regard to independent agents…John points out that in addition to serving small businesses, independent agents are small businesses too, and small businesses are fighting for their lives right now. Independent agents are currently working hard to support their customers and save them money, and they’ve been tremendous partners during this crisis. Pie has seen increased submissions because many agents are now working from home and find Pie’s cloud-based systems accessible while their office-based agency management platforms aren’t available remotely.

On small business owners’ incentive to shop around for insurance…Because workers’ compensation insurance is a meaningful expense for small businesses, their incentive to shop around is significant. With an average expense of $8,000 for workers’ compensation, if they can save a few thousand dollars a year, that makes a big difference.

Watch the full interview on Coverager.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Recently, Matt Carletti and Ron Josey of JMP Group hosted a live webcast conversation with the Pie’s Co-founder and CEO, John Swigart, and Bold Penguin’s founder, Ilya Bodner. During the webcast, Commercial Lines: InsurTech’s Next Frontier, the leaders discussed developments in insurance technology and how recent events have impacted the insurance industry and their small business customers.

Pie provides workers’ compensation insurance designed for small businesses, while Bold Penguin is a commercial insurance exchange—both companies work directly with consumers and with partner agents.

On the value of InsurTech, Swigart said technology must be at the forefront of insurance because it helps deliver a better experience at a lower price for the customer. Further, technology drives efficiency and helps align payments with the risk reality. Bodner added that the insurance industry used to be siloed, but that today’s technology makes it easier to bring efficiency into the space.

As for InsurTech and commercial lines, Swigart sees these lines as the next great opportunity for innovation disruption and technology. Bodner believes commercial lines are the last to become part of the insurtech ecosystem because they’re complex and intricate, and he says he’s excited about the future of commercial lines.

When asked about the impacts of COVID-19, Bodner said he has seen it accelerate the winners and losers within the industry based on alignment at strategic and executive level. He also said Bold Penguin has seen small businesses begin to inquire about insurance products they may need but don’t have (such as business interruption insurance). Swigart feels much of what we have seen in the transition to digital demand will persist and accelerate in the future.

Both leaders felt that agents are critical for helping customers get the best rates and for piecing together insurance coverage since each business has diverse needs. They also agreed that digital tools can help agents streamline operations and provide ideal products and services for their customers.

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With more Gen Xers and millennials searching for business insurance quotes, they will turn to the Internet or other digital applications—rather than picking up the phone or visiting an agent’s office. So says John Swigart, co-founder and CEO of Pie Insurance, in an interview with the team at Carrier Management.

To adequately serve this younger, more technologically savvy market, insurance companies will need to overcome three frustrations that small businesses (SMBs) encounter, according to Swigart:

Insurance purchasing is constrained to traditional business hours: The traditional 9 to 5 operations of insurers and agents are a pain point for business owners who are used to online pricing and buying experiences. Insurance providers and agents need to give customers options to access what they need—when they need it.
Lack of transparency about insurance: The traditional insurance purchasing process often requires financial literacy and knowledge of insider buzzwords and confusing terms. To improve the experience for purchasers, insurers need to offer jargon-free information about their products that makes it clear to SMBs exactly what they are purchasing, including how this insurance benefits them and their employees.
Higher prices due to more general pricing models: Pie Insurance’s data indicates that 80% of small businesses overpay for workers’ comp by up to 30%. In some cases, insurers overlook SMBs and deny them the option of workers’ comp coverage because they’re considered too small. Insurtechs that aren’t bound to the antiquated sales models have an opportunity to better serve both small business owners and their insurance agents.

What’s the solution to these hurdles? According to Swigart, it begins with a custom, segmented pricing model for small businesses. Pie’s use of predictive analytics allows the company to gain insight into workers’ comp-specific claims and premiums for better pricing (particularly in niche markets like construction, plumbing, or retail). Providing flexible billing also is important. Customers should be able to pay as they go using credit cards rather than paying a large annual upfront fee.

Pie Insurance is solving these customer frustrations (by leveraging advanced analytics and technology) to work with insurance agents and small businesses—on their terms.

Read the full Carrier Management article.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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The COVID-19 pandemic has continued to take an economic toll on American small businesses. Those that have the resources to adapt will be better able to weather the storm and return to profitability, according to a recent Leader’s Edge article.

In spring of 2020, nearly nine out of 10 small businesses experienced a moderate to large negative impact due to the pandemic, according to the U.S. Census Bureau. Additionally, more than 40 million unemployment claims were filed through late May, according to the Labor Department. Job losses came as small businesses struggled to save money to survive. It is estimated that 42% of those preliminary layoffs will remain permanent.

While most small businesses struggled, others, like janitorial services and information technology businesses, saw a spike in business. For insurtechs (like Pie Insurance) that serve small businesses, the COVID-19 crisis both posed a challenge and also highlighted a built-in advantage. Pie’s business model functions online and is naturally socially distant.

“In general, we’re seeing reductions in payroll across the board,” John Swigart, co-founder and CEO of Pie Insurance, explained in the July 2020 article. “What that does, effectively, is reduce their cost immediately for their workers’ compensation insurance.”

During the pandemic’s peak, Pie’s customer success teams proactively reached out to customers to 1) update their policies to reflect the new payroll reductions, 2) set up payment plans and payment leniency when necessary, and 3) arrange good-faith deposits to help small businesses prevent their policies from lapsing.

“The people that come out of the other side are largely going to be driven by those that have the capital resources to do so, and then we’ll be back to what business models are really the enduring business models to build value over time,” says Swigart. “Our value proposition still really resonates. We create an easier experience for the customers and for the agents.”

Defining the new normal for small businesses will continue to be an uphill battle, but insurtechs like Pie are committed to adapting—and helping their small business customers do the same.

Read the full article from Leaders’ Edge.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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In September 2020, Pie’s Co-founder and President, Dax Craig, was a guest on The Ryan Hanley Show podcast. Hanley, an insurance agent, asked Craig about how Pie got started, how it’s been able to grow, and where he sees the company in the future.

Pie’s founding mission

Craig explained that while Pie is a frontrunner in the burgeoning insurtech space, using analytics in insurance pricing is 15 to 20 years in the making. Not a lot of insurance companies leverage data because the infrastructure to do so can be expensive—and just acquiring the data can be difficult. Once he figured the technology out, he tried to sell the analytics piece to insurance companies. When that didn’t work, he decided to start his own company.

“We kept trying to get people to pay attention and nobody would, so we said, ‘You know what? Let’s go see if we can do it ourselves’. That’s how Pie was born,” said Craig.

Focusing on small businesses

To build the company, Pie reverse-engineered the insurance-buying process by 1) figuring out what customers wanted and needed first and 2) aligning the technology to meet those needs. From its inception, Pie employed a multichannel distribution network, selling to both agents and directly to small business owners.

“If you make it super easy for the agent to do business with you, they can actually serve that small business so they’re no longer ignored,” Craig explained.

Through data analytics, Pie is able to bring the pricing down in many industries, even difficult-to-place small trades like trucking, landscaping, and painting. With Pie, small business owners can save up to 30% on workers’ comp coverage.

“I can’t stress enough how important the data and the data science are,” Craig explained. “That’s where other carriers have to catch up.”

The “human side” to insurtech

When asked if Pie would write a policy based on an agent’s input (but against what the analytics found), Craig says the company already provides a combination of technology and the human touch. He said if there’s a “compelling argument” for why the analytics are wrong, for example, a new lockout/tag out program was implemented or the company sold off the subsidiary that had prior claims, his company is willing to entertain that “profitable risk” submission.

“As an agent with a carrier that uses analytics, my request is for you to tell us that those kinds of things are important and smart carriers will listen,” Craig said.

The future of Pie Insurance

Craig said that his goal is to create the largest small business commercial insurance company on the planet by continuing to support small businesses through competitive pricing of workers’ compensation insurance.

“Will we get there? I don’t know,” says Craig. “But we’re sure going to try.”

You can listen to the entire podcast on the Ryan Hanley Show.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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On November 25, 2020, Carrier Management published “Empathy: What Pie Insurance Co-Founder Craig Cares About.” In the article, Craig discusses the importance of empathy in the insurance industry and identifies three ways to build a successful company—rooted in empathy.

Read the full, gated article from Carrier Management.

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On January 4, 2021, Technical.ly published “How Pie Insurance’s CTO sees these tech trends developing in 2021.” In the article, Mike Gionfriddo discusses how and why:

AI is maturing;
The tech that supports remote hybrid workplaces will continue innovating;
Intelligent automation will help improve internal processes; and
Healthcare tech must modernize.

Read the full article from Technical.ly.

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On January 29, 2021, FNO InsureTech Podcast welcomed John Swigart, CEO and Co-founder of Pie, and Dax Craig, President and Co-founder of Pie, to the conversation.

“On this episode of FNO: InsureTech we are joined by the Co-Founders of Pie Insurance (Pie), Dax Craig & John Swigart.

Our guests this week make getting worker’s comp as easy as pie.

Pie provides workers’ compensation insurance directly to small businesses. They also partner with local, regional, and national insurance agencies to provide coverage to their clients. They’re reimagining the insurance experience for small businesses, from the quote to the claim.

Join Dax, John, Rob, & Lee as they discuss: what led to the founding of Pie, Pie as solution providers to small businesses, the impact of COVID-19 on Pie and its customers; worker’s comp and fraud; a peek at Pie’s roadmap for 2021, and more.”

Listen to the full podcast from FNO: InsureTech Podcast.

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Intelligent Insurer invited respected U.S. commercial insurance line leaders—including Pie’s Co-founder and President, Dax Craig— to join the conversation in their most recent white paper: “Technology’s Transformative Impact on Commercial Lines Insurance, 2020–2030.”

“In this brand new whitepaper from Intelligent Insurer, find out what respected US commercial lines giants have to say about current trends and future predictions for the impact of technology and innovation in commercial lines.

You’ll discover:

Which technology use cases are most relevant for three core functional areas— underwriting, distribution, and operations—such as the faster triaging of business in underwriting, and improving the speed of returning quotes to clients
How to port key learnings from personal lines, especially in relation to product design and customer experience, and what it takes to reverse-engineer and explore their applicability in the commercial ecosystem

Tried and tested strategies to tackle the biggest hurdles to investment and implementation, including the cost of replacing technology, and getting employees to adapt to new systems and new ways of working“

Download the full white paper from Intelligent Insurer.

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Pie’s five year birthday

John Swigart

Earlier this week, May 8, Pie Insurance celebrated our fifth birthday. On day one, back in 2017, our work was measured day-to-day—not in months or years. We weren’t even considering this five-year milestone in those early days. Yet, here we are. We’ve transitioned from a young startup crammed into a small office in Washington, D.C. (and occasionally meeting in a Panera in Denver) to a team of nearly 400 Pie-oneers working across the country.

From the very beginning, Pie was created to serve small businesses. We saw a gap in the insurance market that left small businesses consistently overlooked and overcharged by traditional insurance companies. We wanted to build an insurance company that would live and breathe our mission of empowering small businesses to thrive by making commercial insurance affordable and as easy as pie. Over the past five years, we’ve continued to stand by our commitment, and weigh every decision in light of what’s in the best interest of our small business customers and the insurance agents who serve them.

Pie’s origin

For those who don’t know our origin story, it starts with my co-founder, Dax Craig, back in 2011. At the time, Dax was CEO of Valen Analytics, a data and analytics provider to property and casualty insurance carriers. He was frustrated because insurance companies weren’t buying Valen’s predictive analytics solutions. Dax’s lightbulb moment came during a conversation with a close friend and advisor who incidentally went through a similar situation in the consumer credit industry. Rather than trying to convince others to use the analytics appropriately, Dax’s advisor encouraged him to start his own insurance company—using the analytics as intended. While for many, creating a company from scratch may have seemed daunting, for Dax it sparked an idea for the future. A serial entrepreneur who’s energized by building things, Dax set the idea aside and began thinking about how to go about building an insurance company.

Dax kept building Valen but had the idea for Pie tucked away until he and I were connected through common investors. I’d spent more than a decade at Esurance building one of the earliest versions of an insurtech and was hungry for my next venture. I’d never built my own business and don’t like jumping into things without a clear path to success. Yet, after many conversations with Dax, we realized the opportunity sitting in front of us, and we made the easiest decision of our working lives to start Pie.

The early days

The early days of Pie were an adventure. From the beginning, we decided to have two company headquarters and hire talent in both locations because Dax lived in Denver, I lived in Washington D.C, and neither of us wanted to move. Our tiny, one-room offices filled up quickly with a handful of Pie-oneers across insurance, engineering, product, HR, and marketing. We built the business using whiteboards and spreadsheets. It wasn’t pretty! In addition to getting to work on branding, values, and putting a website together, we became singularly focused on launching our first workers’ comp product. Once we could show we had a viable insurance solution, we raised a $5 million seed round in October 2017, only five months after we were founded. As Dax puts it, it was a boiler-room-like atmosphere at the time—we worked long hours, and there were stacks of energy drinks to prove it.

That hard work quickly proved its value when we sold our first policy in March of 2018 and just a few months later, signed our first partner—both of whom, I’m proud to say, are still with Pie today.

Growing and changing

We’ve matured significantly since those seed-funded days, having now raised more than $300 million, and built a world-class team to serve our growing base of customers. The vision for Pie remains the same as when it was just an idea in the back of Dax’s head: use data to create a better insurance product. A better insurance product that meets small business owners where they are, whether that be direct, through a trusted insurance agent, or through their payroll provider.

Data and analytics drive our business forward and are key to our mission of enabling small businesses to thrive. Today, small businesses and the insurance agents who serve them can get a quote for workers’ comp in minutes, with savings of up to 30%. By starting with workers’ comp, Pie selected an area of the commercial insurance market ripe for disruption. We didn’t have to buy our way into the market—by messing with our unit economics—the way other startups have. By having a better product that could be responsibly sold at a lower price, we were able to convince small business owners and independent insurance agents to try something new.

But as Dax says, analytics and market opportunity alone aren’t enough to run a business and be successful long term. Everything else we’ve built is vital, including, maybe most importantly, our culture. The thing I’m most proud of is the way Pie-oneers show up for each other, our partners, and our small business customers. I tell our team all the time that the culture is so great because it’s not myself or Dax that’s actually doing the hard work to build a culture and foster it. It’s the Pie-oneers who’ve taken ownership of it and made it what it is today. From onboarding sessions with Pie-Pals, to our volunteer Culture Ambassadors who promote DE&I, mentorship, and wellness activities, our Pie-oneers have created a workplace they enjoy, whether they work from home or in the office.

Together, we created a place where people wanted to work, and Pie-oneers pay it forward by serving our customers and partners with best-in-class service. It’s no wonder we regularly see five-star Trustpilot reviews from our policyholders sharing the wonderful experience they had on their annual audit—an experience many of our peers in insurance can only dream of. Our partners have also played a huge role in our success. Without them, Pie wouldn’t be one of the fastest growing insurtechs in the United States.They’ve pushed us to think bigger, to find new solutions, and implement new features to enable them to serve even more small businesses.

Looking to the future

Five years can feel long when you’re solving complex challenges, but looking back, it has gone by in a flash. The road ahead is long, but filled with exciting opportunities. When I take a moment to think about where we’re going, I think about how manual and complicated things were in the past and wonder what the future will look like for Pie. Today we use intelligent, automated systems that make us efficient and effective. I’m excited to see how our next even more technical solutions will make us unstoppable.

If you ask Dax, he’ll tell you his dream is to see Pie become a verb—like so many successful companies before us. You know your company has made it when your name becomes a verb and there’s definitely room for a commercial insurance company to be verb-ified. What do you think? Can we make “You gotta Pie it,” a household phrase?

We’re taking this birthday week to celebrate all our wins and how far we’ve come. There is no slowing us down. We’ve grown from a team of two to nearly 400. We sold our first policy in March 2018 and now we’re selling tens of thousands of policies every year. We onboarded one insurance agency partner in 2018 and today we work with thousands of partners. We couldn’t do it alone—thank you to our partners, customers, and fellow Pie-oneers who believe in a better way of doing business. Cheers to another great five years ahead.

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Technology disrupting insurtech

Chris Lankford

Originally published in Digital Insurance

Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors. The application of emerging technologies like artificial intelligence, machine learning, analytics, wearables and more, has enabled insurtechs to be years ahead of traditional insurers in many ways—including the ability to provide automated, digital solutions to end-users, more accurate pricing and underwriting, and even assist in creating healthier people and safer workplaces.

As new technologies are utilized, insurtechs will continue to innovate and create efficiencies within the industry that never existed before. While I’m excited about many of the different technologies insurtechs are working with or beginning to experiment with, these are three key tech trends I believe have potential for incredible disruption in 2022 and in the years to come.

1. Automation – AI and ML

AI and ML are already being applied in the insurtech space. ML laid the groundwork for the industry’s ability to improve algorithms, while AI is enabling faster and more precise pricing and underwriting. The use cases of AI and ML are expected to keep growing—research from Accenture shows that more than 75 percent of insurers plan to use AI to automate tasks in the next three years.

For example, by applying automation through AI to customer service, insurers are able to improve the overall customer experience for policyholders. Insurers can address common questions and requests more quickly and accurately, as well as customize their service to the unique needs of their customers.

An example of successful automation was detailed in an insurtech industry outlook report from Deloitte. Japanese insurance provider, Mitsui Sumitomo Insurance, used an AI-powered ‘agent support system’ to identify customer needs through the analysis of internal and external data. This led to 860,000 individual and 80,000 corporate sales leads per month, with agent productivity increasing between 20 to 130 percent.

By continuing to automate new processes, insurtechs will be able to quickly and cost-effectively add new customers and improve customer retention. Over the next few years, automation will continue to grow and even become a mainstay for some of the traditional insurers.

2. Wearables

The use of wearables has had a tremendous impact on insurance. For example, if construction workers wear accelerometers, insurers could detect how they’re moving around construction sites and leverage the technology to create different risk scenarios.

Wearables also have the opportunity to play an important role in health insurance, as the data collected on physical activity and health can inform underwriting and allow providers to develop affordable wellness initiatives that reduce accidents and incidents of chronic diseases.

With the permission of the policyholders, and the use of wearable devices and smartphones, life insurer John Hancock, announced in 2018 that it began incorporating interactive policies to track fitness and health data. According to the company, policyholders have been shown to live 13 to 21 years longer and incurred 30 percent lower costs related to hospitalization.

There’s also an opportunity for wearables powered by augmented reality to make a similar impact—if construction workers wore helmets with AR capabilities built in, it might improve safety and awareness on the job and allow underwriters to make more accurate risk assessments. Ultimately, wearables could lead to more accurate pricing and most importantly, a safer work environment.

3. Behavioral and analytics data

Improved data sources and analytics will allow companies to minimize risk and make sound decisions, based on tracking behavior profiles. As an example, these profiles have been used in the past by HR teams to make hiring decisions and help with risk assessment.

Behavioral analytics is also an increasingly useful tool used to fight insurance fraud. The way an insurance customer interacts with a provider’s online interface, whether they’re using an old account, or opening up a new one, reveals information about the user and their intentions. This information is used to distinguish between authentic customers and fraudulent activity.

Policyholders have expressed their desire for insurers to use behavioral data to better the customer experience. According to DataArt, 77 percent of policyholders surveyed said they would happily exchange behavioral data for lower premiums and quicker settlements.

The implementation of the aforementioned technologies will continue to propel the entire insurance industry forward, and in turn, will result in a more efficient experience for both insurers and policyholders. Though insurtechs are leading the charge in automation, wearables, and behavioral data analytics, traditional insurers will also reap the benefits of innovation, as customers can expect better pricing, service, and safety across the board.

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Partnering with Ford Credit

It’s been five-and-half years since we started Pie Insurance, but this week is one for the record books. You may have heard the exciting news that Pie has partnered with Ford Credit to launch Ford Pro Insure in 2023. With this, we’re happy to announce commercial auto as Pie’s next line of small business commercial insurance. The partnership with Ford Pro Insure means Pie can double down on our commitment to meet small businesses where they are and when they need commercial insurance-whether through their trusted insurance agent, their payroll provider, directly on our website, and coming in 2023, through their local Ford dealership.

We know our partners are going to have a lot of questions about what this means for you and when you can start offering Pie’s commercial auto coverage to your small business clients. There’s still a lot of work to do and questions to be answered. What we can say today is once available, our partner agents will play an integral role in selling Ford Pro Insure coverage to small businesses around the country. Until then, this new line of business will only be available in a few states to start-Arizona, Illinois, and Tennessee-we plan to expand to at least five states by the end of 2023 and nation-wide within five years.

Growing into this second line of business wouldn’t be possible without the amazing work that’s been done by our agency partners and our Pie-oneers. When we started Pie Insurance we knew independent agents would play a critical role in our success, but even I didn’t think we’d make this much progress in such a short period of time. Thanks to your efforts, earlier this year, Pie announced that we’d more than doubled our gross written premium over the same period in 2021. Additionally, in the first four months of 2022, Pie increased its annualized run rate premium to nearly $300 million. Pie’s customer base and partner channel also continued to grow at an impressive pace. Since the beginning of 2021, Pie more than doubled its number of policyholders and insurance agency partners.

When John Swigart and I started talking about the idea of Pie Insurance we imagined what a modern commercial insurance experience could be: one where data drives decisions and makes life easier for both agents and small business owners. Our vision started with a focus on workers’ compensation coverage, using innovative pricing technologies to drive cost and efficiency so the nation’s small businesses could save as much as 30 percent on the insurance that, in many cases, they’re legally required to carry. By starting with workers’ comp, we selected an area of the commercial insurance industry ripe for disruption, and the market responded. We believe commercial auto coverage is the next frontier for disruption in the commercial insurance industry. Thanks to all of your continued efforts as we launch this new line of business, we know we can make good on our mission to empower small businesses to thrive by making commercial insurance affordable and as easy as pie.

