Five Things Your Agents Needs To Be Doing Now?

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As an insurance agent, there are several important tasks you should be prioritizing to ensure you provide excellent service to your clients and stay ahead in the industry. Here are five things you should be doing:

Staying Updated with Industry Changes: Insurance is a constantly evolving industry, with new regulations, products, and market trends emerging regularly. It’s crucial to stay informed about these changes to effectively advise your clients. Keep up with industry publications, attend seminars or webinars, and participate in relevant professional development programs.

Engaging with Clients: Building strong relationships with your clients is key to retaining their business and earning their trust. Regularly reach out to your clients to provide updates, answer questions, and review their coverage. Use various communication channels, such as phone calls, emails, newsletters, or even social media, to stay connected and address their insurance needs.

Conducting Policy Reviews: Policies should be periodically reviewed to ensure they still meet your clients’ needs. Take the initiative to assess their coverage, identify any gaps or overlaps, and recommend appropriate adjustments. By conducting policy reviews, you demonstrate your commitment to your clients’ financial well-being and showcase your expertise.

Embracing Technology: The insurance industry is embracing digital transformation, and as an agent, you should too. Utilize technology tools and platforms that streamline your processes, such as customer relationship management (CRM) systems, document management software, and online quoting platforms. Embracing technology not only enhances your efficiency but also improves the overall client experience.

Continuing Education: Professional development and continuing education are vital in the insurance industry. Stay updated on the latest insurance products, risk management techniques, and sales strategies. Pursue industry certifications, attend workshops or conferences, and engage in relevant training programs. This ongoing education will keep you well-equipped to serve your clients and differentiate yourself from competitors.

Remember, these five activities are just a starting point. To be a successful insurance agent, it’s essential to adapt to changing market dynamics, foster strong client relationships, and consistently improve your knowledge and skills.

How We Analyze Your Risk

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The term risk analysis tends to sound like a complicated thing. But simply put, risk analysis is a review of the things that might create a loss for you, your family, or your business.

Why Is This important?

You have so much invested in your family, home, and business. You need to have an understanding of things that might happen which will create a negative impact on your family and business.

What Role Does Your Agent Play?

Your agent will be your guide, consultant, and advisor through this process. It is important that you have an agent who is not interested in selling you insurance. Your agent needs to educate you on your risk, offer options, and work with you to make sure you are correctly protected.

If your agent does not understand or is not interested in this process, you will be left with inadequate protection.

If your agent offers an off-the-shelf homeowners policy, without asking questions and educating, you might get stuck in the event of a claim. For example, you have a fire in your business and have to move out for three months during reconstruction. Do you have the right coverage to help you with temporary rent and other expenses? What if you have to close your business and you have a loss of revenue? Knowing the right coverage and limits you need is the responsibility of your agent.

We Help Make The Complex Simple

We offer a series of questions to help our clients understand their risks and what options they have to manage them based on their individual situations.

We educate our clients so they can make informed decisions. For example, if you are renting out a part of your home, you will need special insurance, as your homeowner’s policy excludes operating a business out of your home.

If you own a home and have other financial assists, you may need a personal umbrella policy. This protects you against litigation or claims where your primary coverage is exhausted.

Let’s start a conversation on how we might be able to educate you and design an insurance program that fits your individual needs.

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, close to home, right here in Beavercreek, OH – 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.

What You Need to Know When Shopping for Commercial Auto Insurance

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Commercial Auto Insurance

As a business owner, ensuring the safety of your employees, vehicles, and assets is of utmost importance. That’s why having commercial auto insurance is a must. Commercial auto insurance is designed to protect your business in the event of an accident involving your company vehicle(s). However, shopping for commercial auto insurance can be a daunting task, especially if you’re not familiar with the process. Here are some things you need to know before shopping for commercial auto insurance.

Know the types of coverage you need.

Before you start shopping for commercial auto insurance, it’s important to know the types of coverage your business needs. This will depend on the type of vehicles you have and how they’re used. Some of the most common types of commercial auto insurance coverage include liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and medical payments coverage.

