According to the FBI, cybercrime is now ranked as the number one law enforcement concern. The recent oil line attack is a good example.
Welcome To The Next Generation Of Business Loss
Cyber Liability continues to be a major issue for many businesses. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show that 40% of all cyber incidents affect businesses with fewer than 100 employees. According to Business Insurance, a small business now has a greater chance of a cyber-breach than it does of having a fire.
Cyber Myths and Facts
“If I have a data breach I can just call my customers.” Myth – New laws now require you to provide written notification and even provide identity theft coverage for a period of time. A data breach could cost you up to $250 per individual breach. The government can also fine you if they feel you have not taken appropriate actions.
“Only large companies need the coverage.” Myth – Businesses with fewer than 50 employees are the latest targets of cyber thieves. Often small businesses fail to have adequate protection making them an easy target. Companies with less than 75 employees endured 70% of the total attacks.
“Traditional business liability insurance will cover cyber liability.” Myth – Traditional liability insurance does not cover your business for internet exposure or data breach.
“We don’t use the internet for business and therefore don’t have any exposure.” Myth –According to the 2013 Data Breach Investigations Report by Verizon, 13% of all data breaches that occurred were caused by an employee or other internal source.
“My company does not store credit card information; therefore I don’t have any risk.” Myth – Confidential information is defined as any kind of personal information including addresses, email, social security numbers, Federal ID numbers, family member information, bank information and more.
Cyber liability coverage has evolved from insurance for information technology companies, to coverage that nearly every kind of business should have. All types of businesses including retailers, banks, contractors, distributors, restaurants and medical offices, are often unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.
We will be offering a number of articles on this subject over the next few months including; cyber risk prevention and personal identity theft issues.
Are You Being Asked To Be Your Own Agent?
/in Business insurance, Customer Service, Insurance, RelationshipsWe live in an ever-changing world, and your company’s insurance coverage needs to change with it. You must be able to adjust and update your insurance program regularly to keep your commercial insurance up to date. The insurance sector has produced a number of cutting-edge insurance products that your company may require.
But the issue seems to be; are business owners purchasing their own insurance without the support and advice of an agent? There are not any “standard” insurance solutions for business insurance. It will vary depending on the business you own. There is not one fits all solution to your business insurance risks. Even restaurants are unique enough that it is important to have unique insurance products that address specific needs.
Here Is How We Help And Support Our Clients
These are where we start in the development of an insurance program that addresses your specific needs.
It is not a cookie-cutter approach that works to protect your business. It is imperative that you partner with an agent that can help you identify your risks and create a program that fits your needs. There are some general insurance solutions that many businesses might need, and we have listed these below.
Common Commercial Insurance Products
When it comes to managing your property, having an agent that understands your risks, the market, and has the skills to build a program that meets your objectives is invaluable. Each policy is unique and subject to your own terms and conditions.
Remember, pick an agent first, allow them to educate and inform you of your risks, then together design a business insurance program that works for your business.
Special Coverage For High Net Worth Individuals
/in Insurance, RelationshipsStandard insurance products such as home, auto, life, and personal umbrella policies are sufficient for many people to protect their families and assets. However, there is a lot more to think about for high-net-worth individuals. People with a high net worth must approach insurance differently than others do. They should be protecting their resources and assets through insurance rather than just insuring their home or car.
While there are numerous insurance companies to choose from, you want to ensure that you and your net worth are adequately protected. Unfortunately, there aren’t many insurance companies that specialize in and understand the personal insurance needs of wealthy families.
Household staff such as maids, cooks, drivers, nannies, and gardeners are frequently required by wealthy clients. Second homes, boats, and other vehicles may need to be insured. Furthermore, people in the home, including children, may require protection against potential liability exposures as a result of driving, social media use, and lifestyle choices.
Common Coverage For High Net Worth Families
While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.
Call today to alleviate the worry and get covered – (937) 429-0655.
How We Develop Motivated Professionals
/in Agent, Business insurance, Customer Service, Insurance, RelationshipsThere is no question most agencies are not managed or led by just one person. Usually, there are a number of people who contribute to the company’s success. One of our agency’s guiding principles is that we are a team, a bomber squadron, not individual fighter pilots. While both are needed, we tend to think of ourselves as a group of professionals all with the common goal of serving our clients.
Bomber Squadron Traits
Fighter Pilot Traits
Collaboration and teamwork in business are in the top four skills that determine the success of an employee. Through teamwork, a person can have their voice heard, leading to better ideas and more revenue for a company.