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Ever since John Swigart and I founded Pie Insurance in 2017, our goal has been to serve small businesses with affordable insurance that is easy as pie. To provide the most seamless experience possible for our partners and policyholders, we have always believed we needed to become a full stack insurance carrier. We came one step closer to making that a reality earlier this year when we announced that Pie had secured an A- Excellent rating from AM Best. Our rating, combined with the news that we’d completed the acquisition of a nationally licensed insurance company, meant we’d soon be able to serve our independent agency partners and small business customers across the country with the utmost confidence.

By the end of 2023, we plan to issue all of Pie’s workers’ compensation policies on our own writing companies. It’s been a lot of hard work internally but one of the most exciting things for you, our trusted partners, is that very little will change. Because we were able to secure an A- Excellent rating from AM Best, you can rest assured that the coverage your clients get from Pie going forward will be backed by the same financial stability as those policies you’ve bound with Pie to date. The only notable change you’ll see in the near-term is that we’ll start accepting deposits on policies after issuance, rather than before, which will make your experience working with Pie to get workers’ comp coverage for your clients even easier.

This transition isn’t going to happen overnight—we’ll be starting with new policies written in Alabama, Arizona, Iowa, Illinois, Oklahoma, and Tennessee and adding additional states throughout the remainder of the year.

Whether you’ve been a partner since the beginning—when we could only offer coverage in a handful of states—or have just started writing with Pie, we couldn’t have found this level of success without you. Just in the last year we: announced that we’d doubled the number of partners, customers, and written premium; raised an additional $315 Million; and announced a partnership with Ford Credit to launch our next line of business in commercial auto, just to name a few highlights.

Long term, this evolution will give us more flexibility to make adjustments to our appetite, and make us more competitive in the marketplace. I’m excited to have you along for the ride, and I can’t wait to see where we go together.

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We at Pie Insurance believe that innovation and adaptation are crucial to meeting your unique needs. Today, we’re excited to announce appetite and pricing updates that will bring you a more competitive experience and opportunities to grow your business.

Innovation is at the heart of everything we do. We’ll continue to enhance every aspect of our business in order to drive value for you and your small business clients.

Expanding our appetite

After a thorough analysis of the top class codes you want to submit to Pie, we’ve made a strategic decision to expand our appetite. This means that we’re ready and eager to receive more of your submissions, including your restaurant, contractor, manufacturing, and trucking clients, among others.

Lowering prices for a competitive experience

We are not just expanding—we’re also making things more affordable for your clients. You can look forward to an average savings of more than 8 percent on certain new submissions.

From auto-declined to auto-quoted

With our expanded appetite, some submissions that were previously auto-declined could now either be auto-quoted or referred to our underwriting team for consideration. This opens up more possibilities for both existing and new clients.

New verticals: Insurance agencies and law firms

We’ve broadened our horizons further by extending our appetite to two new verticals: insurance agencies and law firms. This expansion allows us to offer our services to an even wider range of businesses.

More business, more savings

Our potential savings and an even broader appetite mean that you can submit more business to Pie and save your clients money at the same time. This is more than just an update. It’s a reflection of our unwavering dedication to using technology and data expertise to deliver the most value possible to our partners and their small business clients.

Ready to win together

To take advantage of our expanded appetite and lower pricing, simply login to the partner portal and submit new quotes. Let’s work hand-in-hand to take your agency to new levels of success.

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Proactively communicating with policyholders

Only a decade ago, insurance clients expected only to hear from their agents once or twice a year—when it was time to renew a policy or in response to a claim. Now, the rapid pace of life, coupled with 24/7 technology, means that your policyholders expect more personalized, efficient service. Here’s how to build a proactive communications plan that does it all.

Research shows that more than 90% of insurers worldwide don’t communicate with their clients even once a year. Here’s your chance to differentiate your agency from your competitors. In most cases, fostering personal relationships with policyholders is an uphill climb. Even just the term “policyholder” can make the relationship seem sterile and cold. And the insurance business typically isn’t seen as particularly personable.

First impressions matter

The famous saying goes, “You never get a second chance to make a good first impression,” and oftentimes that’s true. Your clients’ initial impressions of you and your agency during the business development and onboarding process set the tone for the lifecycle of that relationship. Those early interactions can make the difference between a loyal, long-term policyholder—and one who will shop around for better service.

As you know, keeping a customer is far cheaper than trying to replace one. Additionally, a policyholder who feels heard and understood is more likely to buy more products over the life of the policy. A well-planned communications program can help develop lasting connections with policyholders—which means a win-win for both parties.

Their way, right away

Your policyholders can order a ride share service, gluten-free pizza, custom-tailored pants, and even a car nearly instantaneously. They often expect the same level of responsive customer service from all business sectors. To ensure that your policyholders know that you stand ready to serve them, communicate with them frequently—at least quarterly. The first step is to learn how they want to be communicated to: phone, email, text, fax, paper, app. Ask each customer about their preferred communication methods.

Offer a personalized approach

Each message you send needs to be highly personalized for each customer. It’s tempting to copy and paste the same email to everyone, but go a step further and create templated messaging with fields throughout the message for personalization. Add in your customer’s first name, business name, location, industry where it makes logical sense to do so. Add a link to an article about the policyholder’s company or industry to show that you’re keeping tabs on their market. The good news is that technology like customer relationship management (CRM) systems or customer communications management (CCM) software makes it much easier to provide that level of personalization in a way that’s automated, timely, and effective.

Don’t “always be closing”

As an insurance agent, closing sales is the goal most days. However, when it comes to proactively communicating, experts recommend that 70% of your content should be directed toward serving the customer and building trust—and only 30% should be aimed at making a sale.

Reasons to reach out

Aim to provide consistent communications during each phase of the customer journey, including new business and underwriting, premium accounting, customer service, and claims. Federal and state regulatory compliance communications should also be part of your outreach plan.

Here are some topics that may warrant proactive communication to your policyholders:

A hurricane or massive snowstorm is threatening your customer’s area
Your policyholder’s neighborhood recently experienced a disease outbreak, flood, or spike in burglaries
Your company recently made changes to its processes or business plans
Seasonal messages with safety information
National safety observances with workplace safety tips specific to your customer’s industry

Embrace automation

As noted earlier, this kind of customized communication is easier through automation. Automation, enhanced by artificial intelligence and machine learning, allows even the busiest insurers to provide their clients with personalized, relevant communications.

A survey conducted by the Aberdeen Group found that businesses using CCM software experienced greater:

Cross-selling and upselling revenue
Customer lifetime value
Return on marketing investments (ROMI)
Improvement in average cost per customer contact
Net promoter scores, a score that measures customer experience and predicts business growth

Proactive, personalized communications with your policyholders is a great way to fortify customer relationships, retain policyholders, and improve selling opportunities. The key is to develop a cycle of continuous interaction, then adjust and adapt as needed to strike the right balance between service-themed and sales-based communications.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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One of the best ways to expand your insurance agency’s client base is to elevate your online reputation. Satisfied clients can help you do that by submitting online positive reviews. Follow these three simple steps to help strengthen your agency’s online reviews.

1. Establish your agency’s online presence

To expand your client base, boost your profitability, and build your reputation, you must first be seen. There are many online platforms that can help you promote your agency. Of course, choosing the right platform (or platforms) for your agency’s online presence is important. Make sure the platform you choose is relevant to your services and popular with your audience.

Here are a few of the leading review sites and social media platforms you may want to check out:

Review Sites

Google
Yelp
Trustpilot
TrustLink
BBB

Social Media Platforms

Facebook
LinkedIn
Twitter
Instagram
YouTube

While it’s often key to be visible on these larger, more general websites, don’t forget to think locally and specifically as well. Investigate other hubs where you may be able to gather positive reviews. These may include your local chambers of commerce, small business community groups, insurance organizations, and/or trade associations.

2. Invite clients to review your agency online

People appreciate superior service, and happy customers can be quite generous with their glowing reviews (of course, the flipside is often true as well).

After successfully doing business with a client—ask for feedback. If your clients are pleased with your service, immediately ask them to review your agency online and give them instructions on where they should do so. Sending your happy clients a direct link to the relevant site is a convenient way to increase the odds they will take the time to review your agency. If your clients are unhappy, ask what you can do to resolve the situation—but refrain from asking for a review unless your client’s satisfaction level dramatically improves.

In addition to asking your happy clients to review your agency over the phone or in person, consider requesting reviews in these ways:

Add a review page to your agency’s website
Put visible links to your social media pages on your agency’s website
Send out an email campaign asking for reviews with a link to the appropriate review site
Share positive reviews of your agency on social media and ask clients to add theirs.

3. Always respond to reviews

Thanking your clients for positive reviews can help you generate even more positive reviews. Here are several ways you can express your gratitude:

Respond to the review on the platform—let the client know you appreciate and value their feedback
Ask permission to share the client’s review on social media
Ask permission to post the client’s review on your agency’s website
Send your client an email “thank you” note

You should also reply to any negative reviews your agency may receive. Avoid becoming defensive at all costs. Apologize for a customer’s negative experience, let them know you will contact them separately to help alleviate the situation, and do so as soon as possible. Explain to the customer that their experience is of utmost importance to you. By responding graciously to negative feedback, you may be able to improve your relationship with that client—and improve your reputation with other potential clients who may see the exchange.

Feedback is fundamental

Feedback is fundamental to improvement. Online reviews can help you understand what your agency is doing well—and where adjustments can be made. At Pie Insurance, we depend on customer reviews to help us direct us in the right direction. We’re proud to be rated “Excellent” by our customers on Trustpilot.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Improving your website’s SEO

You’ve probably wondered how search engines like Google and Bing decide which websites to include in search results. You may have conducted a search on your phone and the same search on your desktop computer and noticed that the results are a bit different. SEO is the reason why.

What is SEO?

SEO stands for “search engine optimization.” By optimizing your agency website, you can increase its visibility for relevant searches. The better visibility your webpages have, the more likely your agency will appear in search results—attracting prospective and existing clients to your business.

Search engines “crawl” every site to collect information about each page and put them in an index. Algorithms are then used to analyze the pages in the index, taking into account hundreds of factors to determine the order pages should be ranked in the results of a search. Factors (among many) that determine rank include content quality, use of keywords, and mobile-friendliness. Search engines use these factors to weed out irrelevant, dated, or poor-quality results—and to push higher-quality websites to the top. Optimizing your website and its content can help your pages rank higher in search results.

5 ways to improve your website’s SEO

Search engine rankings are organic—and not to be confused with paid ads (which usually appear at the very top of each search page). Here are some tips to help improve your website’s rankings for online searches. If you are not responsible for your website, be sure to share these tips with the web developer or web manager who is. Most of these tips will require access to the content management system (CMS) that your website is hosted on.

Optimize your page titles. The title is the hyperlinked text of your page that shows up in search results. For example, if you search “Pie Insurance states” on Google, under our paid ad you’ll often see an organic result for “Workers’ Compensation Coverage by State.” That is the title of the linked page. Titles are important for SEO ranking because they are the first thing users see when scanning through a list of results. In technical terms, the title tag of your webpage is contained within the <h1> or <head> tag in the hypertext markup language (HTML) code that creates your website. Google looks at that tag to properly categorize, index, and serve up your page in related searches.

\n
To boost your website’s SEO, every page needs a title and every title should be:
\n
- Compelling – Your page title should stand out to users searching for the information that’s on your page.
- Accurate – Your page title should reflect what the page is about and shouldn’t make any false promises just to snag attention.
- Concise – Search engines only show the first 65 to 75 characters of your title in search results—so make it short and accurate.
\n

Optimize each page’s meta description. The meta description for a webpage is the short blurb that appears below the title in search results. Meta descriptions give users a brief overview of what the page is about and helps them decide whether to click on your page for more information.

\n
To improve your website’s SEO, make sure every page on your website has a meta description that:
\n
- Briefly explains what the page is about
- Includes what readers will get out of reading the page
- Includes the main topic terms (called keywords) that the page is about
\n

Optimize images with ‘alt text.’ Adding images to your website’s pages can help break up large blocks of text, provide visual interest, and help illustrate the topic that you’re writing about. Pages with images are also often favored by Google. However, Google doesn’t actually see the image on the page. It instead needs a text description of the image to detect and understand what the image illustrates. Make sure that every image on your website includes a description of the image in its “alt text” or “alt tag” in the HTML code.
Link to other pages on your website. Your website should serve as a resource for your clients and policyholders. Internal links are in-text links on your webpages that lead to other pages on your website. Internal linking allows your website visitors to click on a term or call-to-action and go directly to that page. Linking creates a better experience for your website’s users because it improves navigation and makes it easier to find the information they’re seeking. When users spend more time on a website and visit multiple pages, search engines rank the site more favorably.
Write content appropriate for your audience. While the tips above focus mostly on altering your website for search engines, it’s still vitally important to make sure that the content on your website is geared toward people, not machines. Content is any material available online—including text, images, animations, music, and videos. Make sure your content is easy to understand for your target audience. Define terms that may be unfamiliar or confusing. The writing tone should be professional and authoritative, but be sure to use language and terms that your policyholders would use.

\n
Present helpful information in simple terms. Here’s how:
\n
- Write quality content – That means offering compelling information without spelling or grammar errors.
- Use shorter paragraphs and vary sentence length – Limit each paragraph to three to four sentences to make it easy to skim. Long sentences may be difficult to follow on a mobile device but may be necessary, depending on the topic. Mix longer sentences with shorter ones to improve comprehension.
- Use descriptive headers – The average person spends only 37 seconds reading a piece of content. Headings and subheadings can help readers scan content quickly and move on.
- Use bullet points or numbered lists – The insurance industry involves a lot of data, facts, and examples, which can be difficult to read in sentence format. If you’re listing three or more words or phrases, consider using bullet points or numbered lists to break up all of that text.
\n

Check out these resources for more help:

Google’s Search Engine Optimization (SEO) Starter Guide
\nThe Beginner’s Guide to SEO
\nSEO Basics: Complete Beginner’s Guide to Search Engine Optimization
\nHow to Improve SEO: 8 Tactics That Don’t Require New Content
\nFive Ways to Improve your Site’s Ranking (SEO)

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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One of the most cost-effective ways you can build your insurance business is through social media. However, navigating your options and learning about social media accounts can be time-consuming and sometimes overwhelming. We’ve narrowed down the top things you need to know about using social media to expand your insurance business.

Why insurance agents should use social media

If you’ve been solely focused on traditional marketing methods like direct mail, radio, TV, print ads, or word of mouth—you may be missing out. These tried-and-true advertising routes are certainly reliable and effective (and you should keep using them). However, there’s still a large group of potential clients you may be missing out on.

These potential clients may not be tuning into the radio or watching TV. They may not even pay much attention to what arrives in the mailbox.

Instead, you should try reaching them using social media.

According to Pew Research, 72% of the American public now uses some type of social media. Adding this virtual route to your traditional marketing methods can help you reach more clients and may even help you get back in front of some previously lost opportunities.

What should you post on social media?

Your social media communications should feature the same kind of personalized connection you typically develop with your clients. It should be similar to the face-to-face networking you’ve likely grown to depend on as an insurance agent—just virtually repackaged for the Internet. Here are some ideas for what you can do with your social media posts:

Build your brand and credibility
Tell your story
Engage with clients
Share positive reviews
Feature success stories
Post candid photos of your agency
Show community engagement and volunteerism
Demonstrate attendance at professional events, conferences, or meetings
Share helpful information through infographics or FAQ videos
Post about your insurance products
Communicate business information, hours, and updates
Increase visitors to your other social media channels and website
Join relevant groups and engage with those communities
Use paid advertising that’s targeted to specific audiences
Gather information about clients and potential clients
Build B2B relationships

Which social media accounts are best for insurance agencies?

Many social media platforms can work well for insurance agencies. For example, you might consider setting up a YouTube or Twitter profile in addition to the platforms below. We’ve narrowed it down to three platforms that may work best for insurance agencies: Facebook, LinkedIn, and Instagram.

Facebook

With 2.7 billion users, Facebook is one of the most popular social media platforms in the world. Facebook has a business resource center to help you with marketing and even a small business center for more targeted advice. There, you can learn how to engage customers and keep them informed. You’ll also find tips for building lasting client relationships and accomplishing your business goals.

Within Facebook, you can host both a personal and a business page. You can maintain your pages at no cost—but you can purchase Facebook Ads if you’d like to test their effectiveness. Through Facebook Videos, you can build video stories using only photos and texts or turn existing videos into story ads. You can also use Facebook Live to go live for your clients via video streaming. Facebook Messenger allows you to send and receive instant messages. Additionally, you can join all sorts of Facebook Groups to network in your community and learn from like-minded colleagues in the insurance industry.

LinkedIn has over 150 million users and is the perfect platform for establishing your brand, generating leads, and connecting with other professionals. You can also drive traffic to your website through LinkedIn and share informative content with your online network and clientele.

It is free to have a LinkedIn personal page and business page. However, you do have the option to pay for sponsored content, messaging, text ads, and dynamic ads.There’s also a Campaign Manager platform within LinkedIn that can help you streamline your advertising and marketing.

Turn to LinkedIn’s helpful business center to find tools for hiring, advertising, and learning online.

Instagram

Each day, over 500 million users visit Instagram to scroll through photos and watch video content. Instagram is an ideal way to reach millennials in particular. It’s all about making an instant impression with photos, so prepare to roll out eye-catching posts that make an impact.

Instagram has personal and business accounts. The business accounts are especially useful for giving you metrics and insight about who is visiting your agency’s account. Instagram has a useful resource to show business owners how they can best use the platform.

As an Instagram user, you’ll build networks by following others and obtaining followers. You use hashtags to draw attention to your posts. You can also pay to promote posts so more people see them.

Making social media work for you

If you find social media overwhelming or find you’re short on time, consider outsourcing your social media marketing or using online tools that can help you manage your social media accounts.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Customer success stories are wonderful tools for insurance agents. Today’s consumers rely on personal accounts and word-of-mouth testimonials when they are deciding where to take their business. Success stories can help your insurance agency build credibility, generate leads, and convert potential clients into satisfied customers. These success stories can come in many forms and can be repurposed according to your evolving needs. For example, a happy customer might be willing to share:

A detailed, glowing review posted on a third-party website
An upbeat client testimonial that can be featured on your agency’s website
A social media post describing how happy they are to have found your agency
An engaging “case study” story about how your agency has improved a customer’s life

Who should you ask to share a customer story?

You can ask any client who has had a positive experience if they would be willing to share. You may find that those who generally post regularly on social media will be more likely to share publicly. But don’t rule out your clients who aren’t as active on social media—they may be good prospects for interviews or article quotes. Here are some people you should ask:

Any client who refers other business to you
Anyone who has posted a positive review about your agency on a third-party website
A client who has recommended you on their personal or business social media account
A customer who tells you directly that they are pleased with your service
Another business you work with for a B2B story

When is the best time to ask clients to participate in a success story?

Ask clients if they’re willing to share a success story as soon as you receive initial positive feedback. Right when a customer posts a review online, tags you in social media, tells you how happy they are, or sends another client your way—reach out and ask whether they would be willing to provide a testimonial about their experience.

Don’t put it off. You may not get around to it, and the freshness of the experience could begin to wear off for the client. Your goal is to capture that enthusiasm to share with future clients. Have your request and an interview template prepared and ready to present to the happy customer.

How to ask for a success story

Here are 6 steps to asking clients to share their positive experiences. You can do this via email, in person, or over the phone.

Thank them for their business and acknowledge how you’ve come to know they are pleased with your service.
Briefly describe what type of success story you’d like for them to share (online review, website testimonial, social media post, interview for a story, etc.) and tell them exactly how it will be used.
Provide details about how promoting the story will be completed (link to a review website, set up possible appointment times for an interview, etc.).
If relevant, attach a list of interview questions to help them describe their experience. From this, you’ll be able to pull quotes and craft a compelling story.
Send examples of success stories from other clients.
Thank them for their willingness to participate. You may even want to send a “thank you” note or a small gift in appreciation for their willingness to participate.

With a bit of forethought and footwork, cultivating success stories can become second nature. You’ll be able to easily incorporate this fruitful means of marketing into your regular work routine. You may even find that learning more about your customers’ experiences with your agency is a rewarding way to forge lasting partnerships and open other doors to success.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Need ideas for cultivating new customers for your insurance agency? Here are 7 ways you can reach potential clients and turn them into loyal customers.