Understand the limits of coverage.

When shopping for commercial auto insurance, it’s important to understand the limits of coverage. The limit of coverage is the maximum amount that an insurance company will pay for a covered claim. Make sure that the limit of coverage is enough to cover the potential damages and liabilities your business may face in the event of an accident.

Have us shop around for quotes.

Like any other type of insurance, it’s important to shop around for quotes when looking for commercial auto insurance. Compare quotes from different insurance companies to find the best coverage at the best price. Make sure to compare apples-to-apples, so you are comparing the same level of coverage from different providers.

Check the insurance company’s reputation.

When choosing an insurance company, it’s important to check their reputation. Look for reviews from other business owners, ratings from independent agencies, and any history of complaints or legal actions against the insurance company.

Consider a package deal.

If you have multiple insurance needs, consider bundling your commercial auto insurance with other types of business insurance. This can often result in a lower premium and simplified billing.

Understand the deductibles.

When choosing commercial auto insurance, it’s important to understand the deductibles. A deductible is the amount that you’ll have to pay out of pocket before your insurance kicks in. Choose a deductible that you can afford in the event of an accident.

Read the fine print.

As with any insurance policy, it’s important to read the fine print. Make sure you understand the policy’s exclusions, limitations, and any additional fees or charges. Knowing the policy in and out will give you the peace of mind that you have the right coverage for your business.

In conclusion, commercial auto insurance is an important investment for any business with vehicles. When shopping for commercial auto insurance, be sure to consider your specific needs, compare quotes from different providers, check the insurance company’s reputation, understand the limits of coverage, and read the fine print. By doing so, you can find the right coverage to protect your business and its assets.

As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.

Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and commercial auto insurance covers your vehicles.

 

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, close to home, right here in Beavercreek, OH – 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.

 

Low Cost Insurance Is Not Better Insurance

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Insurance is a necessary expense for many people. Whether it’s health insurance, car insurance, or home insurance, having coverage can give you peace of mind and protect you from financial ruin in the event of an accident or unexpected event. However, not all insurance policies are created equal, and opting for the cheapest option may not always be the best choice. In fact, cheaper insurance is often not better insurance. Here are some reasons why.

Lower Coverage Limits

One of the main ways insurance companies can offer cheaper rates is by offering lower coverage limits. Coverage limits are the maximum amount of money an insurance company will pay out for a claim. If you opt for cheaper insurance, you may be getting lower coverage limits, which means you may not be fully covered in the event of a major accident or unexpected event. This can leave you with significant out-of-pocket expenses that you may not be able to afford.

Higher Deductibles

Another way insurance companies can offer cheaper rates is by increasing the deductible – the amount of money you must pay out of pocket before your insurance coverage kicks in. While a higher deductible can lower your monthly premium, it also means you’ll have to pay more out of pocket before your insurance company starts covering the cost of damages. This can be a burden, especially if you’re already struggling to make ends meet.

Exclusions and Limitations

Cheaper insurance policies may also come with exclusions and limitations that can limit your coverage. For example, some health insurance policies may exclude coverage for pre-existing conditions or limit coverage for certain medical treatments. Car insurance policies may exclude coverage for certain types of accidents or limit coverage for damages to your vehicle. These exclusions and limitations can leave you with significant gaps in coverage that can leave you vulnerable to financial loss.

Poor Customer Service

Cheaper insurance policies may also come with poor customer service. Insurance companies that offer cheap rates often need more resources to invest in customer service, which can lead to long wait times, unhelpful representatives, and delayed claims processing. This can be frustrating and stressful, especially if you need to file a claim in a hurry.

In conclusion, while it may be tempting to opt for the cheapest insurance policy available, it’s important to consider the potential drawbacks of doing so. Cheaper insurance policies may offer lower coverage limits, higher deductibles, exclusions and limitations, poor customer service, and less comprehensive coverage. Instead, it’s important to shop around for insurance policies that offer the right balance of coverage and affordability. By doing so, you can ensure that you’re fully protected in the event of an accident or unexpected event without breaking the bank.

