Three Ways Agents Add Value To The Insurance Relationship

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Insurance agents came in al different sizes and shapes. We have learned over the years that insurance is not a product but a relationship. In order for your agent to help educate you and find the best solution these three communication techniques must be in place.

  1. Active listening: Active listening is an essential customer service skill. It involves listening to the customer’s concerns and needs attentively and demonstrating empathy towards their situation. This helps in building trust and rapport with the customer, and they are more likely to be satisfied with the interaction.
  2. Prompt response: Customers expect prompt responses to their queries and complaints. It is essential to respond to customer inquiries quickly and efficiently. This can be done by providing multiple channels of communication, such as phone, email, live chat, and social media, to ensure that customers can reach out to you in their preferred mode of communication.
  3. Personalization: Personalization involves understanding the customer’s preferences, needs, and history with the company. This helps in creating a customized experience for the customer, which makes them feel valued and appreciated. Personalization can be done by addressing the customer by their name, offering personalized recommendations, and tailoring the communication to suit the customer’s preferences.

By implementing these three top customer service methods, businesses can create a positive customer experience, leading to customer loyalty and repeat business.

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.

Why Insurance Advice Is Better Than A Policy

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The quality of your agent will determine the value of your insurance policy.

If you watch any TV, you have seen the typical insurance ads that tell you their coverage is better than their competitors. Many of these ads are very clever, but they mislead the viewers into buying insurance the wrong way.

We want to offer you a different way of looking at insurance. That is, your agent should be your trusted advisor guiding you through the insurance purchasing process. Insurance policies like insurance companies are all different, and you need someone you can trust to help you find the highest-valued insurance, not the lowest-priced insurance. What many people fail to understand is that policies or “promises” differ from company to company.

If We Ran An Insurance Ad, It Might Look Like This

  • We place people before policies.
  • Collaboration always leads to greater value.
  • Insurance is a promise, not a product.
  • We would educate you and then sell to you.
  • Insurance is not a one size fits.

Let Get Practical

What does this look like to the average insurance buyer? It starts with us asking questions and listening to you. We help you identify your needs and risks, talk about possible solutions then provide options. Sometimes we might recommend not buying insurance.

What Are the Benefits To You?

Our clients have security and peace of mind knowing that their agent is a partner with them. They have a trusted relationship with someone who understands their individual needs and is not trying to sell them a policy but protect their assets. Our relationship approach provides our clients with the knowledge that someone understands their needs and that they have more than just an insurance product they have a valued relationship that goes beyond a policy.

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.

Insurance Mistakes

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There are a number of common mistakes some businesses make when it comes to purchasing commercial insurance. Insurance is the product you buy in case the unexpected happens. Unfortunately, by the time you need it, it’s too late to make sure you have the right type and amount of insurance coverage. Make sure you don’t make the following mistakes while buying insurance.

Mistake One

Having two agents is better because they keep each other competitive.

Having two agents duplicates effort and can create coverage gaps. For example, there are certain coverage’s that can be included under a liability policy and auto policy. One agent is better able to manage your entire insurance program.

Mistake Two

The lower the premium, the better.

Premiums are determined by a combination of exposures and coverage. If you get a lower premium you may be missing needed coverage. For example, does the lower premium include replacement cost coverage on buildings and equipment?

Mistake

Buying from a national company is always better.

Don’t listen to the entertaining advertising on TV. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage.

Mistake

The internet is a great place to get good insurance deals.

Low cost internet insurance usually allows you to select the coverage and limits you want. But in most cases you end up with a limited and inadequate program. You find this out after you have an uninsured claim.

Mistake

Umbrella insurance is only high net worth companies or individuals.

A small electrical contractor was at fault for the total loss of a historic property, a loss that exceeded his general liability policy. The contractor’s umbrella paid the loss in excess of $7,000,000. Umbrella or excess coverage is some of the least costly insurance you can buy. Don’t risk a loss for a little expense.

Mistake

I don’t need employement liability insurance; I only have five employees, and they are like family.

This is the fastest-growing area of litigation for small businesses. The average claim cost in 2022 was $95,000.

Mistake

Not knowing what is in your policy.

Consumers’ biggest mistake is not knowing what’s in the fine print of their policies. Take time to read the policy. Ask your agent to meet with you at least annually to review your coverage.