Use social media. Social media can be one of the most cost-effective ways to grow your insurance business. Social media platforms that are useful for insurance agencies include Facebook, Instagram, YouTube, and LinkedIn. Facebook typically appeals to an older audience, while Instagram can help you reach younger adults. Through YouTube, you can share informative videos you produce yourself or online video content you curate from others to share with your existing and potential clients. Use LinkedIn for B2B networking and to build a professional presence with an online resume, work history, list of accolades and awards, and more. Social media gives you options to share on your business page at no cost or to invest in paid advertising. Either way, using these platforms can be a helpful way to cultivate clients and expand your insurance business.
Revamp your website. To increase visibility online, consider investing in an overhaul on your website. You can hire a search engine optimization (SEO) expert to take the existing content on your website and make sure it’s getting noticed by search engines (like Google and Bing) and in turn, by potential clients. It’s critical that you show up in the local search results for your area. Put a call-to-action (CTA) button on the homepage of your website that makes it easy for future customers to quickly get information and get in contact with you.
Reexamine your branding. This may also be a good time to reexamine your branding. Do you have a professional image, logo, and design that hold together across all of your marketing materials? Make sure there are no outdated or blurry images, typos, etc. on your website or print materials. Enlist the help of a colleague, friend, or trusted client to evaluate your image. How can you polish your presentation?
Create an email newsletter. Existing clients may appreciate an engaging, informative newsletter—and potential clients may find it helpful as well. Put a link to sign up on your website. Also, mention it to clients in conversation. But be sure to send out emails that have valuable, educational content with catchy headlines that clients will open. It may take outsourcing this task—but there are many small businesses or freelance writers who write e-newsletters on behalf of businesses if you don’t have someone in-house to compose them. Remember to follow all communication laws and always ask permission before adding someone to an email list.
Connect with your community. Think about how your services may be able to help those who are geographically near you. You may even have the opportunity to establish yourself as a trusted insurance provider within your community—at charity events, local schools, community groups, or local sporting events. Build a reputation as a knowledgeable expert in your field who can get quality insurance products at great rates.
Fortify your professional network. Forge relationships with CPAs, attorneys, mortgage and real estate brokers, financial planners, and other professionals in related fields. This way, you can refer each other business. Attend trade association events, join professional organizations, and become a member of your local chamber of commerce. As an insurance agent, networking is likely in your nature. Call upon your interpersonal skills and strengths to build your reputation and connections.
Rely on good old-fashioned marketing techniques. Traditional marketing methods like cold-calling, word-of-mouth client referrals, mailers, brochures, and flyers are still effective. If you have a lull in business, perhaps spend the day picking up the phone and working to find new clients or reaching out to your existing clients to check-in and to mention you are looking for referrals.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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It may be easy to forget about checking in with your carriers when you’re busy—only to reach out during renewals or when you have a new client to bring on board. But when agents and carriers understand each other’s goals and expectations (and communicate about both often), several things can happen:

You gain a competitive edge over other agencies
You may be able to negotiate better quotes from carriers
You can develop more personalized packages for your clients

8 ways to improve your relationship with your carriers and underwriters

Building quality relationships with carriers is the key to providing great service to your clients. Here’s how.

Be willing to let go of relationships that no longer work. Evaluate which companies still meet you and your clients’ needs. Relationships of the past may no longer meet the needs of today, especially if a carrier has pivoted its offering to classes of business that don’t mesh with what you need. Don’t waste resources on maintaining relationships with carriers that offer little benefit to your agency. Experts recommend choosing three to five carriers, then forging personal connections with all of them while investing the most time in the two most profitable carriers for your agency.
Focus on communication. Develop a plan to communicate with each carrier. Some insurance companies communicate better than others, so you should take responsibility for ensuring an ongoing dialogue. An underwriter is more likely to work with your agency and negotiate better quotes if he or she believes that you care about their success. Take time to develop an authentic relationship with your carrier and get to know their goals. Consider following your contact on LinkedIn.
Assign a relationship manager. Assign one or two employees from your agency to each carrier to serve as that carrier’s “relationship manager.” While carrier relationships should be a major focus for all agency owners, dividing up the duties with others in the firm will ensure that the lines of communication stay open.
Schedule regular times to meet. Now more than ever, it’s important to touch base regularly with each carrier to build trust and rapport. Discuss your expectations, goals, and opportunities. Inform the business development team about the current status of your agency and your plans for the future, and review the agency’s sales and marketing plan. Establish reasonable goals and commitments for future business and schedule quarterly follow-up calls to track each entity’s progress.
Take advantage of value-added services. Ask how your agency can take advantage of services offered by your carriers, such as financing and training programs.
Ask for feedback. Ask your carriers to complete a “report card” on your agency to learn more about your reputation. Work on any deficiencies that may be revealed and discuss what your agency can do to improve the existing relationship and write more business.
Know your carrier’s comfort level regarding risk. Some carriers dislike when agents push accounts that don’t match their level of risk. Speak to your carriers about their underwriting appetite, as a Pie partner, you can access our appetite checker directly in the partner portal, especially when you’re just starting a relationship. As your understanding of the carrier’s business increases, the underwriter’s trust and confidence in your agency will increase, too. When you send opportunities that are a good fit for the carrier, you demonstrate that you respect their time and view them as a valued partner.
Respect the underwriter. In the lifespan of a successful agent-underwriter relationship, there may be times that you disagree. Be careful how you react in these situations. Trust can be quickly squandered if you go above an underwriter’s head. Talk to the underwriter first about your concerns and try to come to a consensus.

Symbiotic working relationships between agents and carriers not only build mutual respect and improve communication—but also provide more personalized service to clients.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Your website is frequently the first interaction policyholders will have with your agency. In fact, about 75 percent of visitors will judge your agency’s credibility based on how your website looks and functions. How can you ensure your agency’s homepage makes a good first impression?

8 tips to improve your homepage

Here are steps you can take to improve your agency’s website:

Make navigation simple. According to web marketing experts, if visitors can’t find what they want within 10 seconds of landing on a webpage, they’ll move onto another insurance provider. Read that again. The person who designed your website may have a degree from a top design school, but if the site isn’t easy to navigate, all of those beautiful graphics are for naught. We’re used to looking for navigation bars at the top, middle, and/or bottom of the page; use that to your advantage—and give people access to the most important sections of your site easily. Here are some additional website navigation tips.
Make it easy to find contact information. Whether you want your policyholders to reach out via email, phone, social media, or an online form—you should make it easy for them to get in touch with you directly.
Make sure it’s mobile-friendly. About 50 percent of Americans search the web with a mobile device like a smartphone or tablet. You’ve likely noticed when a site isn’t optimized for smaller screens during your own mobile web searches: things look off-center, sometimes menus or links don’t work, or the page doesn’t load properly. It’s a real inconvenience. Check your agency’s website on a few different types of mobile devices (iPhone, Android, iPad, etc.) and contact your web developer if the site doesn’t look or function properly. Here are some additional tips to make your site mobile-friendly.
Make sure your homepage (and the rest of your website) reflects your company’s brand. Branding is all of the ways you establish your agency’s image for your customers. Your website is a great tool you can—and should—use to project your agency’s brand to the world. Here are some additional tips for branding your insurance agency.
Consider telling a story on your homepage. How can you use the art of storytelling to humanize the service you provide to draw visitors—and potential clients—into your website? What is your agency’s “why”?
Don’t overload your site with large photos or unnecessary videos. While photos and videos may seem eye-catching, large files that take a long time to load will make your visitors move on. If a certain photo or video doesn’t help tell your agency’s story, consider losing it, or moving it to an appropriate interior page—and be sure to optimize it for easy viewing when you do.
Add emergency alerts when appropriate. Got a COVID-19 update to share with your policyholders? Is there a weather threat in your area? Your agency should be proactive in preparing for emergencies—and your website should reflect that.
Check your metrics and adjust accordingly. You (or someone on your team) should regularly review your website’s analytics. This can be through Google Analytics, WordPress, or whichever website hosting platform you are using. Look at where people are going on the site and how long it’s taking them to get there, and then adjust your navigation and design to make sure visitors can get to your most popular pages easily from the homepage. Also, if your site has a search function, take a look at what people are searching for and make sure you’re supplying what they need.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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The “cloud” refers to software and services that run on the internet instead of locally on your computer. By learning about available business tools and moving operations to the cloud, your agency can become more efficient and responsive to your clients’ needs.

In some ways, the COVID-19 crisis was a wake-up call for many insurance agencies and providers. Not only has it made industry experts better appreciate—and possibly upgrade—their home environments, it also emphasized how technology can keep people connected even when they’re apart.

Regardless of the pandemic’s effect, however, leveraging technology is and will still be important for enabling your agency to better serve clients where, when, and how they prefer. A study conducted by Rocket Referrals found that 81 percent of insurance client defections weren’t due to the price—but to a lack of communication. In fact, clients have indicated that they’re willing to pay a higher premium if they feel that they’re getting increased value for that investment.

Reaching and retaining clients is crucial to your agency business, and technology makes staying in touch easier. Even if you’re happy to continue relying on paper files and sticky notes, technology can make you much more efficient and make it easier for clients to work with you.

7 steps to move your agency operations to the cloud

While researching and implementing technology can be daunting, odds are there’s a solution out there that can better solve at least one of your most pressing business problems. Start with a problem that you have or an opportunity for improvement that you recognize. Ask yourself, “If I can find a tool that can help me do this, will it make things easier for me, my agency, or my clients?”

1. Use video to communicate

More agents are choosing to sell over the phone, but sometimes a face-to-face meeting can better instill trust and credibility. Of course, that doesn’t mean you need to physically sit down with your prospects. Video conferencing can help. Virtual meetings are also perfect for pulling together a quick staff meeting or reviewing budgets with your team while working remotely or in different branches of the company.

Services like Zoom, RingCentral, Microsoft Teams, and Google Meet are becoming increasingly popular—and for good reason. With both free and paid options, these platforms provide a secure connection for video conferencing, screen sharing, conducting webinars, chatting, sharing files, real-time document collaboration, and more. Embracing these types of technologies can make working and collaborating with your colleagues easier while providing a high-tech—and high-touch—way to serve your clients.

In general, you’ll download the app on your computer or phone, schedule a meeting, send your client a link to the meeting, and they can meet with you privately online at the scheduled date and time. This may not be appropriate for all clients, so go with what communication method they prefer.

2. Level up your email communications

In the 1990s, email technology pushed fax communications out of the way and never looked back. Now, email is the backbone of our personal and professional communications. With an email software program, you remain top of mind for potential and current clients by pinging their inbox at more regular intervals. Offerings from companies like Constant Contact, Sendinblue, and GetResponse allow you to create compelling campaigns to follow up with prospects.

For current clients, you can automate birthday emails, contract renewal notices, or holiday messages, create an e-newsletter with relevant information or links to important notices, or send emergency alerts to clients in specific towns or industries using list segmentation. Whether you’re reaching out to touch base on their current need for insurance or offering helpful content through a newsletter, leveling up your email operations can help you help your clients.

3. Reduce your dependence on landlines

Landline technology is becoming more obsolete by the day. Traditional telephones use analog lines to carry voice signals. If you want to make calls, you need to have the appropriate wiring installed. Many businesses rely on specialized hardware to connect internal phone extensions to the public telephone network. This process is generally quite costly to set up and maintain.

Cloud-based voice-over IP (VoIP) services like RingCentral, Nextiva, and Grasshopper use high-speed internet and include powerful features not found with standard phone services. Auto attendants, call recording, custom caller ID, and other features can help you be more efficient and responsive. Plus, you can take calls from computers and cell phones—and work from anywhere where there’s internet access.

The benefits of VoIP include:

Reduced cost
High-quality sound
Advanced features, like call queues and voice-to-email
No technical setup is necessary to work from home
International long-distance rates as low as $0.04 per minute to Mexico or $0.01 to the UK

4. Connect on social media

Many people use the internet to stay in touch and learn more about the things they’re interested in. Another way you can likely reach current and potential clients is through social media. LinkedIn is ready-made for online networking and sourcing new clients. Having a business page on Facebook can help provide legitimacy for your agency and enable you to expand your reach. In many ways, connecting on social media is the new “handing out a business card.” Agencies can also use these platforms to post Q&As for frequent questions your clients have and share content they may need. Social media can give your agency an edge over your competition and provide a new means of attracting clients.

5. Access files from anywhere

Is the file you need at the office in a filing cabinet? What happens when you’re working from home and forgot them at the office? Consider taking your forms and files digital and saving them to a cloud-based drive that’s accessible to anyone on your team from anywhere. Microsoft OneDrive, Google Drive, Dropbox, and similar services provide a secure, cloud-based drive to save, access, and share your files from any location where there’s internet access.

6. Keep track of clients in a CRM

If you have a lot of clients, remembering and organizing every detail of each relationship can be difficult. Implementing a Customer Relationship Management (CRM) system can help. With CRM software, you can store your client’s information, including contact info, policy info, notes, reminders, documents, and even copies of email communications. Once the system is set up, you can program it to remind you of important dates and tasks, like renewals and birthdays, for example. Instead of searching through files and folders, you can type a client’s name and access everything about that account. Loose papers can be scanned into the system and stored for instant access.

There are many CRM systems, and while a general CRM will likely meet your needs, some experts in the industry recommend finding one that’s specifically made for insurance. AgencyBloc and NextAgency are two to consider.

7. Allow clients to schedule appointments online

If you have a website or a Facebook page, make it easy for clients and prospects to schedule an appointment with you online. Several tools do this—Calendly and Acuity Scheduling are two popular options—and some CRMs even have this functionality built-in.

You can direct people to the scheduling system by including a link in your email signature, or linking to or embedding the scheduler directly on your website or Facebook page. Once you connect the scheduler to your calendar (Google Calendar or Outlook, for example), you can indicate the times that you want to make available for clients to request appointments. When someone requests a meeting, that time will get blocked out on your calendar and you’ll get a notification via email and/or text message with the particulars. Some systems allow you to set follow-up reminders, too.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Your agency’s brand tells a story. Do you know what story it’s telling? The first step to defining (or redefining) your agency’s brand is to define the process itself.

What is branding?

A quick search online provides several definitions. Here are a few of the most helpful:

Branding is the process of communicating a unique selling proposition or a differentiator that sets a product or service apart from the competition.
Branding helps establish why people should do business with you or pay attention to you versus someone else in your industry.
Branding is what comes to your client’s mind when you mention your business. It’s a unique image, reputation, story, or even tone that you set.
Branding includes the qualities of your company that makes it the first choice when a client needs your product or service.

What’s in a brand?

The word “brand” literally refers to the process of ranchers putting a mark on their cattle to identify their cows. In addition to providing proof of ownership, these brands began to identify the quality of the beef. Ranchers who raised their cows in a superior way and charged a fair price had a better “brand” than their competitors.

Examples of modern branding techniques include the use of logos, taglines, jingles, or mascots. Some elements of branding are tangible, like logos (the Nike “swish” or Amazon “smile”) and corporate colors (Coca-Cola red or Home Depot orange). Other elements are less obvious, such as the tone used on the company’s website or in marketing materials (think of Groupon’s snappy descriptions or Disney’s reputation for making every customer interaction magical and memorable).

Of course, branding isn’t just for international companies and household names; branding can work for any business as part of its overall marketing strategy.

Why is branding important?

Branding can help you define your agency’s:

Personality and voice (this can help “humanize” your business to consumers)
Mission and vision
Community involvement
Responsibilities and promises to your clients

4 steps to define your brand

As discussed, branding can help differentiate your agency from its competition. If you have the budget, you may want to enlist the help of an advertising agency that specializes in branding. If you prefer handling this process internally, here are some steps to get you started.

1. Ask your current clients:

Why do you do business with us?
What are your challenges and how have we helped you solve them?
What makes us different from other insurance agencies?
What is the one thing we consistently do well for you?

2. Talk to your staff. Ask them to brainstorm what your agency does well and what differentiates you from your competition. What are they hearing from clients? They know the pulse of the marketplace, and involving them in the process also helps establish buy-in to the brand.

3. Define how you want to be perceived. How do you want your clients to describe their experience? Your brand is your promise to your clients, so make sure you deliver on that promise every time.

4. Communicate the brand. Communicate your brand in everything that you do. It should influence your logo, the look and tone of your advertising campaigns, the signage outside your building, and the words and images that you use on your website. Even your messages on Facebook and LinkedIn should “speak” the language of your brand and continue to align with your brand promise.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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It might be tempting to forgo setting goals for 2021, given how unpredictable and chaotic 2020 was. But by setting objectives and writing out a plan for how you and your agency will meet them, you’re more likely to succeed (even if your plan needs to adapt along the way).

15 goals for insurance agents to consider in 2021

No matter how well-run and successful your agency is, there’s always room for improvement. This might be a good time to hold a brainstorming meeting or team Zoom call to talk about what areas of your business could use some extra attention in 2021.

Here are some general ideas to get your agency started:

Stay on top of trends and new products in the industry.
Respond to clients quicker.
Develop a client referral program.
Conduct an E&O audit.
Implement a client relationship management (CRM) system.
Redesign your website.
Get a new insurance certification.
Develop a plan for recruiting new staff or agents.
Be more active on social media.
Promote more fun in your office.
Track lead sources better.
Invest in an employee training program.
Break down silos within the agency.
Get more involved in your agency’s community.
Improve your sales conversations.

Set SMART goals in 5 steps

While these fifteen general goals are a great place to start—narrowing down the details is crucial. Setting specific goals helps you decide how to allocate your time, energy, and resources. Remember, agency-wide goals are particularly helpful in ensuring everyone in your office is rowing in the same direction. Without objectives, it’s more difficult to make—and track—progress.

SMART is an acronym that can help you map out your agency goals. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-based. Each piece of the puzzle works together to help you define goals that are clear and measurable.

Specific – Be as clear and specific as possible about what you want to achieve. The more specific and narrow your goal, the more you’ll understand what steps you need to take to achieve it. For example “I want to sign X number of new workers’ comp clients a quarter.”
Measurable – How will you know if you’re making progress toward your goal? By setting milestones to meet on the way, you can check in and evaluate your progress—and step up your game if you’re falling short. For your goal to sign X new clients per quarter, you could measure your progress by the number of calls, emails, and/or meetings you’ve had with potential clients. For example, “To sign X new workers’ comp clients a quarter, I will reach out to at least at least X prospects per week.”
Achievable – Can you reasonably accomplish your goal within the timeframe you’ve defined? Reaching for the stars is admirable, but if your goal requires a pig to fly for it to be attainable, you’ll just get frustrated. You want to push yourself, but within reason. Set a bar that will help keep you motivated and focused. Using the previous example, make sure your prospect pool is deep enough to sustain your efforts. Before you begin working toward a goal, decide whether it’s something you can achieve now or if there are steps you need to take first to prepare. For example, “I’ll create a database of all prospects who have completed a contact form on the website or called the office in the last X years so I can reach out to at least X warm prospect a week.”
Relevant – When setting goals for yourself or your agency, make sure they’re relevant. Each goal should align with your agency’s mission, vision, culture, and overall goals. If a goal doesn’t contribute toward the agency’s broader objectives, you may need to tweak it or delete it altogether. Ask yourself why the goal is important and how it contributes to your agency’s long-term goals. Using the same example: “To help meet our agency’s 5-year growth plan, I’ll create a database of prospects so I can reach out to at least one warm prospect a week.”
Time-based – We’ve built in a bit of a timeframe already with our example goal, but let’s add even more context: “To help meet our agency’s X-year growth plan, I’ll create a database of prospects by mid-February so I can reach out to at least X warm prospects a week and sign X new workers’ comp clients a quarter.”

As you can see, using the SMART framework helps narrow your goals, define the steps you’ll need to take, the resources necessary to get there, and guideposts to drive your progress along the way. By using this method, you’re more likely to achieve your goals efficiently and effectively.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Pursuing new business leads through established clients is a great tactic to employ. Oftentimes, those deals are more likely to close since there’s already a certain level of trust—based on the established credibility—between you and that referred prospect.

Tips for increasing customer referrals

1. Refine your target list. Instead of asking all of your clients for a referral, focus on those that you already have a strong relationship with. Since they trust you and can vouch for your demeanor, they’ll be more likely to refer you and your agency to others. If your agency uses account health scores, tap those accounts that have the top scores for referrals, since they likely best represent your ideal customer.

2. Ask directly. You don’t get what you don’t ask for—so ask! A good time to make a referral request is directly after you’ve delivered a good experience, perhaps after a renewal or when you’ve helped a client save money. It’s as simple as asking, “Do you know anybody who needs help with insurance?”

3. Make the ask personal. Don’t send a generic request to a bunch of contacts. Try sending direct emails or picking up the phone, and remind them of the highlights of your relationship.

4. Make it easy. Hand out business cards or prepaid postcards that include your contact information, the agency’s logo, and a spot that says: “Referred by _________.”

5. Offer an incentive. While you can’t offer a discount on a policy for a referral, you may be able to offer a small incentive such as a gift card, gift, or a charitable donation in their name. You may even want to develop a rewards program for referrals. Be sure to research the laws in your state regarding paying referral bonuses to clients.

6. Add a refer-a-friend feature to your website. Add a page, form, or link to your website that allows visitors to submit the email address of a friend or generate a personalized referral link that they can share. Your website administrator can help you do this.

7. Provide an optional script. Provide your clients with a script so they can easily copy, paste, and send it to their referral. Make sure the script includes a call to action that explains what the contact should do if they are interested in talking with you (for example, call John at 123-456-7890 or click here to visit our website).

8. Make your email signature work for you. Your outgoing email signature is prime real estate. Add a “Forward My Contact Information” call to action to help the recipient to recommend you to others.

9. Establish a two-way street. Refer business to other companies that you know and trust. This can include accountants, attorneys, banks, car dealerships, contractors, financial planners, home builders, and real estate agents. Make sure the person you refer mentions your name. Creating an ecosystem of referrals can help your own business grow—as well as your clients’ businesses.

10. Leverage LinkedIn. LinkedIn is an invaluable tool for finding prospects, making connections, and getting introduced to potential clients. LinkedIn has a useful feature that can help you get referrals. When you look at the profile of someone you’re not connected with, LinkedIn will show you if you have any connections in common. Consider asking that mutual connection to make an introduction to the prospect. Make sure that your profile is up-to-date first.

11. Ask clients to like your agency’s Facebook page. If your agency has a business page on Facebook (and it should), ask your clients to like the page. The average Facebook user has more than 150 friends, and many may be potential clients. Once a client likes your page, they’ll see your content more often—and if you post quality content, they may share it with their friends.

12. Follow up quickly. Once you get a referral, honor the trust your current client put in you by following up with the prospect that same day, if possible.

13. Thank your referral sources. Encourages clients to refer additional prospects by showing you appreciate their previous referrals to your agency. Whether it’s a call, email, or handwritten note, be sure to thank them when they send a referral your way.

Mining your current clients for new ones is a great way to leverage the relationships and trusted brand you’ve created for your agency. Good luck!

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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While there’s a large pool of business owners who need insurance, there’s also a large pool of agents vying for their business. Connecting with prospects before your competition signs them is essential to having a thriving insurance agency. Here are thirteen ways to help you increase your lead generation.