Increased production, creativity, and client satisfaction are the benefits of teamwork. Because teams can solve problems faster due to the range of methods and skillsets, organizations with well-functioning teams generally outperform their competitors.
How We Define Success
How Does This Benefit Our Clients?
We invite you to become part of your team. Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price. Our team is ready to educate and serve you.
Why Insurance Is Not A Product
/in Business insurance, Insurance, RelationshipsWe use phrases like “people before policies,” “listen to your needs,” and “Your dedicated team of experts.” These words have meaning to our entire team and are carried out in every conversation with our clients.
Here are some of the valued added services every agent should be providing:
Claims – When you have a claim, we will help you through the process, connect with adjusters, and work to settle the claim. We help you to set expectations and communicate regularly with you.
Options – We do not sell you a policy. We provide options and help you buy the right coverage for you. We show you the different kinds of coverage you might need; if we do recommend insurance, then we take the complexity and uncertainty out of the process and make sure you have the right policy to fit your budget.
Education – Our goal is to educate you so you can make informed decisions. The more you know, the better decisions you will make. It gives you better value out of your insurance.
Stay Connected – We stay in touch with you during the year. We make sure your program changes as your needs do. This assures you that you have the coverage you need.
Service – When you call your agent, you want a PERSON who knows and understands your needs. Our team lives and works in the community. We will even come to you to meet with you. You get a better insurance program and more value for every dollar spent.
Qualified – Your agent should have more than five years’ experience. You deserve an experienced professional who is committed to their craft. As a result, you get a better-designed program.
At Reichley Insurance, our employees are committed to developing ongoing communication with our clients and striving to exceed your expectations. You are not buying a product; you are managing your risk. Remember, insurance is not a product; it’s a promise and a trusted relationship.
Cyber Liability
/in Customer Service, InsuranceWelcome To The Next Generation Of Business Loss
Cyber Liability continues to be a major issue for many businesses. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show that 40% of all cyber incidents affect businesses with fewer than 100 employees. According to Business Insurance, a small business now has a greater chance of a cyber-breach than it does of having a fire.
Cyber Myths and Facts
“If I have a data breach I can just call my customers.” Myth – New laws now require you to provide written notification and even provide identity theft coverage for a period of time. A data breach could cost you up to $250 per individual breach. The government can also fine you if they feel you have not taken appropriate actions.
“Only large companies need the coverage.” Myth – Businesses with fewer than 50 employees are the latest targets of cyber thieves. Often small businesses fail to have adequate protection making them an easy target. Companies with less than 75 employees endured 70% of the total attacks.
“Traditional business liability insurance will cover cyber liability.” Myth – Traditional liability insurance does not cover your business for internet exposure or data breach.
“We don’t use the internet for business and therefore don’t have any exposure.” Myth –According to the 2013 Data Breach Investigations Report by Verizon, 13% of all data breaches that occurred were caused by an employee or other internal source.
“My company does not store credit card information; therefore I don’t have any risk.” Myth – Confidential information is defined as any kind of personal information including addresses, email, social security numbers, Federal ID numbers, family member information, bank information and more.
Cyber liability coverage has evolved from insurance for information technology companies, to coverage that nearly every kind of business should have. All types of businesses including retailers, banks, contractors, distributors, restaurants and medical offices, are often unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.
We will be offering a number of articles on this subject over the next few months including; cyber risk prevention and personal identity theft issues.
Do You Want To Avoid Unhappy Customers?
/in UncategorizedIn one survey by the Better Business Bureau serving Chicago and Northern Illinois, researchers found 30% of unhappy customers will simply move their business.
How To Improve Customer Satisfaction
Stop selling and start solving problems — It is easy to sell a client an insurance policy, but that may not always be the best for the client. There are other solutions like self-insurance, contractual transfer, or even a modified policy with high deductible.
Focus on personal service – Take care of your customers like they are real people; because they are. Listen with understanding and sympathy. The customer’s first impression of you is all important in gaining co-operation. You can do this by acknowledging not just the facts of the situation, but also acknowledging how the situation made them feel. For example, “It must have been frustrating for you to bring home our product only to realize it wasn’t the right model for your needs.”
Take responsibility — Never, ever blame or make excuses. Instead, take full responsibility and the initiative to do whatever you can to solve the problem as quickly as possible.
Always give your customer options — Never limit your solution to just a quick insurance fix. Ask questions to get to the issues, and then offer more than one alternative.
Show them, don’t tell them –– Present the solution, or option, to the client and then show them how you will respond. The sooner you deliver on the solution you promised, the quicker you’ll be creating another friend of your business.