Should Insurance Technology Always Be Trusted To Predict Accurate or Fair Results?

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Insurance companies have relied on data to set their rates for years, but with the advent of advanced technology, insurers can now gather and analyze more data than ever before.  While the use of technology to set rates has its benefits, there are also several problems associated with this practice.

We will show you how an experienced agent can help you understand this technology and why it is important.  Many people are trying to push insurance into a commodity driven by technology and quick, cheap pricing.  We will continue to advocate the importance of personal relationships and how through these relationships, clients get the best combination of coverage price and service.  It is important to understand that insurance is not a product but a service.

Lack of Transparency

One of the biggest problems with insurers using technology to set rates is the need for more transparency in the process.  Insurance companies use complex algorithms to analyze vast amounts of data, and these algorithms are often proprietary and not subject to public scrutiny.  This lack of transparency can make it difficult for consumers to understand why they are being charged a certain rate or to challenge the accuracy of the data being used to set their rates.  Agents find it difficult to get answers to questions involving how this complex system process the data to get the final rate, therefor are not capable of explaining or encouraging modifications to behavior that are negatively affecting their insurance outcomes (cost or coverage).

Benefits Of Having An Agent

Agents can help you design an insurance program that includes deductibles, limits, and coverage that represents the risks you have.  If you understand what you are buying, then you have a better basis for determining the best pricing options.  Factor in now how their data is being used to align with cost & coverage models, carrier appetite for their specific risk issues, finding the soft dollars that benefit the client amidst the complete underwriting and rating systems used by carriers, and still being able to speak to a live person at the end of all this to influence the final decision regarding a particular risk and you have a very important advantage on your side.

Lack of Personalization

While technology can help insurers gather more data, it can also result in a lack of personalization in the insurance process.  Insurers may rely too heavily on data to set rates and overlook important factors that can affect an individual’s risk profile.  For example, a person with a safe driving record may be charged the same rate as someone with a poor driving record simply because they fall into the same demographic group.

 

Benefits Of Having An Agent

Your agent can ask you questions about your circumstances and work with you to determine what company and coverage is best for you.  With an agent, you have a friendly face to connect with when you have a question or need help with a claim.

Data Privacy Concerns And Unintended Consequences

The use of technology to gather data for insurance purposes raises serious privacy concerns.  Insurers are able to collect a vast amount of data on individuals, including information about their driving habits, health status, and online activity.  This data can be used to set rates, but it can also be used for other purposes, such as marketing or even denying coverage.  Additionally, insurers can gather more data on individuals.  In that case, it may lead to a situation where people considered high-risk cannot obtain insurance at all.

Benefits Of Having An Agent

An experienced agent will know what information is needed to get the best results and what is not necessary.  This will protect your privacy and give you the confidence to obtain the best coverage for your circumstances.

While technology can help insurers gather more data and set rates more accurately, there are several concerns associated with this practice.  Remember, an agent is on your side, your partner.  He or she will educate you and how to design insurance and risk solutions that fit your needs and limit the influence of certain technologies in your insurance program.

The modern independent agent serves two masters – the carriers they represent via a formal agency agreement and their clients, whom they owe a considerable duty of care in handling the information they are given and the benefit of the services we render.  We can’t just say we work for the clients; however, having this dual role gives us a unique difference between an independent agent and the direct writers who have no capacity to insert themselves into the claim conversations on behalf of their customers or use alternative markets that better match their needs.

Why Are Auto Insurance Rates Different In Each State?

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Auto insurance rates can vary significantly from state to state. There are many factors that contribute to these differences, including state regulations, demographics, geography, and even weather patterns.

The Pelican State, Delaware, Michigan, and California followed as the most expensive states in the country for auto insurance. The reason these states come with sky-high premiums varies everything from unique insurance coverage, crime, and high-density populations. Additionally, an increased number of uninsured drivers and costly lawsuits will always push up premiums.