Mistake

Flood insurance is only for businesses in high-risk areas.

Big mistake; we recommend you ask for a flood quote to at least review the cost-benefit of the coverage.

Mistake

There isn’t anything I can do to manage my insurance costs except shop price.

There are many things you can do to reduce your premiums; here are a few:

  • Consider increasing your deductibles.
  • Consider the vehicle model when making a purchase; some are more expensive to insure.
  • Add smoke and security alarms.

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.

 

 

 

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Are You Looking In The Right Places For Your Insurance?

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A More Effective Way To Think About Insurance

Everyone is looking for a good deal on their personal insurance. Many people define a good deal as getting the lowest price, much like buying gas or other products of a similar kind.  However, there is a different way to define the best deal in insurance terms, and we think of it as the best value.  Let me describe what I mean.

You Are Hiring An Agent Not Buying A Policy

Rather than shopping for low-cost insurance, why not shop for an agent who can help you find the best value for you? Independent agents represent many different insurers. You want an agent who represents many insurers, especially an insurer who have experience with what you need. Allow the agent to market your risk with many different insurers; this is an excellent way to bring value to the process. You want a relationship, not a policy.

Insurance policies are not all created equal. Insurance is not like a commodity; insurance companies offer many different kinds of policies; these offer coverage you may need or may not need. Why pay for insurance you don’t need? Or worse, you paid for coverage you thought you had but didn’t.

This is not about selling you more insurance, but providing the right insurance. We may even tell our clients not to buy insurance.

Ask your agent about their experience and qualifications. Are they investing in extra training and or do they have accreditations?

A good agent will:

  • Ask questions
  • Educate you
  • Bring their knowledge and skills into the relationship
  • The will act an advisor not a sale person
  • Become a trusted partner

Agents Help Fill The Gap

Many insurance policies are filled with coverage gaps. These are areas where you need certain coverage, but the policy may not provide it. A coverage gap may also be having policy limits or deductibles not designed for your needs. An agent acting as your advisor can help you identify these gaps and offer solutions.

We often use the phrase “you often don’t know what you don’t know.” Our job as your trusted partner is to listen to you, educate you then partner with you in developing the right insurance solutions.

Here Is How You Benefit

  • The complex becomes clear. When you have a relationship with the agent who is serving you, they will make the complex world of insurance understandable and how best to manage it.
  • Is Insurance the only option? Clients may not always understand that there may be other ways to handle risk.  A trusted advisor is in the education business – not the selling business.
  • Value-added benefits. With a trusted advisor, you the buyer will have all the resources and knowledge of the agent and his/her team.
  • You have access to other experts. Wouldn’t it be great if your agent brought to your team attorneys, accountants, claims experts, loss control professionals and more?  Well, a trusted advisor will do just that.

Give me a call and let talk about how we are different and can help you understand your insurance purchase with clarity. I want to earn your trust.

 

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Why We Place Importance on Customer Service

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In a world that’s being changed rapidly by technology, it only makes sense that the same is happening with customer experiences. As we progress forward with new, innovative developments from telephones to computers to the internet to social media, the insurance industry has adapted, too. Today’s customer experience is giving customers more power. They get to control how, when, and where they interact with service representatives.

Why Good Customer Service Is Vital To Agency Stability

73% of business leaders report that there is a direct link between their customer service and overall business performance. In addition, 64% of business leaders say that customer service has a positive impact on their growth.

Customers want a personalized experience. When someone reaches out to your team, they want to be treated like a person, not a number. They want to feel like their issue is important and that your agent cares deeply about solving their issue. It shouldn’t feel like your team is applying a one-size-fits-all approach to every customer interaction. Since every support case is a little different, each one should be treated as such.

What Good Customer Service Can Do For Your Business

  • Boosts employee retention
  • Reinforces company brand and values
  • Creates satisfied customers
  • Proactively addresses customer issues

 How to Improve Customer Service

  • Respond to customer’s needs quickly
  • Know your products and services
  • Listen first
  • Keep your promises
  • Ask a question to clarify issues
  • Say thank you
  • Ask for feedback

In today’s highly competitive business environment, there’s a constant and never-ending struggle that every entrepreneur must face. Those who can adapt will survive and thrive, resulting in near-boundless financial success and market saturation.

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.

 

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What Kind of Businesses Need Professional Liability Insurance?