1. Refresh your website. Having an attractive and functional website will help you generate quality leads. Use features like a contact form, newsletter subscription form, or request-a-quote button to collect prospects’ information. Clearly but succinctly explain the services and insurance products that you offer. Be sure to include your contact information on every page (the bottom navigation menu is a popular location). Rebuilding or refreshing your brand may also support your other lead gen tactics.

2. Buy leads. If you have more money than time, you can purchase a list of leads from a third-party vendor. You’ll typically provide the list vendor with your ideal demographics, such as age, income, and ZIP code. Some companies offer exclusive leads, which are much more expensive, but sold only to you. Of course, you do run the risk of paying for a list of leads that don’t end up converting to sales. Testing this process before committing a large financial investment is ideal.

3. Ask for positive reviews. Today’s prospects are internet-savvy and will do most of their research about you and your company online. You’ll want to collect and post positive customer reviews and testimonials on your website, but you should also take it one step further. Listings on trusted review sites like Google My Business and Yelp add credibility to your agency. Encourage happy clients to post a review.

4. Share your insights. Providing relevant and engaging content will help position you as an expert in your field. Make your website a resource for current and prospective clients by creating content that educates and entertains. This often begins with a blog or an email newsletter. Blog articles can help attract the right eyes to your services. Be sure that your content focuses on your target market’s needs and addresses topics pertinent to your potential customers. Include at least one call to action (i.e., call, click, complete form) in every piece of content.

5. Get social. Leveraging social media may also yield warm leads. LinkedIn is particularly useful for this purpose. Ensure your profile is complete, by including a professional photo (no selfies!) and a well-planned summary of your professional background. Explain why you’re in the insurance field, what you’ve accomplished, and what makes you different from other agents. In the job history section, use bullets to highlight your accomplishments in each role. Use conversational language, so readers feel like they know you after reading your profile. Then find groups related to your industry, your college, location, or your hobbies. Contribute thoughtful comments in group discussions to establish yourself as an expert. When you’re seen as an expert, professionals in related fields will feel comfortable sending business your way.

6. Regularly connect with your existing contacts. Whether it’s your list of contacts on LinkedIn, your address book in Outlook, or the pages of your Rolodex, reach out to your existing contacts periodically. Simply say hello, wish them a happy birthday, or congratulate them on a work anniversary or recent promotion. Your contacts are more likely to send business to the agent with whom they have the best relationship.

7. Optimize your website for search engines. Search engine optimization (SEO) places your website higher in search engine results for specific keywords. There are several ways to optimize your website content, and the algorithms that search engines like Google and Bing use can change. SEO takes time, so many companies outsource this work. Check out our article on improving your website’s SEO or Moz’s Learn SEO guide.

8. Advertise online. When you search online, you’ve likely noticed that the results at the top of the page say “Ad” or “Sponsored.” Pay-per-click (PPC) advertising enables businesses or organizations to bid on certain keywords to improve their chances of appearing higher in the search results. This is different from SEO. With PPC advertising, you can target your ideal audience based on search terms or audience demographics. You can even target those who have visited your website before. Research the words that your target audience uses when searching for insurance online. Tools like KWfinder and Ubersuggest can help. Read more about the basics of PPC advertising or hire an expert to help you.

9. Request referrals. The highest quality leads are referrals from satisfied clients. Referrals can also come from friends, family, or former colleagues. To generate more leads, dole out incentives like lottery tickets, movie tickets, or gift cards for each referral. However, check your state’s insurance regulations first to learn the specific rules in your area.

10. Connect with your community. Volunteering is a great way to cement your reputation as a committed member of your community. You can even leverage your knowledge by advising local nonprofits about their insurance purchases or hosting insurance seminars for small business owners. While your supporting goal is to generate leads, focus first on contributing to your community and the leads will follow.

11. Network in creative ways. The coronavirus crisis has put traditional face-to-face networking on hold in most communities. You should network online until it becomes safe to connect in person. Then, when you’re able, join your local chamber of commerce, alumni association, and other groups and attend networking events. Speak with other professionals to explore new business opportunities. For example, seek out a CPA and forge a partnership to either pay for leads or cross-refer by recommending their services to your clients.

12. Turn to traditional advertising. If you serve a demographic that’s not predominately online, print newspapers and other offline media can generate new leads. You’ll need to consider the ad’s size, where it will appear in the publication, and the newspaper’s circulation—all aspects that impact the ad’s price. You also may want to consider radio ads, TV ads, or billboards, depending on your location.

13. Get in their mailbox. With a good portion of our communications now conducted online, an envelope with a person’s name can cut through the noise. A professionally designed and written letter can make an impact on the recipient. Direct mail campaigns can be expensive, but thousands of agents use them because they get results. You can reduce your cost per lead significantly by partnering with a mail house that already has proven marketing copy.

Generating new leads is an ongoing process. It takes time, but a quality lead can turn into a fruitful, long-term relationship. Test many methods and find out what works best for you. Keep adjusting and fine-tuning your approach as the market—and your goals—evolve.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Engaged employees are productive employees, productive employees are successful employees, and successful employees are happy employees. Businesses with the highest levels of employee engagement are 22 percent more profitable than those with low levels of engagement, according to a recent Gallup poll. Here are top ways to boost engagement in your agency.

What is employee engagement and why does it matter?

Employee engagement is the extent to which employees feel invested in their occupational roles, are committed to the organization, and put discretionary effort into their work. It’s a successful combination of professional fulfillment and organizational pride. Not only can engagement help your staff feel motivated when things are going well—but it can also help keep them from leaving when things aren’t going so well.

Employees who are more engaged typically have higher productivity and less turnover, often helping them deliver better service to clients.

Tips for increasing employee engagement

Ask for employee feedback. When employees are given a voice and asked to share their ideas, they are more likely to buy into organizational decisions. Provide opportunities for everyone to share ideas and contribute to the success of the agency. Be open to receiving constructive criticism, and be prepared to make changes in your agency’s policies if necessary.

Say thank you. It’s so simple, but sometimes it’s a lost art. Express your appreciation for your employees verbally and with treats like bagels in the morning or drinks during happy hour.

Encourage friendly competition. Sales and commissions are rewarding but can become table-stakes. Liven things up with new sales contests between your producers. Design the contest so that everyone has something to shoot for, not just the top-performing salespeople in your office. Consider contests that reward the actions that lead to sales, like x-dates or referrals.

Invest in staff training. Providing educational opportunities shows your staff that they are valued and their potential is seen. Training also helps agents learn new ways of accomplishing their tasks and improving sales. Leadership training (including communication tips) can help your managers develop skills that will help them be more effective.

Offer schedule flexibility. Especially important to millennials, a flexible work schedule helps employees find the work/life balance that works best for them. Consider offering alternative start and stop times or four-day workweeks.

Reduce repetitive tasks. The insurance field is mired in paperwork—and some of that work is repetitive and time-consuming. Invest in digital solutions that can automate these processes and improve your agents’ workflow. The time saved can be used to find new prospects and connect with current clients.

Make some noise. Celebrate a sale by ringing a bell or banging a gong. Invite the agent who secured the sale to do the honors.

Track and smash office records. Who holds the record for the most policies sold in a day? Who’s made the most cold calls this week? Who bound the most policies last month? Track these milestones where everyone can see and celebrate when individual or team records are broken.

Schedule time for breaks. Give your staff the freedom to take a short break to refocus and reset. Encourage short afternoon walks, a mid-afternoon stretch, or a mid-morning coffee break to help your employees recharge and finish the day strong. Be sure not to jam schedules with too many meetings so everyone has some downtime.

Celebrate work anniversaries. Celebrate employees on the anniversary of their employment, the day they passed their first licensing exam, or when they made their first sale. Unlike a birthday, office anniversaries are only shared with co-workers, which makes them a bit unique.

Set the example. Attitudes trickle down, so project a positive mindset as much as possible. You help set the tone, so make it a good one!

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Hiring remote agents isn’t a new concept, but the COVID-19 pandemic has made the ability to work virtually even more important for many insurance agencies. Unfortunately, even if your agency has previously had an exceptional traditional onboarding process, it may not translate well to a remote work environment. Here are tips for creating a remote onboarding process that educates, engages, and retains agents.

Why remote onboarding is challenging

Virtually onboarding employees takes different preparation (and perhaps even more effort) than face-to-face orientations. Without the typical in-office introductions, meetings, mentoring, and collegial environment, remote employees who are new to your organization may feel isolated or otherwise disadvantaged.

According to BambooHR, employees who feel their onboarding process is highly effective are 18 times likely to feel highly committed to their organization. This makes onboarding an essential tool for reducing turnover. Across industries, up to 20 percent of employee turnover happens within the first 45 days, according to the O.C. Tanner Institute’s Global Culture Report. In short, it’s time to get your team on board with remote-ready onboarding.

Tips for better remote onboarding

1. Start assessing for onboarding during the interview process. Working remotely requires a specific skillset, so make sure your application weeds out candidates who may not feel comfortable working from home. Look for computer-savvy candidates who are self-motivated by using an application process that mimics their future work environment as much as possible. If your agents need to be proficient in using a chat feature, require an online chat with the applicant as part of the application process. Will the employee need to use a specific video platform like Zoom? Conduct the screening interview using it.

2. Determine the logistics. You’ll likely need to provide a new agent with equipment and IT support. First, answer these questions to facilitate the process?

What equipment will your remote worker need? Laptop, printer, monitor, phone?
How will they log on to your system?
What files and systems do they need to access—and which are restricted?
What type of internet connection will they need?
What antivirus requirements are needed to keep company and customer information safe?
What tools will they need to collaborate with colleagues and management?
What are the required working hours or is the schedule flexible?
What time zones can the employee work from or that flexible as well?

3. Take time to train. Perhaps the most critical factor in the success of your new employee is how effectively they are trained. Take the time to restructure or replace your training materials and methods to accommodate online learning. Experts recommend role-specific training sessions that include question and answer time to clarify important topics. If appropriate, record demonstrations so visual learners can better understand the subject. Integrate interactive elements, like quizzes and games, to engage participants. Onboarding training also should include a way to monitor your employee’s results and a module that can help the new agent set career goals. You may need to invest in a professional trainer to help, but it will be money well spent.

4. Enable digital signatures. The employee handbook and other policies must be sent digitally to remote workers. Organize all of the necessary paperwork and policies in one email with a clear subject line. This will help employees find and refer to these documents quickly in the future. Take advantage of digital signature software such as DocuSign to allow agents to acknowledge receipt of these documents digitally.

5. Assign a primary contact person. Once an agent is hired, designate one specific person to oversee that person’s onboarding process. Often a hiring manager, this person will be tasked with introducing the employee to their colleagues, handling questions, and shepherding the new agent through the onboarding process.

6. Facilitate mentorship. In addition to assigning a primary contact, pair a new agent with a more seasoned mentor to help guide them through the orientation process. The mentor can help teach the soft skills that training doesn’t cover, like time management, workflow, and networking, and can pass on what they’ve learned while working at your company. Mentors should be friendly, helpful, and knowledgeable about the agency’s policies. Ideally, mentors should meet virtually with new employees regularly and check in daily during the first few weeks.

7. Be visible on-screen when possible. Over the first 90 days of employment, it’s critical that your new hire feels supported, embraced as part of the team and part of the company culture. Host regular video calls to welcome new remote team members. One-and-one calls provide opportunities to set expectations and answer questions, while conference calls help build community among team members. Consider scheduling weekly check-in meetings throughout the onboarding period to ensure employees are adjusting well.

8. Encourage casual chatting. An easy-to-use chat app like Slack or Microsoft Teams can help remote workers feel connected to the organization. Ongoing chat channels enable staff to collaborate, ask and answer questions, and get to know one another.

Setting up a remote agent for success starts Day One—and often before. It may require a shift in how your agency brings on new hires, but it’s a necessary step to retaining good employees and reducing costly turnover. Happy onboarding!

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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When you work from home, you can roll out of bed, grab a cup of coffee, and get right down to business—without losing time to traffic jams or workplace distractions. It’s an environment many agents have become accustomed to during the COVID-19 pandemic. While some agencies are beginning to return to physical offices, others are choosing to allow employees to work remotely on a permanent basis.

Here are a few of the top benefits of allowing insurance agents to permanently work remotely.

Benefits of remote work for insurance agencies

Recent research and statistics published in Forbes, Insurance Business, and Entrepreneur confirm that working remotely positively impacts many companies and their employees. Here are some of the top ways a telework arrangement may benefit your agency, agents, and customers.

Increased Productivity

Surveys show remote workers have been 15-60% more productive than their office-based colleagues. People who work remotely work longer hours, have fewer sick days and have less of that nagging feeling of needing to escape for an extended vacation.

Reduced commutes

Surveys show 2/3 of employees say they would change jobs to reduce their commute. Remote work cuts down on fuel costs and consumption, pollution, accidents, and stress associated with traveling to and from work.

Saved Money

You can reduce or eliminate your real estate footprint since agents will be working from home. Average real estate savings with full-time remote work has been estimated at $10,000 per employee per year.

Happier workforce

Working from home can help improve work-life balance and alleviate burnout. It helps instills trust in employees—and in turn, builds company loyalty. Research has shown 2/3 of those surveyed want to work from home, 36 percent would choose it over a pay raise, 80 percent of workers consider it a job perk, and 54 percent would change jobs for one that was more flexible.

Streamlined services

Going remote can help you optimize service offerings. You can implement technology that automates much of your processes and you can use tools to facilitate communication. You can meet nationally or internationally, reducing the need for business travel. It’s also true that many customers prefer to seek services virtually instead of visiting brick-and-mortar locations.

Expanded market

When your agents work remotely, they can work anywhere. This can help you grow your business exponentially beyond strictly local, office-based limitations.

Deeper talent-pool

Working from home appeals to a larger workforce. In fact, 75 percent of retirees surveyed said they wanted to continue working but desired more flexibility. Offering remote work can allow agencies to expand access and increase diversity.

Addressing challenges with working remotely

Although there are obstacles associated with remote work, they can often be offset with a bit of strategic planning. These tips can help interested insurance agencies streamline a remote work experience.

Set up infrastructure and policies to support remote work operations and communications. Organize a system for communications (i.e., when to use the phone, video conferencing, email, instant messaging, productivity platforms).

Establish routine meetings and virtual gatherings. Decide how often you and your agents should touch base for work-related issues. To combat feelings of isolation or disconnection, plan casual events like virtual or in-person luncheons or parties.

Provide encouragement. Check in with your employees and ask specifically how remote work is going for them. Ask what they need and how you can make the arrangement most effective.

Ensure you have buy-in from leaders. Agents should be able to work mostly autonomously, and leadership should appreciate their ability to do so. Agencies can offer training and best practices for any agents who struggle to work remotely.

The many benefits of remote work indicate that a permanent arrangement may very well be suited for insurance agencies. That said, remember that while many employees may thrive working remotely, others may not. It’s important to remain flexible, ask for feedback, and keep the lines of communication open.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Adopting new technology can make it easier for your agents to do their jobs, provide 24/7 self-service to your clients, and differentiate your agency from the rest of the field. That said, it’s important to first evaluate whether or not using third-party tech vendors could put your client’s data at risk.

Today’s insurance buyers are used to having answers and options literally at their fingertips. Implementing technology solutions can help customers get service when they want it how they want it. It’s easy to be enticed by the “next best thing” offered by vendors at insurance industry tech events. The right tech partners are able to help clients pay their bills, download proof of insurance, get requotes, and review their policies without leaving the house or making a phone call. While investing in technology demonstrates that you value the customer experience, the solution must meet your needs without exposing client data.

A 2019 survey by Parks Associates revealed that 79% of consumers are concerned about data security and privacy issues. Before you sign a contract with a new tech partner, make sure you understand how the company will safeguard data—and your agency’s reputation.

Here are twelve questions you should ask a tech vendor before signing a contract.

1. How is your data flow structured?

Will the vendor use an application programming interface (API), cloud-based software as a service (SaaS) interface, or will the solution be fully integrated? Be sure you (and your IT staff, if you have one) understand how the information will flow between your internal system and the vendors. If it’s not clear how the solution communicates and shares data, it may be challenging to protect that data.

2. What data will you store?

Confirm that your agency is only sharing the precise information that each vendor needs to do its work. Don’t share non-essential data with vendors, especially personally identifiable, financial, and proprietary information.

3. Where and how will our data be stored?

You can’t keep something safe if you don’t know where it is. Will there be redundancies and frequent backups?

4. How do you monitor the system for potential threats?

Like monitoring your credit or home security, monitoring customer data helps stay ahead of potential threats.

5. What would you do if the system is hacked?

The vendor should regularly test its cybersecurity, conducting spot checks and full mock attacks to assess how its system and support staff respond.

6. What verifications and reviews have your applications gone through?

Trustworthy, third-party security audits of the specific application (such as an SOC 2 audit) can provide you with important peace of mind.

7. How many full-time security workers does your company employ?

The tech vendor you partner with should have full-time workers solely dedicated to security. The more people who work on security full-time, the safer your data is likely to be.

8. Who will have access to our agency’s data?

There should be explicit limits to who has access to your agency and client data.

9. Who owns my data?

Both parties must be clear about—and comfortable with—who owns the data you share (now and in the future).

10. What experience do you have with the unique compliance issues of our industry?

The insurance industry is highly regulated, so any vendor should have in-depth knowledge and understanding of the specific compliance issues your agency regularly faces.

11. Is there information about your data security measures that we can share with our clients?

Clients value transparency. They want to know how their data is being collected, used, and protected. If appropriate, clients should receive regular security updates and a method for opting out.

12. What are my options if things don’t work out?

If you must pull out of a contract, make sure you understand how (and in which format) you’ll receive your data. Can they provide an API or an export so you can quickly receive your data? Always have an exit strategy available.

Technology can make your job easier and improve your ability to serve your clients when and where they choose. But partnering with an outside vendor and sharing confidential data with a third party carries risk. Understanding what happens to your data is critical for your insurance agency and your clients.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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When someone is searching for a job, they often look for organizations that reflect their values and demographics. That’s one of the many reasons that your agency should recognize, respect, and support diversity.

The insurance industry lacks diversity—but you can help change that

Hiring a diverse workforce means seeking out and providing opportunities to people of varying gender identities, ages, cultural backgrounds, sexual orientations, faiths, family configurations, races, ethnicities, and physical and mental abilities. However, it’s a hard sell for candidates to join your agency if they don’t currently see a diverse organization. The average age of insurance agency principals is 55 years old, with 17 percent age 66 or older, according to the 2020 Agency Universe Study. While many industries suffer from ageism against older candidates, the insurance field, fortunately, embraces more seasoned employees—but sometimes it’s to the detriment of younger candidates.

Women and people of color also are underrepresented at independent agencies. While more than 60 percent of insurance workers are female, only 35 percent of independent agencies are led by a female principal or senior manager, according to a report by STEMConnector. Nearly nine in 10 agency principals are white, according to the Agency Universe study. However, that appears to be changing: the study found that newer agencies are more likely to have at least one African American principal—12 percent of new agencies compared with five percent of established agencies.

Studies show that diversity and inclusion help lead to higher employee engagement, solutions innovation, and business profitability. Many insurance agencies are taking steps to attract and retain diverse talent and better reflect the changing demographics of their customer base. Here’s how you can, too.

Curate your company culture. Candidates want to work where they feel valued and energized and where their efforts will make a difference. Design your agency so it’s a fun place to work by helping employees feel recognized and appreciated. This will not only help you attract and retain quality employees, but it will also encourage current employees to refer new candidates.
Get buy-in from agency principals. Individual efforts to change your culture will make little impact if there’s no commitment to diversity from those at the top of the hierarchy. Engage your senior management team to spearhead initiatives for encouraging diverse ideas, experiences, and personalities; holding others accountable for meeting diversity goals; creating a mentoring program; and righting inequities in compensation and promotion.
Demonstrate your agency’s social purpose. Many employees look to put purpose before paycheck. They are intentional about wanting to leave a legacy. Agencies looking to recruit values-driven employees need to demonstrate that they, too, are serving a purpose bigger than profits. Use social media to share how your agency is involved in your community and how your agents go above and beyond for your clients. Be sure to support and encourage employees who want to be active in their communities.
Build a strong employer brand online. Younger candidates evaluate job opportunities through the lens of an educated consumer. As savvy online sleuths, they read what former co-workers say about companies on platforms like Glassdoor and Fairygodboss (a site specifically for women). Building a strong brand is essential for job-seekers to connect with your agency and what it represents.
Broaden your recruiting pipeline. According to a Marsh report, the most significant barriers to success for African American insurance professionals are a lack of: exposure to the industry, professional networks, and entry-level opportunities. Overhauling your recruiting practices and tapping into different talent pools can help recruit more diverse talent. Build relationships with business and community leaders, participate in career fairs at historically black colleges, offer job shadowing opportunities for high school students, and reach out to African-American, Latinx, Asian, and LGBTQ+ professional groups to post jobs.
Court candidates with “non-industry” educations. Expand your recruiting ideals beyond those with education and experience in risk management and actuarial sciences. Search for candidates with quantitative analysis, analytics, finance, engineering, marketing, or liberal arts knowledge who have transferable skills. Hiring experts also recommend you consider career changers and military veterans in your hiring process.
Bring your agency into the 21st century. The best talent wants the best tools. Ensure your agency provides the latest technology, training and support that employees need. Consider offering flexible work hours that give employees the freedom to schedule their days as they prioritize a work-life balance. Modernizing your processes also frees up your agents to provide a more personalized experience to their clients.
Display a clear opportunity for career growth. Provide professional development opportunities where current and future employees can enhance their knowledge and learn leadership skills.

Diverse opinions and experiences are vital for insurance agencies. These eight tips should help you better develop a workforce that reflects the community you serve.

Additional resources

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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If you feel like your insurance agency could use some fresh new ideas and a dash of enthusiasm, hire an intern!