Insurance Customers Needs Are Changing
/in Agent, Business insurance, Customer Service, InsuranceCustomer service has quickly risen to the top of the priority list for consumers, and 2021 will be no exception. But why are so many businesses putting a premium on the consumer experience, and what happens if they don’t?
A customers’ loyalty is no longer based on price or product. Instead, they remain loyal to businesses because of the experiences they have had with them.
Customers want to have a place to get all their insurance fulfilled at one time.
Top Consumer Priority
1. Customer experience 46%
2. Pricing 21%
3. Product 33%
The survey found that 86% of consumers are willing to pay more for a better customer experience. How we define customer service:
• We educate rather than sell.
• Seeking alternatives to insurance is always an option.
• Giving our clients many ways to communicate with us is a priority.
• We develop relationships.
• Insurance should be one of many solutions to your risk concerns, not just a product
• Trust is one of the few remaining differentiators available to the modern insurer. Not only that, but it’s still the biggest indicator of a long-term sustainable business.
The client, regardless of the insurance firm, looks to you, the agent, for guidance, support, and responsiveness. Remember to put your client relationships first, despite the evolving tactics and focuses in today’s insurance markets, and you’ll find yourself building a book of business that sticks around for the long haul.
How Agents Can Increase Client Engagement
/in UncategorizedThis is important when you don’t treat insurance as a product but a service, but rather a relationship. Customers want advice, communication, education and partnerships with their insurance agent. In order to accomplish this, agencies must create a different management model. Here are ways to help employees feel more engaged.
Ask employees to how to improve customer service
Your staff knows better how to improve customer service. Ask them what they believe your customers are looking for. Then create policies and procedures that address these areas.
Seek impute from customers
Unlike some big national firms, we don’t have a set of scripted statements to give to you. We listen to what you are saying and then respond accordingly. We ask the right questions to find the individual insurance solution for you.
Be intentional about culture
Reichley Insurance is in the business to meet people’s and businesses’ needs. We don’t ever sell you a product. We create and deliver personal and business solutions that address your individual needs, and sometimes that may not include any insurance if it is not in your best interest. Our belief is that by doing what is best for you… we will also benefit.
Build performance goals and hold everyone accountable
Most people desire to know where they stand and how they can improve in order to make more money or advance.
We know and understand your industry. Before we do anything, we take time to get to know you. Our staff has a deep understanding of how insurance works, and we continually seek training and education. Our team has over 150 combined years of experience.
These commitments result in the highest customer satisfaction and confidence. They are Reichley Insurance Agency’s highest priorities.
Managing Risk In Uncertain Times
/in UncategorizedIt is vital that your business insurance program have the flexibility to respond to the changing and uncertain times we are living in. Your business insurance program needs to be designed to give your business the best possible coverage at a reasonable price from an agent who understands your individual needs.
Remote Workers
COVID-19 has changed the way we think about remote working. Most businesses are having employees work from home, and even if there is a vaccine, the work from home trend is likely to continue. In general, employees are covered for work-related injuries that occur outside the office or other workplaces. Generally, employers are still responsible for injuries that occur during a detour, such as when an employee physically departs from his or her job duties that are considered minor activity, getting coffee, etc.
New Cyber Risks
Commercial businesses to become more dependent on the internet with an increase in remote workers. This new normal now requires special procedures and policies to protect your organization, its data, and network. When workers feel secure, you can nurture productivity and enhance collaboration.
Finance, Social Life And Health Of Employees
Because of the requirements and arrangements following the pandemic, employees have been faced with unexpected expenses related to travel, digital needs, accommodation (home workspaces) health concerns, and protective measures. Employers need to find ways to address these needs on a long-term basis, possibly through smaller in-person gatherings, remote learning opportunities, and even allowances for home office improvements.
Employees With Disabilities
Disabled employees need additional support to adapt to changes. Specific measures are required to address their needs and ensure their access to remote works issues.
As with any risk, you want to get out in front of it quickly. The longer you wait, the harder it is to mitigate the damage. The most successful companies are those that put systems and processes in place to help them quickly recognize the warning signs and navigate the best path forward.
What Are Clients Looking For In An Agent?
/in Agent, Customer Service, InsuranceHere are some of the factors clients consider when shopping for insurance:
Price is part of the process, but less than 20%, according to Yana Glezina the director of brand and communications at Rocket Referrals, a leading insurance communications platform based in Des Moines, Iowa.
Here are ways to improve communication with your clients:
If you are doing these things, then you are on your way to developing a true partnership with your clients.