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If you’re a business owner, you spend most of your time thinking about how to grow your business. But it’s easy to remember one of the fundamental building blocks: professional liability insurance. What is it? Why do you need it? And what does it cover?

Why Does Your Business Professional Liability Insurance?

  • You may be sued.
  • You may be held responsible for your actions or the actions of someone who works for you.
  • If you give advice to customers, you might be sued.
  • You may be held responsible for the actions of other people on your property or in your building/office space.

What Does Professional Liability Insurance Cover?

Professional Liability Insurance can help protect you against claims of negligence. It covers legal costs in the event that a lawsuit is brought against you and can even cover damages or injury to third parties. It also helps pay for legal fees, and it will pay for your defense if you are found not guilty of any charges. Professional liability insurance can cover the costs of lawsuits over:

  • Work errors or oversights
  • Undelivered services
  • Missed deadlines
  • Budget overruns
  • Incomplete work
  • Breach of contract
  • Accusations of negligence

Who Needs Professional Liability Insurance?

Professional Liability Insurance protects professionals from claims and lawsuits. If your advice or work injures someone, or if they believe their property has been damaged by something you did, a claim can be made against you. Professional liability insurance helps protect you from these claims and ensures that your business stays protected. Firms like these should have professional liability insurance.

  • Accountants
  • Lawyers
  • Contractors
  • Consulting agencies
  • Real estate firms
  • Architects, designers, and engineers
  • Real estate brokers
  • Financial consultants
  • Accountants and bookkeepers
  • IT professionals and programmers
  • Marketing and advertising professionals

Conclusion

When you’re starting a business or running a current business it can be tempting to focus on marketing and sales. However, there are many other aspects of the business that you should be equally concerned about. Professional liability insurance is one of those aspects that need careful consideration because it will protect your business against lawsuits and negligence claims.

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.

Why You Need An Insurance Agent?

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If you’re too young to remember a world without the Internet, you’ve probably asked yourself this question at some point. Similarly, you may have questioned the necessity of a travel agent, a piano instructor, or a bookstore. Everything they offer is available online. But do you really need an insurance agent?

Dealing with an agent who takes the time to get to know their clients and explain choices gives the buyer a sense of confidence and the peace of mind that things will be taken care of if something happens. It can be challenging to understand the implications of an insurance purchase.

Although most clients won’t suffer a claim event, everyone should feel more at ease knowing that they have a well-thought-out plan and coverage program that would respond if one were to happen. They need to have access to persons who they can consult with for advice as necessary in that strategy.

Agents do more than collect price quotes. Yes, we understand that cost is likely your concern. Who, after all, has extra funds for something they hope they will never use? But insurance agents have the training and experience to help you comprehend all the different things that could go wrong and why the cheapest option may not be the best.

An independent insurance agency represents you, the client, in locating the best coverage at the most affordable price. This may include your home, automobile, apartment, condominium, and business coverage. Insurance policies are not products that can be purchased from a store’s shelves, so “shopping” is not the most inclusive term.

Independent insurance agencies have access to various insurance carriers. Truly diversified agencies, such as ours, have relationships with multiple carriers. In addition, some of these insurers will only work with insurance purchasers through an agency. Therefore, if you shop for insurance on your own (which we do not recommend), you will miss out on some of the best options available today.

There is still a human desire for social interaction, and the value you provide cannot be replicated in the digital world.

Give us a call today and let us know how we can serve you.

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Prepare Your Business For The Future

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If your business survived 2020 and 2021, there is hope for the future. Having survived the past is a good indication that your business is strong and prepared for the future. But it is essential to understand that the risks of the past change and the risk your business faces will be different. It will be important to understand your future risk to have a strategic plan on how to analyze, manage and insure these new risks.

Trends That Are Not So Good

It is becoming more frequent for non-insurers to establish insurance firms. Some automakers now provide or even design their auto insurance packages to sell alongside the vehicles they produce.

Insurers rely on data to determine their coverage and price. This takes the relationship and uniqueness out of the process.

We believe it is vital to understand the uniqueness of each business, not lump them together.

More insurers are offering online insurance. So now, business owners will have to determine what coverage they need without any professional help. This will also allow insurers to limit coverage and even deny claims without the business having proper representation.

