With the increasing amount of competition in the independent insurance agent market, it is more important than ever for a broker to provide value-adding services to your clients. Clients are entrusting their lifestyles and assets to your expertise, making it crucial for you to act as an advisor more than just an insurance salesman. Losses are expensive, and through your input, your clients can develop a risk management strategy for securing valuables from disaster. Not only does this proactive approach potentially reduce the emotional and financial toll on the client, it protects you as the agent from liabilities of errors and omissions.
How to Identify Valuables
Though there are several insurance policies you could recommend to your clients, you can’t be effective if you don’t know the big picture concerning their valuables. Your client needs to know how to identify their valuables as well. High-value homeowners often have more value in the property, materials, grounds, and house architecture than the traditional homeowner, but these aren’t the only valuables to worry about. Car collectors, art galleries, wine connoisseurs, or jewelers can all lose priceless possessions in a disaster. Guide your clients on identifying their valuables by conducting a home or company inventory, supporting their list with photos whenever possible.
How to Price Assets
Security systems and home monitoring systems are easy ways for your client to guard their most valuable possessions. As their insurance agent, you can provide an additional layer of security through the right insurance policy. The cost of replacing the items in a home is based on current market values, but these numbers don’t account for the personal worth associated with the item. For clients owning businesses with high-value products or collections, some pieces may be irreplaceable. Have your clients get an official appraisal for their valuables to determine the starting point for coverage. Teach them the difference between actual cash value, cost to replace, or cost to repair clauses within policies.
How to Recognize Disasters
Once you establish your client’s valuables and provide advice on coverage limits and exclusions, you need to help your client detect potential disasters. Standard threats to any assets include:
- Hurricanes or tornadoes
- Theft or burglary
Not every plan will be enough coverage for a client, as some may have a greater risk of disaster or damage than others. Help your clients recognize the most significant exposures they face and encourage them to develop a strong risk management strategy. Identify floaters or riders that can add supplemental coverage, filling any potential gaps in coverage. Do your best to educate your clients on their specific needs and your insurance solutions you offer to address them.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (855) 912-8697 to speak with one of our representatives.