The average premium in Ohio is $1,023, which is around 40% less than the $1,682 nationwide average. Because Ohio’s prices aren’t rising as quickly as those in other states and more people choose minimum liability coverage, rates there are less expensive than elsewhere in the nation.

Why Premiums Differ

State Regulations

One of the most significant factors that can impact auto insurance rates is state regulations. Each state has its own rules and regulations regarding insurance, which can affect how much you pay for coverage. For example, some states require drivers to carry more liability coverage than others, which can increase the cost of insurance. Additionally, states may have different rules regarding how insurance companies can set rates, which can also impact prices.

Demographics

Another factor that can affect auto insurance rates is demographics. Insurance companies consider factors such as age, gender, driving record, the kind of vehicle you drive, credit score, and marital status when determining rates. Younger drivers and male drivers tend to have higher accident rates, which can result in higher insurance premiums. Additionally, married drivers are often considered lower risk and may qualify for lower rates.

Geography

Geography can also play a role in auto insurance rates. Urban areas tend to have higher rates due to higher traffic volumes and greater risk of accidents. Additionally, states with higher rates of uninsured drivers may also have higher insurance rates for those who do carry insurance. The cost of repairs and medical care can also vary depending on where you live, which can impact insurance rates.

Weather Patterns

Finally, weather patterns can impact auto insurance rates. States that are prone to severe weather, such as hurricanes or tornadoes, may have higher rates due to the increased risk of damage to vehicles. Additionally, states with harsh winters may have higher rates due to the increased risk of accidents on icy or snowy roads.

You can obtain the best coverage based on your needs by using an agent to help you determine the kind of policy that you may require.

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, close to home, right here in Beavercreek, OH – 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.

Six Essential Insurance Coverage’s For Your Business

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As a business owner, it’s important to have the right insurance coverage to protect your company from potential risks and liabilities. Here are six important insurance coverages that you may want to consider:

General Liability Insurance: This coverage provides protection for your business in case of accidents, injuries, or property damage that occurs on your premises or as a result of your operations. It covers legal costs and damages that your business may be liable for.

Property Insurance: This coverage protects your business property and assets in case of theft, fire, or other types of damage. It may cover the cost of repairing or replacing damaged or destroyed property, as well as lost income during the recovery period.

Workers’ Compensation Insurance: If you have employees, this coverage is typically required by law in most states. It provides medical and wage benefits to employees who are injured or become ill while working.

Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, this coverage protects your business from claims of negligence, errors, or mistakes that result in financial losses for your clients.

Cyber Liability Insurance: This coverage protects your business from losses related to cyberattacks, such as data breaches or cyber theft. It may cover costs associated with investigating the incident, notifying affected individuals, and providing credit monitoring services.

Commercial Auto Insurance: If your business owns or operates vehicles, this coverage provides protection in case of accidents or damage to the vehicles. It may also cover liability for injuries or damage caused by your vehicles to others.

These are just a few of the many types of insurance coverage that businesses may need. The specific types of coverage that your business requires will depend on your industry, operations, and risks. It’s important to work with an experienced insurance agent or broker who can help you assess your needs and find the right coverage for your business.

Will Technology Replace Good Customer Service?

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Customer service has been an essential part of any business for as long as we can remember. It’s the backbone that supports businesses’ growth and keeps customers happy and satisfied. However, with the advent of technology, some have predicted that it will replace customer service altogether. However, we believe that technology will never replace good customer service, and here’s why. customer service requires a human touch. As much as technology has advanced, it cannot replicate human interaction. Customers want to feel valued and appreciated, and they cannot get that from a machine. When customers have a problem or an issue, they want someone to talk to, someone who can empathize with them and provide a solution that fits their needs. Technology cannot do that.