We’ve laid out some general pros and cons of hiring an intern, followed by the various types of tasks an intern can handle for your insurance agency. In most cases, the pros absolutely outweigh the cons—and with just a little planning, you’ll find the arrangement benefits all parties involved.

Pros and cons to consider

Why should your agency hire an intern?

An intern can take on projects you haven’t had time to address.
Interns can offer engaged, enthusiastic, affordable help, which can otherwise be hard to find.
It can help you recruit talented professionals you may want to hire permanently.
Many interns are digital natives and are tech-savvy, fast learners.
You’ll have a lower investment in employee search, hiring, and onboarding.
You can inspire future leaders in the insurance industry and enjoy rewards of being a mentor.
An intern can help improve company culture and morale.
You don’t have to commit for the long-term, just a temporary assignment.

What should you know about hiring an intern?

Since interns are newer to the field, they may lack experience and will need training.
You may need to assign a formal mentor and complete college internship requirements.
You’ll need to ensure the internship meets your local, state, and federal requirements.
Since internships may be short, time can be lost to the learning curve and training.
You’ll likely need to fit certain project’s within the timeline of the internship (and not vice versa).

Intern roles at insurance agencies

To make the best use of the internship, capitalize on the individual intern’s strengths and your agency’s needs. Consider the following:

What are the intern’s interests?
What skills do they already have?
What skills do they want to learn?
How can you set them up for success?
What is the best value they can offer at your agency?
How long will they be with you?

If you haven’t yet decided how you can best use an intern’s help, make a list of projects your agency hasn’t had time to tackle. Think about whether you can use an intern to:

Contact businesses regarding insurance needs and follow up on leads
Handle or reroute client calls regarding benefits, claims, billing, etc
Quote insurance for customers
Follow up on customer referrals
Conduct online investigations related to claims
Create reports on investigational findings
Help with general tasks, analysis, and documentation
Assist with billing and collections processes
Update and maintain your website
Help with marketing initiatives
Expand social media presence and brand awareness
Work on technology and coding
Assist in human resources
Handle enrollment materials, information, and presentation materials

With an intern on your team, you’ll be able to catch up on some of those tasks you’ve been dragging along. A skilled intern can help you improve your business and boost morale, and in return, you can help guide an emerging professional just embarking on a new insurance career.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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What is an API and how can agents leverage them?

Buying and selling insurance can be a very personal interaction. Clients trust agents to provide sound advice, competitive quotes, and appropriate coverage. You likely have a good rapport with your customers, but what if you could deliver an even better customer experience? Leveraging technology can help.

What is an API?

An API is an application programming interface. If you have a smartphone, you’ve used an API. APIs are lines of computer code that make it possible for digital devices, software applications, IT systems, and data servers to communicate, share information, and tap into each other’s functionality.1 Some of our partners connect to Pie using an API.

In general, there are three types of APIs:

Public APIs can often be implemented by checking a box on the back end of your website. If necessary, many public APIs can be customized to change what information is displayed and how. For example, a popular public API integrates Google Maps on a business website so customers can generate custom directions to a business location.
Partner APIs can be implemented like public APIs, but you’ll need to find a willing partner. For example, partnering with a real estate agency to generate leads for homeowners’ insurance buyers, or an auto dealership for auto insurance leads. However, you may need to pay a fee to use a partner’s tool.
Private APIs are developed by your internal IT team, or you can pay a vendor to develop a proprietary API for your agency based on your custom specifications.

The benefits of APIs

Not all that long ago, information technology in the insurance industry relied mainly on huge central databases that contained all of the policy, accounts, and claim information, and handled all of the back-end processing tasks. But this type of closed system limits agencies’ ability to deliver a responsive customer experience in real-time and hinders the ability to talk to other systems that can make your job easier.

In the insurance industry, APIs can connect disparate technologies to:

Improve cost-efficiency
Increase revenue
Provide a better customer experience
Increase business opportunities and grow partner channels
Improve agents’ workflow and productivity

How APIs are improving the insurance industry

According to technology gurus CB Insights, there are four main ways that insurance companies are using API technology:

Data aggregation
Workflow
e-Commerce
Quoting

One of the most common ways agents have implemented an API is online sales. First, the broker or future policyholder uses a website or app (front end) to input data. Then a back-end system calculates premiums, produces relevant documents and account files, and securely stores policy data. For this system to work, an API is needed to enable the front end to “talk” to the back end and facilitate the pushing or pulling of data.

Other examples of APIs in insurance include:

Chatbots for customer service
Artificial intelligence to calculate premiums
Cloud storage to store files and data
Mobile APIs to keep policyholders and agents connected
Blockchain for cryptocurrency-based transactions
Google Calendar for client appointment setting
Lead generation APIs that bring visitors from a mass email to a client portal
APIs that upend form data using a risk database
Data warehouse APIs that let agents view their entire portfolios, gain insights, and make changes to products
Sending automated emails to agents when someone completes a form on the website
APIs that integrate credit card processing capabilities
Displaying policy quotes from different insurance carriers in one location
Aggregating social media marketing data into one location
Client self-service for first notice of loss (FNOL) and claims management
Fraud detection
Accepting images from customers to log an auto accident claim

APIs are a simple, cost-effective way to share information, boost productivity, and enhance customer service.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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The case for insurance agency automation

Your agents have a lot on their plates. Today’s savvy insurance buyers expect a personalized and responsive relationship while also being empowered to complete key purchasing and renewal tasks online on their own time. Automating tasks is one way your agency can please both your policyholders and your agents.

Automating insurance agency tasks can help agents be more efficient. For example, automating regular client communications allows you to stay in touch and continue to build trust and rapport with less effort. With the right tools, the process can be simple—and seamless.

Another benefit of automating tasks is that automation bakes in consistency. Your agency likely has established office policies, procedures, and processes. Once you find a process that works for you and your client, you can put automation to work for you.

10 tasks you can set to ‘automatic’

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Top of the funnel lead engagement.
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You’ve got to strike while the iron is hot. When you get a lead, time is of the essence. Customer relationship management (CRM) software can help you build a workflow to ensure that leads are contacted promptly and adequately nurtured down the sales funnel. For example, you can automatically create a task for someone to follow up with a new prospect or schedule a follow-up email a certain number of days after sending an application for insurance.
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Lead nurturing.
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You also can automate ongoing lead-nurturing tasks, such as emailing leads when you add a new insurance product and sending welcome letters. Software like MailChimp and Constant Contact make this easy.
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Agent assignments.
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Automation software allows you to assign prospects to agents. Then, you can easily view your entire team’s workload, evenly distribute tasks, and use automated workflows to be sure that every client receives consistent, appropriate follow-up.
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Call tracking.
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While some customers will conduct most of their business online through your website, you’re still going to get some calls. CRM software can automatically record phone calls and import valuable information from those phone calls into a database. Automating call reminders means that no opportunity to connect with a lead is lost.
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Scheduling meetings.
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Even if you don’t want to invest in a full CRM solution, there are still ways to make it easier for customers and prospects to schedule appointments with agents. Software like Calendly and You Can Book Me lets you specify which hours you’re available for meetings. Leads, colleagues, and clients can book time on your schedule without a flurry of emails clogging up your inbox.
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Chatting up website visitors.
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You’ve probably seen it while surfing the web: you’re visiting a website, and then a box pops up, asking if you need help. These automated chatbots are a simple way to provide instant answers to prospects and policyholders alike. Consider adding a chatbot to your website or Facebook page to provide instant answers to common questions. They’re easier than email and increasingly popular with younger customers.
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Email marketing.
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As we’ve mentioned earlier, email is a powerful tool for following up with and staying connected to leads. Use automated email marketing campaigns to remind clients to review their insurance needs, send out anniversary or birthday messages, or reignite cold leads with information about saving on insurance. Simply create an email template and define the appropriate parameters (For example, send a policy anniversary message three days before the policy end date). The system will then send the email on the appropriate date to ensure nothing falls through the cracks. And, most email automation systems will help you personalize email messages with each customer’s first name, policy expiration date, company name and more.
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Text reminders.
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According to the Big I’s 2020 Agency Universe Study, 64 percent of insurance agencies communicate with policyholders via text. Like email reminders, you can automate text communications to your customers’ smartphones. And, with the right configuration, all text conversations can be automatically captured in a CRM database to refer to later.
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Renewal communications.
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Proactive communication around policy renewal time is essential for client retention. Get a head start on policy renewals by sending an automated reminder to the agent of record and an email to the policyholder. An early start on this process will ensure everyone is on the same page and reduce stress for everyone involved.
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Social media posting.
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While you may view social media marketing as a necessary evil, there are ways to take some of the pain out of the process. Services like Buffer and Hootsuite enable you to schedule posts to Facebook, Instagram, Twitter, and more in advance from a single dashboard. Consider setting aside an hour or so at the end of the month to write and schedule all of your posts for the next month. Then, it’s off your to-do list. Well, until next month!
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It’s true that setting up automation takes some time and may require a chunk of your budget, but it’s an investment that will reap big rewards.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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How to approach Covid-19 vaccinations for your agency

Many workplaces, including schools, hospitals, and government agencies, have begun requiring all employees to be vaccinated against COVID-19. Is this requirement necessary to ensure safety in your insurance agency?

Are vaccine mandates legal?

Yes, employers can require employees who come into the workplace to be vaccinated for COVID-19. Federal anti-discrimination laws don’t prohibit employers from requiring employees who physically enter the workplace to be vaccinated for COVID-19, according to the Employers Equal Employment Opportunity Commission (EEOC). However, employers who encourage or require vaccinations must comply with the Americans with Disabilities Act (ADA), Title VII of the Civil Rights Act of 1964 and other workplace laws.

To mandate that all employees at your insurance agency receive the COVID-19 vaccine, your policy must meet four federal standards:

The need to vaccinate must be “job related” and “consistent with business necessity,” in keeping with the ADA. This requires determining the threat to safety posed by unvaccinated employees, including whether work is done indoors or outdoors and the frequency and duration of an unvaccinated employee’s interaction with other people.
Employers must provide reasonable accommodations for employees who won’t get vaccinated against COVID-19 due to a disability. Additionally, reasonable accommodations are required for employees who don’t comply based on religious beliefs. The definition of religion is broad and protects religious beliefs and practices that may be unfamiliar to employers. The EEOC says employers should assume that an employee’s request for religious accommodation is based on a “sincerely held” religious belief. However, if an employer is aware of facts that don’t support an employee’s request for religious accommodations, the employer may request supporting information. So, if an employer finds that an unvaccinated employee could pose a safety threat, they must consider a reasonable accommodation—such as allowing the employee to work from home or take a leave of absence—to reduce or eliminate that threat. Employers and employees should work together to determine if a reasonable accommodation can be made. If there isn’t one, an employer could bar the employee from physically entering the workplace, but this doesn’t mean that the employee can be automatically terminated, according to the Society for Human Resource Management.
The vaccination requirement can’t be rolled out in ways that would treat employees differently based on race, color, religion, sex, national origin, age, or genetic information.
While the ADA generally restricts employers from asking employees about disabilities, employers can ask employees about their vaccine status or require proof of vaccination. According to the EEOC, asking about COVID-19 vaccination status is not a disability-related inquiry under the ADA, since there are several reasons why people might not be vaccinated.

Several states have introduced legislation to prohibit or restrict employers from requiring COVID-19 vaccinations as a condition of employment, so be sure to check the specific laws in your state.

Can an insurance agency offer incentives to employees who get vaccinated?

Yes. According to federal agencies, employers can offer incentives for workers who get vaccinated. Incentives can include cash payments or gift cards. There are other steps employers can take to encourage or facilitate vaccination, such as educating employees about the vaccine, addressing employees’ questions and concerns about the vaccine, and offering time off to get vaccinated or recover from any side effects of the vaccine. In fact, the American Rescue Plan Act provides tax credits to employers to cover the costs of providing paid leave to employees to receive and recover from COVID-19 vaccinations.

However, if your agency offers the vaccine directly to agents and other employees, special restrictions on incentives apply. This is because before receiving the vaccine, recipients must be questioned about their health history, allergies, pregnancy status, and more. When the employer or its representative is asking these questions, it becomes a disability-related inquiry by the employer. Under the ADA, disability-related inquiries through an employer health program are permitted only if participation in that program is voluntary. However, the definition of “voluntary” has been the subject of controversy and litigation.

To mandate or not to mandate?

If your agency plans to require employees to get the COVID-19 vaccine, it should develop a detailed, written policy. However, employers considering a mandate should contemplate the issue at length before acting. Law experts warn that employers may be put in the unenviable position of either adhering to the mandate and terminating employees who refuse or deviating from the policy for certain employees, risking a rash of discrimination claims.

Instead, experts suggest encouraging and incentivizing employees to get vaccinated rather than making vaccination mandatory for all. For example, your agency may want to:

Develop vaccination education campaigns, including information about how vaccinations make the workplace safer
Make getting the vaccine as easy as possible for employees by providing paid time off for employees to get the vaccine and recover from any potential side effects
Lead by example by ensuring your agency’s management team gets vaccinated, too
Cover any costs associated with getting vaccinated
Provide incentives to employees who get vaccinated

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Insurance premiums are determined by several key pieces of information, including workers’ comp codes. Because these codes signify the level of risk your client represents, some codes are more desirable for insurers than others. Read on to learn why.

Workers’ comp class codes, also called classification codes or workers’ comp classification codes, are three- or four-digit codes used to estimate rates. Insurance companies use these codes to categorize businesses by how risky their operations are so that carriers can estimate the cost of insuring them more accurately. By grouping similar businesses, data on workplace injuries and workers’ comp claims can be analyzed. Then, that data is used by the rating agency to determine the relative risk associated with that type of work. It then assigns a rate based on recent losses (claims that have been filed and paid out).

What should agents look for in workers’ comp class codes?

Some states have their own workers’ comp codes, but many states use the codes set by the National Council on Compensation Insurance (NCCI), an independent organization that gathers and analyzes data on workers’ compensation insurance.

Workers’ comp class codes are important because they directly affect how much your client will pay for coverage. Clients who take on more risk—such as a construction company or transportation service—will start with a higher base rate and pay higher premiums.

While rates are specific to each class code, statewide rates are often raised and lowered at the same time and proportionally, based on a percentage. In Indiana, for example, a plumber (NCCI code 5183) will pay a rate of $1.68, while a clerical worker (NCCI code 8810) will pay $0.35.

In general, the formula used to calculate a client’s workers’ compensation premium:

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Workers must be classified properly since this information will be checked during your client’s annual workers’ comp audit. An audit helps ensure that your client paid the appropriate amount for coverage. The auditor will confirm your client’s business operations and workers’ duties to check that the estimates of risk match with the actuals.

Why are some more desirable than others?

As you can understand, insurers typically have a higher appetite for businesses in lower-risk industries. These preferred industries mean higher hit ratios for your submissions. Companies in preferred industries enjoy more competitive pricing and greater retention representing your best opportunity for long-term profitability. At Pie, we call this our Success List , but each carrier has a target list of class codes that are preferred by underwriters.

You can also take a look at Pie’s Preferred Class Codes—when submitting for codes on this list, you don’t have to submit loss runs, another way we’re making workers’ comp as easy as pie.

Do you have clients on Pie’s Preferred Class Code list? Take a look!

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Thinking of joining your local trade association? Here’s what you should get out of it.

If you’re a member of your local insurance trade association, you already know what an incredible resource it can be for you and your insurance agency. However, if you’re still on the fence about joining, here is a list of things you can expect as a member! The benefits can help you grow professionally, build your agency, access products, meet other agents, and much more.

All local associations are a bit different, but here are some of the many features they may offer and what you can expect to gain from joining.

Connect with like-minded professionals

State and local insurance associations offer various opportunities for building professional relationships virtually and in person. Expand your network and build partnerships through face-to-face meetings, online communities, discussion boards, and events. There are even special interest groups for young agents, new agency owners, and more. Many associations hold conferences, conventions, state-wide or local events, and fundraisers. Get involved and expand your access to your peers and the community.

Gain a specialized education

Many insurance associations offer in-person or online courses with opportunities for members to earn continuing education (CE) credits. Educational resources may include topics like starting an agency, insurance industry training, business plan basics, and insurance agent toolkits. They may also cover diversity, recruitment, hiring, training, sales, and marketing. These courses can help you understand your market and consumer base and learn about managing risks for your clients. They can also teach you about accessing investment capital, financing your business, managing cash, and more. Some associations even have scholarships for college students interested in the insurance industry.

Stay informed with expert advice and various publications

Insurance associations often have a wide range of publications members can access. Associations may publish blog posts, articles, magazines, journals, white papers, webinars, podcasts, online libraries, membership directories, and newsletters. When you join an association, you’ll be surprised at the guidance and advice you can find from the organization itself and other agents. You may find branding, identity, social media, and logo support, agency management tips, HR tools, E&O checklists, sales and marketing tools, proposal language, new hire and staff training solutions, talent recruitment, FAQs, best practices, and more.

Get access to insurance products

Membership can offer access to high quality products and services and access to markets. For example, some associations give members access to insurance products including errors and omissions, liability, cyber, health, dental, flood, and disability insurance.

Enjoy discounts on other services

Further, members can get lists of trusted resources and recommended brands. Some associations offer access to free legal consultations or discounts on valuation and perpetuation services. Others have discounts on technology solutions for agencies like eforms, esign, payment processing, client portals, coverage analysis, risk exposure identification, branding, flyers, mailers, etc. Still others offer perks like shipping, car rental, or prescription discounts.

Be a leader

If you’re interested in leading within your field, insurance associations offer an array of leadership opportunities. Further, you can enjoy the professional designation of being associated with the organization.

Enjoy having an advocate on your side

Insurance associations help protect agents’ interests in the legislature. You can be part of a professional organization that lobbies on your behalf and even get involved in the advocacy and electoral process. When you’re a member of an insurance association, you’ll be more informed about how the insurance industry is affected by legislative, regulatory, and judicial matters. You’ll gain insight on upcoming elections, candidates, and legislative events and how they affect the insurance industry and you as an agent. Some groups even meet up at state capitols during legislative sessions.

Whether you’re interested in learning, leading, or networking, membership in an insurance association can enrich your insurance agency and your career. Do a little digging, and you’re sure to find a local organization that fits your needs.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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8 Workers’ Comp Myths and Realities

Some myths are fun—think Sasquatch and the Loch Ness Monster. Other myths, like the ones surrounding workers’ comp insurance, are less so. These myths can impact your agency’s business. Let’s dispel some of the most common myths about workers’ comp insurance.

MYTH: Because workers’ comp insurance is expensive, some business owners can pay out of pocket if an employee gets injured.

REALITY: In many states, workers’ comp insurance is required for companies with more than one employee. Check the workers’ comp laws in your state to see if it’s unavoidable for your client. If it’s required and a client forgoes coverage, they may be strapped with significant fines or even be forced to close. Show your client the cost of a workers’ comp policy compared with the cost of an average workers’ comp lawsuit (estimated at $40,000) and potential state-imposed fines. A proper, proactive policy will cover everything from lost wages to medical care for an injured employee—a win/win for everyone.

MYTH: Employers don’t need workers’ comp coverage for part-time employees.

REALITY: No matter how many hours they work, all employees need to be covered in most states. Companies that are required to carry workers’ comp insurance but choose not to have it run the risk of incurring heavy penalties and fines. The good news is that having mostly part-time workers will likely result in a lower premium for your client, since the level of risk may be lower, depending on the industry.

MYTH: Employees don’t get injured in workplaces with good safety records.

REALITY: Accidents can and do happen, even in the safest work environments. It’s always better for small business owners to be prepared for any accident, even if the company has a long history of providing a safe work environment and mitigating risk.

MYTH: Remote employees don’t need to be covered since they work from home.

REALITY: An employee’s injury or illness is generally compensable under workers’ comp if it “arises out of and in the course of employment,” regardless of where the injury occurs. Employees who work off-site are entitled to workers’ comp benefits, although they’ll need to prove that the injury is work-related. This may be difficult since telecommuters are often home alone while they work. Additionally, employers are responsible for providing a safe work environment for remote employees just as they do for workers onsite.

MYTH: My client’s business is seasonal, so they don’t need small business insurance like workers’ comp.

REALITY: Whether they operate 12 months a year or only three, businesses with employees need workers’ comp insurance during the months they are open. Most carriers will write seasonal business as long as there’s a defined open and closed period. For example, if your client operates a snow-removal business, the carrier can start coverage in, say, November and turn it off in March.

MYTH: Employees who file a workers’ comp claim will be fired.

REALITY: Many workers avoid filing workers’ comp claims because they fear that they’ll lose their jobs. But workers’ comp laws are designed to protect employees—and business owners—by ensuring workers are compensated for medical expenses and lost wages.

MYTH: Employers who hire only family members don’t need workers’ comp insurance.

REALITY: In most states, a family member who works for a business is still classified as an employee. They would need to be covered, just like any other employee. Without a workers’ comp insurance policy, employers are vulnerable to punitive damages, lawsuits, and high medical bills.

MYTH: Independent contractors don’t require workers’ comp coverage.

REALITY: This popular misconception has caused major headaches for small businesses. If a client hires independent contractors (ICs), even a minor injury may be eligible for compensation. Unfortunately, workers’ comp laws aren’t always clear about which ICs qualify for compensation. Nevertheless, workers’ comp insurance is a simple way clients can protect their businesses, even those with relatively no payroll. Further, contractors and subcontractors should carry their own workers’ comp insurance and carry a certificate of insurance before starting any job.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Changing workers’ comp markets

Recent changes in the demand for workers’ compensation insurance may have eroded your agency’s bottom line. One solution to increase your agency’s revenues and connect with businesses that need your services is to expand into different markets. You can specialize in one or two industries. That way, you can finetune your services for a particular niche, and your customers will be more likely to recommend you to others in their line of work. Alternatively, you can diversify to several industries, in which case you’ll be better shielded from individual industry impacts.