Future Risk Trends

Environmental, social and governmental activism

Businesses are becoming a target for many new areas of social and governmental influences. Make sure your insurance can address these issues.

Cyber liability

Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. This new world of connected devices promises insights on which companies can base strategic decisions.

Economic uncertainty

The next few years will be a special time for most businesses. It will be important to understand how to design an insurance and risk plan that can respond to losses that allow your business to continue.

Supply Chain

Today’s complex business environment does not occur in a vacuum. Companies are interconnected networks with several internal and external stakeholders. As the business world grows more interconnected and dynamic, it’s critical that you have a thorough grasp of the risks to your day-to-day operations and are prepared to handle them. Business interruption losses can range from decreased sales to increased operating costs because of the loss of a crucial supplier to the loss of future revenue streams as a result of a disruptive incident.

New Work Environment

Agents and insurers may increase their relevance by providing specialized protections for remote workers and small home-based enterprises that reflect how people live and work today.

Final Thoughts

Businesses’ needs are not the same, and the insurance and risk solutions they are provided should match their individual risks. In order to ensure that the program that is tailored to each and every customer, agents should develop relationships and insurer analytics to better understand their customers’ risk exposures. Understanding the business’s needs and risks leads to a framework for providing better solutions to their customers.

 

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Why Are My Insurance Premiums Going Up, I Did Not Have A Claim?

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It can be unpleasant to open your insurance bill to pay your premium, only to discover that your premium payments have increased upon renewal.  We know that most people who carry insurance policies on their homes, cars, and businesses may be unfamiliar with how insurance policies are developed and changed.  So, we thought we might help you understand the why.

Insurers base their policy prices on several variables.  These cost components fluctuate up and down.  Premiums are currently rising in many states.  Remember, insurance companies are competing for your business, so they try to keep their rates competitive.

To help us through the process, we wanted to break it down between home and auto insurance.

Home Insurance

  • The increased cost of construction materials and labor to repair or replace the damage to your home. Even though you did not have a claim, this impacts all insurance rates.
  • Storms and other natural disasters. Hurricanes, floods, droughts, wildfires, and other severe weather events have become more frequent, destructive, and costly. In 2021 alone, the United States sustained 20 weather events with losses exceeding $1 billion.
  • The older your home, the higher the insurance cost will be.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • Supply chain in the production and delivery of appliances, materials, tools, and other key construction elements added to delays and cost hikes.

Auto Insurance 

  • Inflation hits the cost of buying and repairing vehicles.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • After COVID, accident rates increased, causing insurers to pay more for claims.
  • Increased healthcare costs. Medical costs have increased for accident-related injuries.
  • Crime has caused more auto thefts and break-ins, affecting all drivers’ rates. There is a 20% increase nationally in stolen vehicles between 2020 and 2021.
  • Your driving record may be accident-free, but if you have tickets or other violations, these will impact your premiums.

Proven Ways To Help Keep Insurance Costs Down

  • Keep your home well maintained
  • Be a safe driver
  • Pay premiums annually
  • Ask about discounts offered by insurers
  • Bundle your home and auto together
  • Increase your deductibles
  • Have your agent review your insurance program and market your coverage the right insurer.

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.

 

 

 

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Is Insurance Your Only Option?

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We will be the first to say that certain types of personal insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions. But there is more to the process.

First, you and your agent need to talk about what your risks and goals are regarding the issues. Your agent should be able to help you identify all the risks and, only then, provide solutions.

Here is a good example

We recently had a client buy an older used car for one of their kids. After we reviewed the ACV value for the client, we recommended that he not purchase collision coverage. We told him to use the savings to put into an auto replacement fund. This will save the client hundreds of dollars over time.

Here are other kinds of insurance you may not need

  1. Universal life – Typically, term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
  2. Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
  3. Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
  4. Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefits are paid.
  5. Mini Storage Insurance – As long as you have homeowners or renters insurance, you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
  6. Rental car collision insurance – If you already have collision insurance from your personal auto insurance, you don’t need to buy additional insurance from the rental company.  However, opting for additional coverage could be worth the price if you don’t have collision insurance. But if you’re charging the rental to your credit card, it’s also possible to get coverage through them.
  7. Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
  8. Flight Insurance – This is completely unnecessary, as airline accidents are rare, and your life insurance policy should already provide coverage in the event of a catastrophe.
  9. 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.