Customer service requires the ability to adapt and be flexible. Every customer is different, and their needs and wants vary. Sometimes, a customer may have a problem that is not in the company’s rule book or protocol, and they need a representative who can think on their feet and come up with a solution. Technology cannot do that because it is programmed to follow specific rules and protocols.

Customer service requires the ability to build relationships. Building relationships with customers is crucial for any business. It helps to foster loyalty and increases the chances of repeat business. A human customer service representative can build rapport with a customer, understand their needs, and recommend products and services that fit their needs. Technology cannot do that because it does not have the ability to read human emotions and understand their needs.

Customer service requires the ability to handle complex issues. Sometimes, a customer may have a complex issue that requires the attention of a specialist. A human customer service representative can transfer the customer to a specialist who can provide a solution to the problem. Technology cannot do that because it does not have the ability to understand the complexity of the issue and determine the appropriate specialist to handle it.

In conclusion, while technology has advanced and made many processes faster and more efficient, it cannot replace good customer service. Customer service requires a human touch, the ability to adapt and be flexible, the ability to build relationships, and the ability to handle complex issues. A good customer service representative is an essential part of any business, and technology can only enhance their abilities, not replace them.

 

How Agents Should Serve Their Customers

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In today’s fast-paced business world, providing excellent customer service is more important than ever. With so many options available to consumers, businesses must strive to provide exceptional service to keep their customers happy and loyal. Here are four keys to customer service that can help businesses stand out in a competitive marketplace:

Listen to your customers:

The first key to great customer service is listening to your customers. When customers feel like they are being heard and understood, they are more likely to become loyal customers. Make sure you are actively listening to your customers, whether they are complaining or praising your business. Respond to their concerns and provide solutions to their problems. This will show your customers that you value their feedback and are committed to providing excellent service.

Be responsive:

Customers expect businesses to be responsive to their needs. When customers reach out to your business, whether it’s through email, social media, or phone, respond as quickly as possible. Even if you don’t have an immediate solution to their problem, let them know that you are working on it and will get back to them as soon as possible. Being responsive shows that you care about your customers and are committed to providing excellent service.

Personalize your interactions:

Customers appreciate personalized interactions with businesses. When you personalize your interactions, you show your customers that you care about them as individuals, not just as customers. Use your customers’ names when you communicate with them, and remember their preferences and past interactions with your business. This will help you provide a more personalized experience that will make your customers feel valued and appreciated.

Go above and beyond:

To truly stand out in the marketplace, businesses must go above and beyond to provide excellent customer service. This means anticipating your customers’ needs and providing solutions before they even ask. It also means providing unexpected perks and rewards to show your customers that you value their business. Going above and beyond can help you build strong relationships with your customers and turn them into loyal advocates for your business.

In conclusion, providing excellent customer service is essential for businesses that want to stand out in a competitive marketplace. By listening to your customers, being responsive, personalizing your interactions, and going above and beyond, you can create a customer service experience that will make your customers feel valued and appreciated.

Cyber Liability Insurance

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Cyber liability refers to the potential legal and financial consequences that a business or organization may face as a result of a cyber incident or data breach. This can include the costs of responding to the incident, such as hiring a cybersecurity firm to investigate and repair the damage, as well as legal fees and damages that may be awarded to individuals or businesses affected by the incident.

 

It’s important for businesses and organizations to have adequate cyber liability insurance to protect against the financial consequences of a cyber incident. This insurance can help cover the costs of responding to the incident and provide legal defense if the business is sued as a result of the incident.

 

In addition to having insurance, there are several steps businesses and organizations can take to reduce their risk of a cyber incident and mitigate the potential consequences:

  1. Implement strong cybersecurity measures, such as firewalls, antivirus software, and two-factor authentication.
  2. Regularly update software and systems to ensure that they are secure and patch any vulnerabilities.
  3. Train employees on how to identify and report potential cyber threats.
  4. Develop a plan for responding to a cyber incident, including procedures for reporting the incident and communicating with affected parties.
  5. Regularly review and update policies and procedures related to data security.

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, close to home, right here in Beavercreek, OH – 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.