Ultimately, you must decide which market approach is best for your agency. As you research which markets to pursue, consider these 5 industries with a high demand for workers’ compensation coverage

Workers’ compensation markets for insurance agents

1. Construction

From plumbers and electricians, to artisan contractors and interior painters, there are various opportunities in the construction industry for insurance agents. With nearly 733,000 construction businesses that employ over 7 million individuals in the U.S., this is a promising market for agents (AGC). Employers in the construction industry need workers’ comp coverage to protect their business and their workers from risks like falling debris, ladder falls, explosions, burns, and electrocution. Moreover, workers’ compensation insurance is vital for the construction market—as many clients won’t work with contractors or subcontractors unless they show proof of insurance.

2. Landscaping

There are nearly 604,000 landscaping businesses that employ 1 million people in the U.S., making this an ideal market for insurance agents (NALP). Employee activities include laying sod, seeding, planning, clearing, grading, planting, fertilizing, mowing grass, and maintaining the landscape. With risks for injury from falling branches, heat exposure, hazardous noise, landscaping equipment, chemical exposure, and the like, workers’ compensation coverage is essential for the landscaping industry. To help protect their employees and get adequate coverage, landscaping employers need informed, educated insurance agents they can trust.

3. Trucking and transport

Nearly 500,000 trucking companies and 8 million people are employed in the trucking and transportation industry (ATA). This industry employs drivers, movers, dispatchers, couriers, warehouse workers, forklift operators, and more. Common injuries in this industry include strains, sprains, cuts, bruises, and fractures from overexertion, being struck by an object, falling, or being in a vehicular accident. Because truckers travel across state lines, workers’ compensation insurance can be more complicated for the industry. This makes it a great niche opportunity for agents looking to specialize and offer expertise.

4. Janitorial and Cleaning

The janitorial and cleaning market is huge, with nearly 1.1 million businesses and 2.8 million people working in the industry (IBIS). The field includes janitors, maids, house cleaners, commercial cleaners, carpet cleaners, upholstery cleaners, chimney sweeps, disaster cleaning and restoration specialists, window cleaners, pressure washers, school cleaners, and medical cleaners. Risks to these employees can include chemical exposure, blood borne pathogens, repetitive motions, sprains, strains, slips, trips, falls, heavy lifting, ladder falls, and power tool injuries. If you specialize in this market, your clients may appreciate educational resources about how to train employees on safe cleaning practices and how to prevent injuries at work.

5. Manufacturing

You might also consider specializing in the manufacturing industry, with nearly 600,000 businesses and more than 12.8 million employees in the U.S. (IBIS) (NAM). People who work in manufacturing include mechanical engineers, instrument technicians, plant operators, machine operators, assembly line workers, fabricators, metal workers, painting and coating workers, quality control inspectors, welders, and more. On the job risks to manufacturing employees include equipment accidents, overexertion, contact with objects, fires, explosions, falls, slips, trips, sprains, fractures, burns, chemical exposure, and the like. There is great demand for workers’ compensation protection in this industry, making it a promising market if you wish to specialize.

When you do select a market, learn all you can about the intricacies of the particular industry and tune in to how you can satisfy clients’ needs through your specialized insurance product offerings. Be sure to work with insurance carriers who have the interest, experience, and drive to work with your niche industry so you can offer your clients the best coverage possible.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Cybersecurity for your agency

Insurance agencies are particularly vulnerable to cybercrime. First, agencies access and maintain a great deal of policyholders’ private information. Additionally, most insurance agencies are small businesses, which makes them a favorite of cybercriminals. Because insurance agencies deal with personal information, they have increased vulnerabilities and responsibilities and are subject to unique cybersecurity laws and regulations.

Most agents and agency owners don’t have time to keep up with the intricacies and latest developments in cybersecurity. It is a complex and ever-evolving field, and cybercrime is on the rise. Further, understanding the various vulnerabilities can be overwhelming for those not familiar with the field. That’s why it’s critical for insurance agencies to have a cybersecurity expert they can turn to, along with adequate cyber insurance coverage.

Here’s an overview of some of the cybersecurity issues and vulnerabilities insurance agencies face. While this overview can help give you a starting point, refer to your state and federal laws, and consult with your cybersecurity advisor to ensure you’re protecting your agency and your clients from cybercriminals.

How cybercriminals harm insurance agencies

Cybercriminals seek personal data, passwords, access to funds, and more. They often demand ransom payments to release information. Agencies can face potential lawsuits, judgments, fines, and penalties if they don’t take steps to protect consumers. These risks can prove catastrophic for an agency.

Common cybersecurity vulnerabilities

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n IF… \n	\n THEN \n
\n your software is outdated or doesn’t have sufficient authenticity verification… \n	\n cybercriminals can breach your system. \n
\n your agency communications are not encrypted… \n	\n attackers can hack usernames and passwords. \n
\n you do not have uniform policies and procedures in place… \n	\n you can have security gaps. \n
\n you have user accounts with unlimited access and privileges… \n	\n your entire system could become compromised. \n
\n your web applications are not protected… \n	\n they can be accessed from any location with an internet connection. \n
\n your firewall features fail… \n	\n hackers can access your system. \n

Adapted from Maryville University

Common types of cyber attacks

Some common types of cyber-attacks and emerging cybercrime methods include:

Malware (spyware, ransomware, viruses, and worms) – Often results from clicking an email attachment or dangerous link that installs software that accesses your hard drive and collects data, blocks access to network components, or makes your system inoperable.

Phishing (email or other communication impersonating another sender) — Criminals use phishing to steal private information like credit card numbers, usernames, and passwords.

Deepfakes (video, image, or sound designed to impersonate a person) – Cybercriminals can wrongly incriminate individuals.

Cloud jacking (infiltrating systems and programs) – Cloud jackers use organizations’ cloud storage to mine cryptocurrency.

How insurance agencies can protect themselves and their customers

To protect your business and your customers from cybercrime (IIABA):

Stay informed of your state’s compliance regulations
Run a risk assessment for system vulnerabilities
Train employees on policies and procedures
Ensure all programs are updated
Install a firewall, and multi-factor identification
Get an adequate cyber policy for your agency

Consider offering cyber coverage so your clients can invest in protection for themselves.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Here’s what your clients need to know as live events return

Conferences, seminars, regional meetings, educational workshops, golf tournaments, fundraisers, holiday parties, executive retreats, team-building events, and more. Recently, we’ve all missed out on many in-person business opportunities due to COVID-19, but across the nation, plans to resume live events are in the works!

As an insurance agent, it’s important for your small business clients to be strategic, prepared, and vigilant when returning to in-person interactions. Whether they’re hosting or attending live events, they may appreciate your guidance on how to reduce risk and promote safety during face-to-face business gatherings.

Consider creating a social media post featuring best practices to help your small business clients return to live events as safely as possible, despite COVID-19. This can be a great opportunity to engage with your clients and offer them valuable tips on a timely and useful topic.

Tips to help small businesses reduce risk and promote safety during in-person events

Focus on safety. Make in-person meetings as safe as possible. Always follow federal, state, local, and venue guidelines on COVID-19 safety precautions. Give employees and attendees opportunities to maintain social distance, wear face masks, and use hand sanitizer. If you’re hosting an event, ensure you have the staffing, technology, and equipment to ensure safety. Additionally, according to the CDC’s guidance for event planners, hold events outdoors when possible, improve ventilation, encourage respiratory etiquette, and have those who are exposed or ill quarantine and get tested for COVID-19. If your employees are traveling to and from an event, encourage them to follow the CDC’s travel safety guidelines to reduce the risk of infection.

Have a contingency plan. Make a plan in case there is a surge in cases and the in-person event must be canceled or adjusted. Consider parallel planning a hybrid or virtual event just in case. Alternatively, limit the number of attendees to expand opportunities for social distancing.

Perform a risk assessment. If you are hosting an event, hold a meeting with all parties involved to explore possible risks and preventive measures. If your employees are attending an event, hold an advance meeting to go over best practices for reducing their risk of exposure to COVID-19. Special considerations should be airline travel precautions, avoiding crowded spaces, tips for higher-risk individuals, testing, vaccination, etc.

Post guidance for event attendees. If your organization is hosting an event, post signs and guidelines for them to follow. You may choose to have attendees sign waivers stating that they will follow federal, state, and local mandates regarding COVID-19 precautions.

Ensure you have proper insurance coverage. Speak with your broker about your policy and whether you’ll be covered adequately. If you’re hosting an event, consider special event insurance or getting a rider for your general liability policy. As for your employees, check to be sure they understand their workers’ compensation coverage regarding COVID-19.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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What’s your succession plan? Ensuring success for your business after you retire

When you’ve worked decades to build an agency, it’s important to plan how you’ll leave your small business—and turn over your legacy—when you retire. Developing a succession plan is one of the biggest decisions you’ll make in your career as an insurance agent. And experts say, the sooner you start planning, the better.

More than half (56 percent) of agents don’t have a solid succession plan, according to the 2021 State of the Senior Market Independent Agent Survey. Perhaps even more alarming is that 44 percent of agents over age 50 don’t have a plan.

Of those who do have a plan:

43 percent plan to pass their small businesses on to a family member or friend
29 percent plan to sell their business
28 percent plan to let their policy renewals ride out until they’re gone

Starting the planning process

There are many reasons to create a formal succession plan. In addition to planning for retirement, it’s important to consider the unexpected like a serious medical issue or losing a partner. A smooth leadership transition is essential for maintaining customer relationships and continuity.

Here are some tips and ideas to start the process:

Start planning as soon as possible
If there’s more than one owner, discuss a shareholder or partnership agreement that details how equity would be transferred in the event of death, permanent disability, termination, or retirement of one of the owners
Consider your succession and exit strategy each year as part of your annual business plan, and update it as needed
Plan for a slow transition to adequately prepare your team and identify successors with intention
Consider grooming junior producers as leaders
Train and coach your managers and staff, and give them input into the agency’s strategy development and growth
Advance enough leaders so there’s more than one option for your succession in case circumstances change
Introduce candidates for succession to the home office (if you have one), industry organizations, and other important contacts

Lean on professionals to perfect your plan

Agency principals don’t need to have all the answers when it comes to succession planning. Set up your plan with guidance from an experienced accountant, a tax specialist (who also may be your accountant), an attorney with experience with succession planning for independent insurance agencies, a valuation specialist, and other industry professionals. Another option is to hire a consultant to review your small business and provide guidance.

Be sure to find out:

What the rules are regarding the succession and transition of an agency within your company
If your contracts and benefits include succession information
What compensation is vested, and what portion is transferable
If you can name a successor and enter into a succession agreement
If contingencies like retirement, disability, death, and termination covered
If you are legally able to sell your agency and under what conditions

Keeping it all in the family

It’s believed 43 percent of agents plan to pass their small businesses on to family members. This isn’t shocking, since independent insurance agencies are often family-owned businesses. Here are some tips for turning over the keys to your kids:

Involve your family members in the succession planning process
Help your planned successor develop the skill set necessary to lead the business
Make sure your offspring actually want the role
Discuss how your children will purchase the business
If your son or daughter already works at your agency, ensure you’ve set high standards and accountability for them by partnering them with a third-party coach or mentor
Have your successor start at the bottom rung working for someone else first

Selling your book of business

Nearly one-third of agents said they plan to sell their small businesses (2021 State of the Senior Market Independent Agent Survey). If that’s your plan as well, formalize your intentions in writing. Experts say that buyers often hope that an agency owner doesn’t have a succession plan so they can step in and leverage that lack of preparation. Here are some tips for planning to sell your business:

Get your “house” in order before looking for a buyer, especially if the plan is to sell to an aggregator or private equity firm
Be sure you can show you’ve been able to grow sales year over year, develop new business lines, and leverage technology to be more efficient
Start making a shortlist of internal and external candidates for when the time comes
Determine the valuation of your small business. The value will depend on a variety of factors. In general, your business will likely be valued at 1.5-2 times your gross annual commissions.
Consider meeting with a business broker experienced in selling insurance agencies for help
Project what a potential deal would look like to both buyer and seller, ideally three years in advance, so there are no surprises for either party
The purchaser may want you to stay at the agency for a while to ensure transparency and a smooth transition. Make sure you understand those expectations.
Accept that the business may be run differently under the new ownership
Consider the impact of the sale—and new owner—on your staff

The plan to fade away

The last option, and the one that experts recommend the least, is not to have a plan and just let the agency limp along until customers fade away. In this scenario, the agent doesn’t do anything: they don’t follow up with their customers, they don’t schedule annual reviews, and they just let their business die a natural death.

While it’s easy to do nothing, experts say it’s a terrible way to treat your customers—and the reputation you’ve worked so hard to build through the years. And, if you do decide to sell, you’ve devalued your business before even starting negotiations.

Your best option is to have at least some plan in place.

You have a plan. Now what?

Once you or your agency complete legacy planning for the business, it may be time to let your staff know. Experts say it’s important to keep staff informed about the agency’s long-term strategic goals. Unless a confidentiality agreement binds you, you should let your key staff know you’re planning to transfer the business.

If you don’t plan to sell the business, knowing that information can help keep the staff motivated, according to experts because they won’t be as worried about their job security. Also, be sure to explain your plan to your carrier partners. In short, head off rumors with open, honest communication.

Lastly, make sure you’ve thought about your life after the agency. Going from a leadership position that requires working every day to suddenly leaving all of that behind can take an emotional toll. So while a well-planned exit strategy provides a roadmap for the future of your small business, it should also reflect the quality of life you want after your name is no longer on the front door of the agency.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Hiring in 2021

You don’t need us to tell you that the workforce—and workplace—is changing. As a result of the ongoing COVID-19 pandemic, insurance agencies must rethink how they attract, hire, retain, and manage employees.

What do workers value now?

While many of these perks probably won’t surprise you, it’s important that hiring managers understand what candidates are looking for when weighing their employment options. A large desk and an ergonomic keyboard aren’t enough; survey data compiled by PeopleKeep and Fractl found that the most sought-after employee benefits in 2020 were:

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Remote work
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Health insurance: medical, dental, and vision coverage
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Paid time off: more vacation time, and unlimited vacation time to recharge and refocus
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Flexible hours/flex time off: the ability to balance work and life
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Paid family leave: only about one-third of companies offer paid maternity or paternity leave and providing paid leave will be a differentiator when you’re hiring new talent (SHRM)
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Free daycare
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Fitness perks: like onsite gyms or reimbursement for memberships to fitness centers or yoga studios
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Four-day workweek: while some small businesses scale back hours in the summer, the practice can yield year-round boosts in productivity
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Free coffee, snacks, or meals in the office: more than two-thirds of employees who have access to free food at work report being “very” or “extremely happy” on the job
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Student loan and tuition assistance: fosters continued learning and professional growth
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Pet insurance or pet-friendly offices: can appeal to both younger employees and empty-nesters
\n

When you’re hiring, employee benefits help attract and retain top talent. Interestingly, women are more likely to prefer a workplace culture that offers flexibility, like paid parental leave and remote work options, while men are more likely to prefer benefits like free employee outings, team bonding events, and an onsite gym.

However, offering the right menu of benefits that deliver an ROI can be a challenge for small insurance agencies. Don’t invest in benefits your employees don’t value, say the experts. Not sure which perks will resonate most with your team? Try sending out a survey asking employees to rank current and potential benefits. Then, look for cost-effective ways to offer your employees the highest-rated benefits.

What this means for insurance agencies

Millions of American employees are still working remotely, and it appears that this trend will continue for the foreseeable future. Business leaders now must expand the hiring pool beyond their geographical location to attract employees who can boost an organization’s creativity and productivity, regardless of where they live.

To find strong candidates for your agency, experts suggest looking into untapped pools of talent, such as people who’ve put their careers on hold to care for children or aging parents, retired Baby Boomers who still want to work a few hours a week, and part-time, contract, and gig workers—who now comprise a larger percentage of the workforce than ever before.

The COVID-19 pandemic has changed the way employees view and approach work. To attract, hire, and retain talent, small business owners will need to embrace new, flexible work models and design a workplace culture that empowers employees to steer their own careers. The ROI for doing so is two-fold: increased engagement and motivation from your current employees, and the ability to gain the attention of creative critical thinkers who can help move your business forward.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Cold-calling? Here are some tips

Let’s not sugar coat it: cold calling to sell small business insurance can be difficult. Most agents would rather have warm, qualified leads. However, cold-calling can be an effective lead generation technique if done properly.

The truth is, most prospects don’t react well to unsolicited calls, and as an agent, it’s hard to shoulder rejections and hang-ups. However, cold calling is necessary to keep the sales funnel full. The more calls you make, the higher your chances of connecting with someone who needs what you offer. Mastering cold-calling is a great way to make the best use of your time. Here’s how.

1. Know the law

Be well-versed in federal and state laws regarding calling, emailing, and texting consumers for marketing purposes. For example, there are laws regarding “Do Not Call” lists and using auto-dialers. Read the Federal Trade Commission’s guide for complying with the Telemarketing Sales Rule (TSR).

2. Do your research before dialing

Look at your lead gen list and do a little research before picking up the phone. Most people have social media profiles with at least some public information. Check LinkedIn to learn about their current job, what company they’re at, and their education history to make your pitch more specific. Look at the company’s Facebook and Instagram pages to learn more about the industry and culture of the company.

3. Use several scripts

With a cold call, you have very little time to convince the person on the other line not to hang up. A script helps ensure you get your point across and have a framework for responding to the questions and possible pushback you’ll likely field. Your script should include the points you must convey right away, and it should help you get to know the person on the other line. Tailor the script to what you know about the person you’re calling. Forget about sales numbers for a moment and work to form a true connection so you’re not just another salesperson interrupting their day. And be sure not to read the script verbatim like you’re in a dramatic production. Instead, refer to it loosely to guide the conversation. A script is just a starting point so you don’t lose your train of thought and forget essential information. Keep rewriting it until it hooks more customers.

4. Practice your scripts

As you rehearse and practice your scripts, you’ll learn what sounds natural and what you need to add or change. Try practicing on a video call with a colleague, in front of a mirror, or record yourself and tweak your delivery as necessary. The more familiar you are with each script, the less it’ll sound like you’re reading lines. Run through your script just like you would do in real life; if you’ll be at your desk, sit up straight, and consider wearing your work clothes when you’re practicing. Remember that conversations with prospects won’t always go according to your script. Be prepared to listen and go off script if that’s where the conversation needs to go.

5. Project positivity

When you’re cold-calling, the person on the other end can’t see your facial expressions, body language, and other visual cues. Because you’re communicating solely with one sense, it’s important to strike the right tone. You want to be confident and friendly, even if you’re feeling low-energy or anxious. Experts say smiling sends positive messages to your brain so you’ll feel happier, which can be contagious.

6. Say their name

Using a person’s name during a cold call tells them that you know who you’re speaking with and that they are more than just another number on your list. It humanizes the person on the other end of the line—and the entire interaction.

7. Know—and believe in—what you’re selling

Cold-calling is a lot easier when you have pride in your insurance agency and the products you represent. Agents and producers must believe they’re providing value to the people they’re calling. Without this belief, your voice may transmit your doubts through the phone, causing your prospect to doubt your sincerity.

For example:

Do you believe the prospect will be better off buying your product than sticking with their current insurer?
What value does the policy offer?
Do you believe your insurance product is worth the price?
Are you knowledgeable enough to know how to protect this lead’s assets adequately?
If you’re selling small business insurance, do you know the risks involved with the lead’s business and how to protect them?
How much wiggle room do you have to adjust an offer to meet a prospect’s unique situation?

The more confidence you have in answering these questions, the more likely you are to sell a policy—or two.

8. Listen to your prospect

Some agents make the mistake of dominating the conversation, but if someone is willing to stay on the phone to hear your speech, you should reciprocate and listen to them, too. Listening to what’s being said can enable you to fine-tune your closing strategy. If the other person isn’t talking much, ask questions to get the ball rolling and see where it leads. Asking open-ended questions will keep your prospect on the phone longer while helping the interaction feel more like a conversation than a sales pitch.

9. Plan for objections

You will hear the word “no” and lots of hesitation on the other end of the phone. However, great salespeople know how to flip a “no” to at least a “maybe.” First, create a list of common objections you’ve gotten when making cold calls. If you’re the owner of the insurance agency, share the list with your team so everyone can benefit from your research and encourage them to add their own input. Then, practice how to bring the conversation around the next time an agent encounters a common objection. For example, if you think they’ll say the product you’re selling is out of their price range, be ready to explain problems past clients have encountered with cheap insurers.

10. Be flexible

If a prospect says now isn’t a good time to talk, schedule another call at a more convenient time. Ask what time of day works for them, and be as accommodating as possible.

11. Lighten up

Sure, you want to make a sale, but you can’t move to close in the first minute. Take time to have a natural conversation with your prospect. Keep the conversation light and casual and maybe even throw in a joke. Laughter definitely can help grease the wheels.

12. Keep your cool

Even if someone is rude on the phone, resist the temptation to be rude in return. Your reputation is important, so choose your words wisely. Think of the conversation as free advertising to prospects. If you’re nice but don’t make the sale, they may still call you in the future. Shake off negative interactions before you make your next call.

13. Track your calls

Whether you use an excel file or a customer relationship management (CRM) system, be sure to track your calls. This will help you avoid unwanted repeats and keep track of the people you’ve connected with.

14. Follow up

It will likely take more than one call to make a sale. The prospect probably won’t be ready to make a final decision on a cold call. Give them another call, or let them know that you’ll follow up in a few days by email. Experts say it may take up to ten touches to close one sale. Some sales are marathons, not sprints.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Outlining your agency goals for 2022

As 2021 comes to a close, it brings an opportunity to catch up on work around the office and reflect upon the year. It’s also a great time to review how much progress you made towards your goals and begin to set new year goals for 2022.

You shouldn’t be discouraged if you didn’t meet every goal you set out to achieve at the beginning of the year—depending on how lofty they were, making any progress towards achieving your goals is a success.

When beginning the process of planning new year goals, it is important to keep a few things in mind. While it might feel good to set a goal to double your insurance agency revenue within a year, you want to make sure it is possible to do so. Many insurance agents fall into the trap of setting unattainable goals.

Here are some strategies to help you set goals for 2022:

Give yourself enough time to achieve your goals
Break out your annual goals into smaller quarterly goals to help track your progress
Use historical data to back up goals centered around revenue growth
Establish a strategy for achieving each goal
Evaluate your progress monthly and quarterly
Don’t get discouraged early on—you can make changes monthly to help achieve annual goals

The importance of setting goals

As an insurance agency owner, setting goals is a great way to track success and provide structure for your organization. Without concrete, measurable goals, it can be difficult to tell whether you are making progress year over year.

Goals are also helpful when it comes to the growth of your insurance agents. Without setting individual goals, you may notice that your staff and even yourself will eventually hit a point where growth stops. Providing goals and incentives in these situations is a great way to break through these plateaus.

What goals should you be setting for your agency

One of the biggest mistakes an insurance agency makes is focusing on the wrong goals. Instead of setting goals that drive growth and revenue, they focus more on vanity metrics.

The four main goals every insurance agency should be setting for 2022 include:

Overall business goals
Sales goals
Operations goals
Marketing goals

Overall business goals

Overall business goals can vary from agency to agency but they should ultimately set the direction you want your business to go in 2022.

These goals also help lay the framework for the other three types of goals. If your business goal is to write a specific number of policies throughout the year, your sales and marketing goals should support that. Likewise, if you have a business goal to grow your team by a specific number, you will need operations goals to support it.

Below are a few of the most common business goals to consider:

X amount of policies written in 2022
X amount of clients served in 2022
X percent of revenue growth year over year
X number of new employees

It’s crucial when setting business goals that you keep them realistic. Even though we would all love to grow revenue by 100 percent year over year, that isn’t feasible for most agencies.

Instead, you’ll want to look back at your agency’s historical data. If your revenue has grown by ten percent each year for the past five years, then a good goal might be to try and increase revenue by 15 percent in 2022.

Sales goals

Since an insurance agency’s success is primarily tied to the number of policies they write, it’s important to have sales goals in place. The sales goals you establish should also support your overall business goals.

For instance, if your annual goal is to increase total revenue by 15 percent, you should know how many policies it would take to reach this goal. From there, you can break the number of policies needed into a quarterly number and track your progress.

If you need to write an additional 200 policies throughout the year, your quarterly goal should be to add 50 policies. Keeping track of how you’re doing each month will indicate whether you need to change your sales strategy to meet your overall business goals.

Operations goals

One of the most overlooked goals for an insurance agency involves operations. Even though sales are important, you need to have goals that focus on other aspects of your company. For example, you can set goals that concentrate on any of the following areas:

Customer retention
Policy turnaround time
Process efficiency
Communication response time

Having these goals will help improve other aspects of your business and can lead to more referral business in the future.

Marketing goals

Many agencies rely on the tried and true techniques of cold calling, seminars, and word of mouth to drum up business. However, as the marketplace has shifted to a digital environment, consumers are expecting to have the ability to take care of their insurance needs online.

As an insurance agency, it’s important to take advantage of this digital shift and provide an online platform for your customers. Having a website with resources, articles, and additional information can be a great way to connect online.

To help you identify how well your website performs, you can utilize marketing goals to determine how many leads are coming in through contact forms and converting to actual policies.

Tracking your agency’s goals

Once you have outlined your goals, you will need a way to track your progress. Often the easiest way to monitor how well you’re performing is to break down your goals into smaller monthly or quarterly goals.

If you plan on hiring four new team members for the year, then set a smaller goal to hire one new person a quarter. Likewise, if you want to improve your customer retention or customer service numbers, sending out a monthly survey can be a great way to track progress.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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The top 5 KPIs for insurance agents

Working at an insurance agency, there’s no shortage of measurable data points you can use to assess the agency’s performance. But for many insurance agencies and their agents, the factors that make a successful producer are still largely mysterious. The insurance industry has a reputation for being a little behind the times—technologically speaking—as a result, it’s not always clear what the real indicators of top-performing insurance agents are.

Luckily, it’s getting easier to measure and track the key performance indicators (KPIs) that lead to an agent and agency’s success. Insurance-specific sales software and customer relationship management systems (CRMs) are popping up all the time, and agencies that adopt them can gain incredible insights into the data of their best (and worst) performing producers.

Even without modern technology, most agencies can still track their agents’ KPIs if they make an effort. But with so many data points available, which ones really matter? Here’s a look at the top five KPIs agencies should be paying attention to, and why.

Average deal size

Being a successful insurance agent is often about quality over quantity. When first starting out, new producers may only be able to write very small policies, like personal auto or renters’ insurance. Even focusing on commercial lines, inexperienced producers may have more luck with small business policies that don’t come with high premiums.

As an agent gains more experience, they should expect their average deal size to grow larger. This is the way to gain long-term success while still maintaining a high level of personalized customer service. After all, one agent with a handful of six or seven-figure deals will make more money and be able to focus more on their clients than an agent with a thousand policies, each with only a few hundred dollars of premium.

Client retention rate

It’s always exciting to land a new big fish client, but it’s actually more profitable long-term to retain current ones. Of course, the best insurance agents want to be doing both! But don’t underestimate the value of retention. A high retention rate indicates an insurance agent is doing a great job and taking care of their clients by providing real value.

Modern consumers are trained to vote with their wallets and are always on the lookout for a better deal on their insurance premiums. So when you have an agent with a high retention rate and many long-standing clients, you should ask them to share their methods with other agents because it’s a very strong indicator of a job well done.

Total premium dollars

This may be the most obvious KPI, but it’s still worth mentioning. For any insurance agency’s bottom line, the producer with the highest total premium dollars is bringing in the most money. While it’s easy to think of this as a simple metric, it’s important to look at this KPI on a more long-term basis when using it as an indicator of performance.

A producer with high premium dollars today could easily drop in a few months, or a year, if they’re not providing exceptional service to their clients. Because of this, it’s a smarter strategy to track total premium dollars over time and examine which producers are growing, shrinking, or remaining static. It’s really the agents who can show consistent growth in their total premium dollars that are your top performers, not just the ones with a high, but static, number.

New leads per month

New leads are the lifeblood of an insurance agency. Without leads, there are no insurance quotes and no sales. Regardless of how an agency obtains leads—whether by referrals, cold calling, digital advertising, or directly from their carriers—leads are what turn into eventual sales, so continuing to bring them in is vital. Bringing in a lot of new leads isn’t in and of itself a great KPI for an insurance agent. However, in conjunction with a good close rate, a large volume of leads can be one key to success.

Looking at leads can also be helpful in training and developing producers. If an agent is bringing in a large number of leads each month but not closing a good portion of the business, this can indicate a skill gap in their sales process. Or, maybe they are best suited to a lead-generating role but not to the actual quoting, proposal, or sales aspects. Either way, this is good information to have, which makes tracking the number of leads each producer has each month a great KPI.

Close rate

As we mentioned, generating leads is not in and of itself enough to equal success. The close rate—what percentage of leads turn into actual paying clients—is a vital piece of the puzzle. A producer with a higher close rate doesn’t need as many leads to achieve the same (or greater) level of premium dollars as an agent with a lower close rate.

As with retention rates, measuring close rates can give an agency insights into its top performing salespeople and provide the opportunity for them to share their “secret sauce” with other producers. A low close rate can help an agency identify agents who might need further training or be better suited to a different type of role.

These five KPIs are a great place to start if you’re looking to pay attention to some valuable sales data at your agency. It’s important to also realize that any one of them isn’t the sole indicator of performance, and agents should be tracked over time to see trends rather than judging their performance at a specific moment in time.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Want to make your customers feel appreciated? Here are five tips to get you started.

Clients are the lifeblood of any successful insurance agency. It can be difficult to grow and maintain success without loyal customers who continue to choose your company for their insurance needs. Often, insurance agents are focused on bringing in new clients and forget to improve relationships with current policyholders.

The truth is that while business development is important, most insurance agencies get a large portion of their new business from referrals and word-of-mouth.

To maximize the chance someone will refer to your company, you’ll want to build a strong relationship with your current client base. There are many ways to strengthen your connection, but simple gestures often go a long way.

Let’s look at five simple ways to show your appreciation to your customers.

Handwritten notes and cards

Most insurance agents underestimate the power of a handwritten note or card as many believe it’s time-consuming and outdated. However, this same line of thinking makes a handwritten note a powerful tool in your customer appreciation toolbox.

Since very few people send handwritten notes and cards anymore, it comes across as a kind and thoughtful gesture when you do send one. There are many reasons to send a message, including birthdays, anniversaries, holidays, or even a thank you.

Social media

Another great way to show your appreciation for a client is through social media. If your insurance agency has a Facebook page, you can use the platform to share a “thank you” post about your clients. Tagging their business in the post will raise awareness for both pages and is an excellent way to show you appreciate their relationship.

Since every company is different, you’ll want to speak with your client first before posting anything to social media. Having discussions around social media posts could also open the opportunity for them to share a post about your insurance agency as well.

Small gifts

Some insurance agents think they need to purchase extravagant gifts for their customers to feel appreciated. The truth is, even small gifts can be a great way to show appreciation. For example, sending a calendar or a coffee mug can be an impactful way to say thank you to a customer.

Other small gift ideas include:

Magnets
Pens
Tickets to a local venue (zoo, museum, theater, etc.)
Flowers

Send a referral to their business

If your customer base is made up mainly of small businesses, then sending referrals their way can be a great way to strengthen your relationship with your clients. Next time you are talking to a friend or out at a networking event, keep your clients in mind and listen for opportunities to pass along a potential customer’s name or make an introduction.

Your customers will appreciate that you understand the type of leads they are looking for and will often send you referrals.

Coffee

Many insurance agents overlook the notion of buying someone a coffee. Most customers don’t hear from their insurance agency until it is time to renew their policy, so taking them out for coffee and discussing other items like how their family or business is doing can go a long way to show you care about them.

As you get to know your customers, you’ll begin to see more opportunities to show your appreciation in ways that are personal and tailored to them. Keep your eyes and ears open and cultivate a culture of gratitude within your agency. The impact of your appreciation can go a long way.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Helping your producers validate more quickly

One of the biggest challenges for insurance agencies is calculating how long it will take a new producer to validate. A producer is validated (also called vested) when their production (as measured by commission) is at least equal to the cost of paying them. So, to protect the bottom line, agency owners should take steps to help a producer validate more quickly.

What is an insurance producer?

Insurance producers—also called insurance brokers, independent agents, captive agents, or insurance representatives—have considerable knowledge in their particular lines of insurance. Producers often work on a commission basis and sell insurance for multiple insurers. The amount of commission a producer makes may depend on the type of insurance they sell. For example, an agency may pay the producer 20 percent of a homeowners’ insurance policy but only 10 percent for selling an auto policy.

Suppose your producer’s annual salary is $50,000 and the renewing commission rate at your agency is 25 percent. When this producer hits $200,000 of renewable commission—which at 25 percent produces $50,000 paid to the producer—they are validated.

The road to validation

To develop a new producer, an agency absorbs a temporary loss to reap future rewards. With the right training and support, a new producer should validate in about three years, according to Independent Agent magazine. However, the minimum time needed to validate any compensation level is one year, according to Agency Consulting Group.

The company’s effective net unvalidated producer payroll (NUPP)—the agency’s investment in unvalidated producers and success rate in hiring producers—is expressed as a percentage of net revenue. According to Reagan Consulting, NUPP is the best overall measure of an agency’s effectiveness in recruiting and developing sales talent.

To assess an insurance producer’s growth and development, experts recommend evaluating both objective and subjective criteria:

Objective Criteria, such as number of calls, prospects, and appointments, and new business revenue
Subjective Criteria, such as cultural fit, work ethic, and professionalism

Experts say that, while it can take a few years for a producer to fully pay for themselves, if a producer can’t close a sale in a year and you don’t see the right behaviors and drive to believe that trend will turn around, it may be time to move on.

7 tips for accelerating producer validation

There are several steps you can take to help propel a producer to validation more quickly:

Hire right
Take time to recruit and onboard producer candidates who possess the skills and temperament needed to succeed in insurance sales. This field—and role—isn’t for everyone. A robust hiring process should evaluate a candidate’s abilities and efficiency, and weed out those who don’t make the grade.
Provide support
The most successful firms offer training, resources, and mentoring opportunities to new producers. An organized training and development program gives producers the tools they need to succeed more quickly.
Develop your sales culture
Experts recommend fostering a culture where all producers are encouraged to beat the incumbent insurer, not just spit out quotes. Training, sales team meetings, goal setting, and value-adds should all support this sales-driven concept.
Determine activity levels
Look at your agency’s data to identify the activity levels (number of calls, quotes, meetings, renewals, etc.) needed for a new producer to validate their compensation levels in each of the first three years of engagement with your agency. Then, while they build a book of business, they also move the needle toward vestment.
Write it down
Put the producer’s goals (i.e., how much they need to close in sales to be validated) in writing and track measurable mileposts periodically.
Keep them hungry
Some agencies pay producers a guaranteed salary the first year, plus the commission. The salary is reduced by a third in year two, but the producer gets their full commission. In the third year, the producer’s salary is again cut by one-third, with full commission. By the beginning of year four, the validated producer should be completely on commission-only compensation.
Reward progress
When the producer trainee meets their revenue goal and sales call activity requirement, some experts recommend awarding a bonus commission on any sales that bring the producer’s total commission above their validation goal.

Because unvalidated producers impact your bottom line, helping them grow and be successful more quickly is an investment that will produce a positive ROI.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Making tax season easier

Running your own insurance agency can be a dream come true for many licensed agents. The independence and freedom that come with being self-employed are huge perks of the job. And if you’re an agency owner, it can be fulfilling and profitable to help your clients protect themselves, their businesses, and their families with the right insurance products. Just like any other business, your insurance agency has to deal with some of the more tedious parts of operating, including tax time. There’s no way out of it: your insurance agency has to take care of business taxes each year.

While it’s nobody’s favorite time of year, tax time is essential for your insurance agency to do correctly. If you’re looking for ways to save on time and money when filing taxes for your insurance agency, you’re not alone. Here are five tips to help you make tax season less of a headache for yourself and your agency.

You’re an insurance agent, not a tax professional: it’s okay to ask for help

How many times do you tell your own clients the benefits of having an insurance professional on their team? You probably spend time explaining the advantages of working with an insurance agent over bargain shopping for insurance alone. You know how much effort goes into becoming a licensed insurance agent who’s experienced enough to give sound advice to your clients that’s in their best interest. Considering all of that, why would you choose to do your own taxes?

You may think it’s going to save you time and money to do taxes yourself, but it can cost you more in the long run when you spend your valuable hours working on something that’s not your area of expertise. Unless you happen to be a licensed insurance agent and a CPA! A tax professional (much like an insurance professional) will know things the average person doesn’t. They can help you maximize your business deductions and file in the way that will be most advantageous to your personal situation.

While it may be tempting to do your taxes yourself, taking your own advice in this situation and working with someone who specializes in insurance agency business taxes can be a time and headache saver.

Track client visits for maximum tax benefits

Working with clients is at the heart of what you do as an insurance agent. Although the past couple of years have made in-person visits less common, face-to-face meetings are starting to pick up again. For some people, they never really stopped. Regardless of how often you conduct in-person client meetings at your insurance agency, it’s important to keep track of all aspects of them when it comes to tax time.

Whether you’re driving across town or flying across the country, make sure to keep good records and receipts of all things client-meeting related. This includes:

Car mileage
Gas
Tolls
Parking fees
Personal or employee meals while on the road
Hotel and lodging
Airfare
Meals with clients
Printing costs for presentations

This list is just a snapshot of the most common expenses insurance agents routinely encounter when conducting in-person business with clients. Working with your tax professional can be beneficial for discovering less common business expenses you may not even think of on your own.

Pay your estimated quarterly taxes

What’s better than paying taxes once a year? For many insurance agency owners, the answer is “paying taxes four times each year!” We know, it sounds horrible. Who would want to pay taxes more often than they absolutely have to? But for smaller insurance agencies, including one-person independent agents, paying taxes all at once can be a large burden.

You can manage your cash flow and make sure you’re not stuck with a giant bill by setting aside money each month and paying federal and state quarterly estimated taxes. If you hire a tax professional, this person can calculate your agency’s estimated taxes and help you pay them easily—or even automatically—each quarter. You can even pay both state and federal estimated taxes online, with electronic fund transfers or by credit card (typically with a processing or convenience charge).

Invest in technology that makes your life (and taxes) easier

The insurance industry has a reputation for being a little behind the times in technology adoption. If you’re already practicing high-tech best practices, then you’re in the minority among insurance agents and agencies. From agency management systems to customer relationship management systems to licensing and compliance systems, new technology aimed at helping insurance agents is hitting the market every year.

Many of these systems either include or integrate with accounting and bookkeeping systems. You’re definitely not tracking your financials on paper or simple spreadsheets at this point, but are you truly using the most effective and efficient accounting and financial software for your agency?

If not, it can lead to more troubles at tax time as you try to reconcile income and expenses, profit and loss, agency commissions, payroll, and more. Adopting a new tech system can be timely and costly at the start, but it’s one of the best ways to make your life and your tax professional’s life easier throughout the year and when it’s time to file your insurance agency’s business taxes.

Claim all possible deductions for your insurance agency

Being an insurance agent has its advantages. Not least of which are the many tax benefits you gain from running your own agency, or simply being self-employed as an independent insurance agent. Like other small businesses, tax time is a chance for you to take advantage of the deductions you’ve earned by running your agency.

Some common deductions often claimed by insurance agents include:

Home office deduction for the business use of space in your home
Travel expenses, including not just flights and hotels, but mileage driven between your office and client locations
Business meals and entertainment, often necessary for earning and keeping business
Marketing and advertising expenses, which also include networking events and conferences you attend for the purpose of meeting clients
Professional licensing fees and continuing education

These are just a few of the many deductions you may qualify for as an independent insurance agent or agency owner. Your best bet is always working with a tax professional to ensure you’re claiming any applicable deductions.

Tax season doesn’t have to be a burden for insurance agents

Tax season happens every year, whether you feel prepared or not. As an insurance agent, these tips can save you time and money by allowing you to spend less time worrying about filing your taxes and more time serving your clients. We won’t say following these tips will make you like tax time, but being prepared can at least help you dread it a little less.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Your data tells a story

Data is everywhere. Globally, humankind creates 2.5 quintillion bytes of data every day—and this estimate is from before 2021, when worldwide internet use jumped by 10 percent. Businesses of all sizes are beginning to see the benefits of investing in data and analytics to increase sales, productivity, and profitability. Insurance agents and agencies are no exception.

You may not realize it, but your insurance agency is also creating its own veritable goldmine of data each day. Think about all the information you collect and use throughout the course of doing business: personal information on your prospects and clients, information on each employee and producer (including their productivity), and information from your insurance carrier partners and the ever-changing products and rates coming from them, along with many other sources. It’s no wonder the insurance industry is a top target for cybercrime thanks to how rich of a data source it is.

If your processes are still mostly manual and taking place on written paper files, it may be hard or impossible to extract value from your insurance agency’s own data. Luckily, many insurance agencies are going digital, especially for the most foundational technology (agency management systems, for example). The story your agency’s data tells, however, goes far beyond what you’ll find in your agency management software. To truly reap the benefits of your own data, your agency will need to modernize every aspect of your business and know how to use the data you create and collect for insights that will help your agency grow. For specific ideas on which types of technical upgrades will help you do this, see our blog on the best types of tech tools to implement at your agency.

Three ways to use data to improve your agency

If you like the idea of putting your agency’s data to good use but don’t know where to start, here are some suggestions. Each of these presumes that your agency already has some basic technology and processes in place so you can accurately track and access the data needed to move forward.

Use data to drive business decisions

As an agency owner, you know your business, your employees, your producers, and your clients best. You may make decisions based on your experience and gut instincts. And, if you’re lucky, these decisions turn out to be the right ones. But that’s not always the best practice. Research shows decisions made based on data have a much higher chance of success than those made purely on instinct or feelings.

Human perception is a funny thing. There are a litany of cognitive biases we may hold at any time that can affect our ability to make decisions based purely on the facts. Because of this, having accurate historical data to reference when making decisions is one of the most important ways you can ensure your business is moving in the right direction.

Some examples of data-driven decisions include:

Deciding which producers to hire and retain based on their sales performance and customer retention data
Choosing which carrier partners to stick with based on commissions and profitability
Choosing to expand into new lines of business, or new territories, based on data indicating the potential for growth

You can imagine in each of these examples, it would be possible (and maybe even normal) to make decisions based on your own thoughts and beliefs. However, making decisions based on data you’ve collected is proven to result in more profitable business outcomes.

Use data to create visuals that communicate with internal and external audiences

You already know (or at least can imagine) how much data is being generated every minute of every day by each person in your agency. Assuming you’ve moved beyond paper and are at least as technologically advanced as spreadsheets, you also can see how the raw data won’t mean much to people.

Hopefully, you’re even further along your digitization journey and instead of spreadsheets are using some commercially available or bespoke systems to manage your data. While some are better than others, any system you have should include ways to visualize your data via dashboards, charts, scorecards, or similar.

In some cases, it may be smart to hire an analyst or graphic designer to take your raw data and create compelling visualizations. By creating easy-to-digest visualizations, you can share data with your employees, producers, carrier partners, prospects, clients, and the general public. You can use data to visually communicate everything from how and why your agency makes the decisions it does, to valuable industry insights that can boost your thought-leadership status within the insurance industry.

Share you data to build producer, client, and channel-partner trust and loyalty

Knowledge is power, and sharing knowledge with other stakeholders creates an equity of power that builds trust and loyalty. With all the data you’ve collected, and possibly visualized, being transparent is the next step in using data to grow your insurance agency.

Even if you’re making decisions based on data, the reasons behind those decisions can seem opaque to outsiders. Rather than keeping your data in a black box, locked away from view, sharing it with others can improve relationships and lead to stronger business from a sales and productivity standpoint. Sharing data can also lead to greater trust and loyalty from all angles of your partnership—your employees, producers, clients, prospects, and carrier partners. For example, rather than simply terminating a relationship (whether it’s with an employee, producer, or insurance carrier), presenting the data behind that decision can allow the other side to understand your reasoning and know that it’s based on data rather than personal opinion or biases.

As an insurance agency owner, these tips on using data to grow your business can lead your insurance agency to greater productivity, profitability, client and employee retention, and growth. If you’re looking for a deeper dive into how you can use data in your sales process, and what data to pay attention to, check out our blog!

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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What should be on your insurance agency website?

If you’re an insurance agent or agency owner, you may not have a degree in marketing. That doesn’t change the fact that in today’s world you (along with any business owner) are expected to have a functioning website that accurately and positively reflects the products and services your agency offers.

Luckily, there are a number of ways you can get a website quickly, easily, and affordably. If you’re considering building a website yourself there are many user-friendly “what you see is what you get” tools you can use. If you’re thinking of hiring a professional, we’ll cover some of the most important pieces of information you need to have on your website.

What every insurance agency website should include

Don’t pass go. Don’t collect $200. Before you do anything else, make sure your agency’s website includes the most basic information to help your potential clients find you, as well as answer some of their common questions.

This includes:

Where are you located?
What states are you licensed to do business in?
What are your office hours?
What lines of business do you sell?
Which carriers do you work with?
How can someone get in touch with you?

If you’re truly new to the world of websites, covering these points is the bare minimum of what your site should include. Even a one page site with this information is better than no website at all.

Put your best photos forward on your insurance agency’s website

We’ve all seen websites that use the same stock photos of the same smiling insurance agents and their clients. Take the time to make it personal instead. Photos that convey who you are and what makes your insurance agency unique will go further towards building credibility and authority. If possible, include high-quality images of yourself and any key agency staff, your building, or your actual clients. If you have to use stock photos, it’s a best practice to use those that truly reflect your client base and potential clients.

Keep your information up-to-date and post regularly to social media

People may visit your website to find your phone number, email address, physical location, business hours, and which services you offer. If these items aren’t up-to-date on your website, you can lose out on potential clients. It’s also disconcerting to visit a website and see the last blog was posted five years ago. In fact, that can give customers the impression that your business is no longer functioning. Frequently update your website and include a feed from one of your social media accounts so your most recent posts automatically populate on your website. This can help assure visitors that your agency is active and running.

Make sure your insurance agency’s website is mobile optimized

Over 68 percent of all website visits in 2020 were done on mobile devices. This number goes up each year, so there’s a good chance your potential clients are browsing your agency’s website on their smartphone or tablet. So you can’t ignore mobile optimization for your site. Depending on how your site is built, it may be necessary to make some changes for mobile. Your best bet is to look for templates labeled as “responsive” so most of the work that goes into making it mobile friendly is already done.

Include testimonials and client reviews

You know how powerful word of mouth can be for your insurance agency. Put that power to good use by including client testimonials on your agency’s website. Studies show that over 70 percent of consumers trust a business more after seeing client testimonials. By adding real statements from your clients to your website, you can show potential clients why they should choose you over your competitors. One more tip when it comes to testimonials is to put them across your site on pages people will be visiting anyway, rather than dedicating a whole page just to testimonials.

Let clients get quotes on your insurance agency’s website

As an independent agent, you know the value you add to your clients. But today’s consumers are accustomed to a user experience that provides them with instant quotes. The idea of having to call you up for a quote may not be appealing. To avoid losing out on business, make sure your agency’s website includes a quick and convenient way for prospective clients to get a quote. In some cases, you may be able to integrate a real-time rating system into your website. In other cases, you might just need to collect some basic information and run a quote on your end. Either way, providing an option for someone to submit their information and receive a timely insurance quote will help you close more deals.

If you start with these basic elements, your website will quickly become an asset to your agency and your clients.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Increasing your customer base through Facebook Groups

As an insurance agency owner, your clients dictate how successful your company will be. If you can establish a solid book of business that generates referrals, you’ll find that it becomes easy to create new business. However, it can be challenging to consistently hit your monthly and quarterly goals without using word-of-mouth marketing.

One very effective way to build a referral-generating network is to utilize social media platforms. Facebook is still the most popular social media network for consumers as the platform reaches a staggering 59% of social media users. It also offers insurance agents the opportunity to take advantage of Facebook Groups.

Joining and being an active member of these groups can be a great way to target your niche market. Let’s see how you can utilize Facebook Groups to generate more leads and build out your book of business.

What is a Facebook Group?

The simplest way to think of Facebook Groups is to imagine them as large online groups consisting of individuals that share a common interest. While there are thousands of different groups and interests that a person can choose from, picking a Facebook Group that relates to your insurance agency can provide great returns for your company.

These groups are a great place to share posts and thoughts on different topics with others who have a similar interest. For example, if your insurance agency focuses on working with CPAs and accounting firms, joining a CPA Facebook Group can be a great way to build your network.

Other groups you could consider joining as an insurance agency owner include:

Insurance specific groups
Small business owner/entrepreneur groups
Local community groups
Industry-specific groups
Volunteer groups in your local community

How can Facebook Groups help me grow my insurance agency?

Facebook Groups are a very effective way to grow your insurance agency. They not only provide you opportunities to talk directly to your target market, but they also give you insights into the pain points of your ideal clients.

By consistently interacting with other members of the group, you’ll quickly establish yourself as a thought leader and a valuable resource when it comes to insurance. While you may see sales come directly from group members, you’ll most likely start to receive referrals from the network.

Here are a couple of benefits that come from joining a Facebook Group:

Gain valuable marketing insight and data on a target audience
Build organic traffic to your website and other content
Establish referral partnerships with other members of the group
Offer insight, advice, and information about insurance topics as a thought leader

Selecting the right Facebook Group

Facebook Groups can be great marketing tools when used correctly. However, choosing the wrong group can prove to be a waste of time and energy. That’s why you’ll want to consider who you’re trying to reach and what you want out of the group.

If you’re looking to build a referral network out of the group, you’ll want to make sure you join groups with other small business owners. Likewise, if your goal for the group is to understand your clients’ needs better, you’ll want a group with more consumers.

Other Facebook marketing strategies

Facebook has always been the king of social media platforms, but its presence as a platform for small businesses has recently grown. In fact, according to Hootsuite, “two-thirds of Facebook users visit a local business Facebook Page at least once a week.” That means there is an enormous number of opportunities for your insurance agency to thrive on Facebook.

Along with Facebook Groups, you should consider trying one of the following Facebook marketing strategies:

Facebook paid advertisements
Creating regular content on your Facebook Business page
Comment on questions posted by members of your groups
Frequently offer solutions to problems that you see posted on the platform

Of course, not all strategies will work for every business, which is why it’s essential to plan out your strategy ahead of time. As you experiment with different Facebook Groups and marketing strategies, you’ll quickly determine what works best for your insurance agency.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Tools to help you put your data to work

As we’ve said before, data is an integral part of your insurance agency. Every day your insurance agency creates vast quantities of data and you can use it to inform business decisions. While this can be done manually, it takes a lot of money, time, and human resources.

Luckily, technology can help you get a handle on using the data you collect and generate in the most effective way possible. Within your insurance agency, there are a number of tech tools you can adopt to improve the way your agency collects, organizes, stores, and uses data. We’ll lay out a few of the most common ones here.

Agency management systems

If your agency is still running on paper and spreadsheets, it may be time to switch to one of the many agency management systems (AMS) available on the market. An agency management system is a program tailor-made for the insurance industry and solves many of the challenges agents face day-to-day. A solid AMS should track personal client data linked to their applications, claims history, and policies. It should also help track producer commissions, manage your team’s tasks, keep track of renewals, and much more.

An AMS is often the first piece of technology an independent agency adopts, but it shouldn’t be the last! When purchasing an AMS, check to see what other systems it integrates with so you can take advantage of all the features available to you.

Customer relationship management systems

A customer relationship management system (CRM) is a robust tool used to manage every aspect of your relationship with your customers. Most are built for general business use, not specifically for insurance agencies, which can be a disadvantage. On the other hand, advantages of using a CRM range from having a streamlined system of client data easily accessible to your agents to tracking each customer interaction, including prospecting, sales, and client services. A CRM provides your agency with the information it needs and the tools to automate processes surrounding client retention and renewal efforts.

Some AMSs provide built-in CRM features while others integrate with existing CRMs. With the multi-billion-dollar investment in insurtech currently underway, the insurance industry is also seeing an uptick in new systems that combine the features of an AMS and a CRM

Marketing automation

The last thing you want is for your clients to think you’re not interested in maintaining a long-term relationship. Marketing automation is an efficient way to keep in touch with clients. Having a marketing automation system means you’ll never have to think about (or fear forgetting) a client’s birthday, anniversary, policy renewal, or anything else you might want to talk to them about on a regular basis.

As with many of the tech tools we’re covering, the need for marketing automation grows along with your book of business. What seems like an easy thing to track when you only have a handful of clients becomes nearly impossible to stay on top of as you grow. Marketing automation systems help you scale without losing personal touch points with your clients. They can also nurture new leads, solicit referrals, and make it easier to cross-sell to your existing clients in a targeted way.

Compliance management and automation

As an insurance agent or agency owner, you probably didn’t set out to become a legal expert. But with how heavily regulated the insurance industry is, agents can’t help but be intimately familiar with the regulations that impact them on both a state and federal level. As your agency grows, keeping up with producer licensing can become a heavier lift. While it may not take precedence over an AMS, or even a CRM, investing in a tool to both manage and automate your licensing process can relieve the burden of keeping up with it on your own.

Cybersecurity

Agency growth means data growth, which in turn means your risk for cyberattacks is bound to grow too. In the insurance industry, our client’s data contains highly sensitive information like social security numbers, birthdays, and addresses that cybercriminals would love to get their hands on. It’s essential that your agency has a solid cybersecurity system and that your agents know the importance of maintaining their own security. Once data is shared beyond the safeguards of the agency’s security system, data is at risk for manipulation and unauthorized access. While many business owner policies include cybercrime coverage, prevention is definitely the best way to reduce the risk of data breaches and cyberattacks.

Document management

Investing in a document management system can increase both your sanity and security while cutting down on paper waste in the process. A document management system is software used to “capture, track, and store” documents of all types. From PDFs and Word docs to scanned paper and images, the system structures documents and their contents in the most efficient way possible. Document management systems allow you to control access and permissions for different users and search through the contents of your documents in seconds.

Modernizing your insurance agency is key to success

When it comes to running an agency, tech tools like these are quickly becoming the standard. Investing in technology that makes your life and the lives of your staff easier is a great way to remain competitive and set your agency up for success.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Supporting your insurance agency’s trucking clients

Does your insurance agency serve clients in the trucking and transportation industries? If you do, then you know how vital trucking is to absolutely every aspect of daily American life. Everything from food and gasoline, to cash at the bank, to the infinite world of products you can access through online shopping depends on trucks to get to consumers.

Trucks and truckers are responsible for keeping products on the shelves across the U.S. and the world, so it’s a big deal when changes impact their ability to deliver cargo.

Unfortunately, supply chain disruptions have become more commonplace since the start of the COVID-19 pandemic. So much so that it’s even been coined “The Great Supply Chain Disruption.” Trade disputes and conflict can cause supply chain disruptions, for example, trade disputes between the U.S. and China and the war in Ukraine. Regardless of the reason, average Americans have become more aware of the importance of the global supply chain and how it impacts their lives.

As an insurance agent or agency owner, you may have been spared some of the supply chain pain since your business sells services and intangible products. Selling insurance policies and risk advisory services doesn’t depend on parts coming from overseas. Your clients, on the other hand, have likely been impacted—and none more so than those in trucking.

Supply chain disruptions in a global world

The supply chains of today’s digital age are more complicated and globalized than at any time in history. Technological advancements promise to create unprecedented efficiency gains within these supply chains. While there are plenty of advantages to this evolution, the downside of more complex and global supply chains is that local events can have a ripple effect on a global scale.

Historically, a drought, flood, fire, or other extreme weather events in a region may have impacted only the closest surrounding states or countries. In recent years, we’ve seen several examples of regional issues impacting global supply chains. If smaller regional events are enough to impact the global supply chain, it’s not surprising that the effects of a truly global event such as the COVID-19 pandemic caused severe disruptions.

How do supply chain disruptions impact the trucking industry?

The trucking industry in the U.S. employs nearly eight million people both as drivers and in supporting roles. When all is running smoothly, these truckers and other transportation industry workers facilitate the efficient movement of materials and goods from one side of the country to the other.

When the supply chain experiences disruptions, transportation companies may not have enough demand to keep their entire workforce employed. Supply chain disruptions can cause prices to rise, which in turn can cause trucking companies to reduce routes and lay off employees.

Further complicating the picture is the years-long trucker shortage which was exacerbated by COVID-19. The lack of available drivers caused supply chain disruption even when there were goods available to ship.

Simply put, a healthy supply chain fuels a healthy trucking industry—and vice versa. The recent trucker shortages and disrupted supply chains have created a perfect storm, making business extremely challenging for those in the trucking industry.

How can insurance agents help trucking clients deal with supply chain changes?

As an insurance agent, you can’t magically solve the world’s supply chain problems. You can’t single-handedly solve your client’s driver shortages either. So, what can you do to help?

Recommend insurance products that will compensate your clients for losses caused by supply chain issues, like business owners’ and errors and omissions insurance.
Help your clients reduce risks so they can avoid costly losses from eating away at their already-slim margins.
Advise your clients on the best employee benefit plans to help them attract and retain drivers and other transportation industry employees while keeping costs under control.

While your job in insurance may be a far cry from driving a big rig across the country, you can still play a large role in your clients’ success and profitability.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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Choosing your insurance agency’s marketing strategies

One of the most important goals an insurance agency has is to write more policies. While it’s true that most of an insurance agency’s business comes from word-of-mouth and referrals, excluding traditional marketing efforts from your business development strategies can limit your growth potential.

However, it can be challenging to decide which marketing strategies to implement. Should you spend your money on social media marketing, or is it better invested in a Google ad?

On top of the multitude of options, several marketing myths make it even more challenging to invest in marketing.

Let’s explore these myths further and discuss how you should view them as an agency owner.

Common marketing myths

There is often a misconception that marketing is only effective if you already have a presence in the marketplace or if you have a large budget. While having a big budget and a significant online presence is helpful, they aren’t necessary to make your marketing work.

Here is a look at the most common marketing myths and the truth behind each.

Marketing campaigns should yield results immediately
Insurance agencies should target everyone with their marketing efforts
Small insurance agencies can’t benefit from marketing
Only marketing campaigns with large budgets provide results
To run a successful social media campaign, you need a large online presence

Marketing Myth #1: Marketing campaigns should yield results immediately

Everyone, even business owners outside of the insurance industry, expects to see results right away. However, seeing significant results within the first four to six weeks of a marketing campaign is slim. While you may see an initial spike of interest, the truth is that most marketing strategies take time to deliver actual results.

For example, if you’re launching a marketing campaign to drive more traffic to your website, it will take time to see a significant impact. To have results that continue after the marketing campaign is over, you need to:

Continue to produce engaging content your audience wants to read every month
Share the content in places where your audience frequently goes (Facebook, LinkedIn, etc.)
Review data on how your audience is interacting with your content
Adjust your content to better engage your target audience

These things take time, and while it may be longer than you hope, investing the resources necessary will pay off in the long run.

Marketing Myth #2: Insurance agencies should target everyone with their marketing efforts

Many organizations believe that casting a wide net to target every potential customer will yield better results. However, this often isn’t the case. In fact, a more direct and narrow focus on a specific target audience is a better way to drive higher levels of engagement and leads.

Here are a few reasons why focusing on a specific group is better than focusing on a large, general group:

With a small group, you can focus on providing answers to their specific pain points
Marketing to a smaller audience increases your chances of converting more potential policyholders
You eliminate unqualified leads that will waste your team’s time

To identify the audience you want to target, consider your current policyholders. If you notice most of your customers have something in common, you can try to target potential customers who share the same interests.

Marketing Myth #3: Small insurance agencies can’t benefit from marketing

Smaller organizations and agencies often believe that their size prevents them from taking advantage of marketing tactics, but this isn’t the case. Regardless of size, a marketing plan will help your company focus time, energy, and resources on securing high-quality leads.

Without a marketing strategy, you’re relying on referrals and customers who happen to find your website or contact information. This strategy can often lead to missed opportunities and taking calls with unqualified leads.

Marketing Myth #4: Only marketing campaigns with large budgets provide results

One of the biggest misconceptions about marketing is that you need to have a large budget to see actual results. While a big budget will allow you to utilize multiple channels and implement several marketing tactics, a small budget can be just as effective when run correctly.

For example, running a Facebook ad for $100 a month can be quite beneficial when targeting a specific demographic with targeted content.

The main thing to remember is that regardless of your budget, you won’t see the results you’re hoping for without addressing your audience’s pain points and providing value.

Marketing Myth #5: To run a successful social media campaign, you need a large online presence

It’s easy to see why most agency owners believe that social media campaigns aren’t effective if they don’t already have a following on a platform. We hear about influencers and pages with hundreds of thousands of followers in today’s world. However, just because a company has a large number of followers doesn’t mean its social media marketing is effective.

For instance, a company that has 1,000 followers but only receives an average of 100 likes per post isn’t connecting with the followers the same way as an agency with 300 followers and an average of 200 likes per post.

What matters is the type of content you’re putting out on social media and how your audience engages with it.

Marketing for your insurance agency

As an insurance agency owner, it’s important to find new ways to attract potential policyholders if you want to grow your business. Marketing strategies can be a great addition to your current efforts, especially if you invest the time to focus on providing value to your target audience.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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CISRs and your agency

You know that anyone who sells, solicits, or negotiates insurance needs to be licensed by the state. Hopefully, you know that in addition to their resident state, an insurance agent needs to be licensed in any state where they perform these activities, and in any state where their clients reside. All of this licensing helps consumers be certain the insurance agents they’re working with are suitably trained and qualified to sell them insurance policies or act in an advisory capacity.

Sometimes a licensed insurance agent also manages the ongoing needs of each account. In other cases, there’s a separate (but equally important) account manager whose purpose is to ensure clients are getting their needs met throughout the policy year. For these important insurance agency employees, there’s a different designation that’s not required by law but is a symbol of the individual’s expertise and the agency’s focus on the quality of service.

The CISR designation, which stands for Certified Insurance Service Representative, represents formal training and a level of competency needed to provide the best service to your insurance clients. The CISR designation is available to licensed agents as well, but being an agent isn’t required. If you’re curious about what a CISR is, and how having this designation can benefit your insurance agency, read on!

What is a CISR?

The Certified Insurance Service Representative (CISR) designation is administered by The National Alliance for Insurance Education & Research. A CISR is a certification program available to anyone working in insurance who’s looking to provide clients with the best customer service possible.

The program teaches insurance professionals about the exposures and risks involved in each type of insurance coverage and equips them with the skills and knowledge needed to help each client choose the best coverage.

How do you become a CISR?

There are nine courses in the CISR program. People may take any of these courses without the intention of completing the designation, but if they do want to achieve CISR, they must complete five courses and pass each final exam within a three-year period.

The CISR designation is recognized in every U.S. state along with most countries around the world. After receiving their certificate, an individual has the option to complete and pass the remaining four courses to obtain their Certified Insurance Service Representative Elite certification.

When someone has achieved their CISR designation, they also must maintain annual continuing education requirements to keep their certification up to date.

Who should obtain a CISR designation?

The CISR program was initially created with account managers and customer services representatives in mind. However, the courses are available to any employee of an insurance agency, insurance company, or other insurance-related business. Any insurance professional who wishes to provide a high level of customer service and demonstrate their commitment to excellence in client relationships may want to consider obtaining their CISR designation.

How can CISRs benefit your agency?

It’s clear that obtaining a CISR certification benefits the individual, but the value of earning this designation extends beyond the certified person. Let’s discuss two of the most important ways CISRs can bring value to your insurance agency.

A CISR designation builds trust with clients

One of the biggest benefits of CISRs is the value they bring by establishing trust with clients. The CISR certification designates any individual who receives it as an expert in customer service and account management. Clients can be assured that when they work with your agency and your CISR-designated staff, they’re working with someone who has proven knowledge of the industry and its products and methods.

In a highly-competitive insurance marketplace, providing clients with access to CISRs shows the value you place on your staff’s expertise. This builds client trust, and ideally, means better service and higher client retention for your agency.

A CISR designation increases credibility in the field

Another benefit CISRs bring to your agency is a higher degree of credibility. Insurance agencies that boast a team of CISRs establish themselves as experts with a focus on staff qualifications. Having numerous CISRs available to clients can give your agency an edge by demonstrating to clients and potential clients that you prioritize your staff’s expertise.

Having CISRs can also send the message to your current and potential employees that they’ll be empowered to keep learning and growing at your insurance agency. This can be a differentiator in attracting and retaining talented staff.

Customer service is key to your agency’s growth

Providing excellent customer service is a huge part of any successful insurance agency. While insurance professionals are not required to receive a CISR certification, doing so could help them and your agency stand out among clients and the competition. As an individual insurance professional, there are personal benefits to receiving a CISR, among other prestigious industry certifications. For savvy agencies, putting an emphasis on customer service and expertise can pay dividends and set you apart from the crowd.

Thanks for reading our educational resource! Any above reference to a specific company, method, or product is meant for educational purposes only and is not specifically endorsed by Pie.

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