First things first, I apologize for the delay in getting this newsletter out.

The Revenue children had a rough week, so I’ve been running around like a chicken with my head cutoff.

5 kids under 9 means my household is a cesspool for whatever virus has been brewing at school.

Add in a trip to the ER because #4 swallowed a battery and it’s officially been a shit-show.

Nevertheless, the show must go on…

So, this week (as promised) I’m going to give you a sneak peak into Micah Salas’ new book “The Business Insurance Playbook”.

Even though it’s aimed at insurance buyers, it is a must read for Producers.

If you want to learn how to escape the vendor trap, and position yourself as a trusted advisor grab yourself a copy today.

Here’s the Table of Contents:

Introduction Why This Book is a Necessity

1 How the Insurance Game is Played

2 Know the Rules

3 Strategy 1: Hire One Agent

4 Strategy 2: Market Your Risk Strategically and Early

5 Strategy 3: Leverage Data and Analytics

6 Strategy 4: Risk Management and Implementing Best Practices

7 Strategy 5: Claims Mitigation and Management

8 Is Your Program High Performing?

Appendix A Common Issues Businesses Face When Dealing with Insurance

Appendix B Questions to Assess Your Agent’s Performance

Appendix C Interview Questions to Ask Prospective Agents

Appendix D Questions to Assess Your Program’s Performance

Glossary

Acknowledgments

About the Author

…Without further adieu here is Chapter 1.

Chapter 1: How The Insurance Game Is Played

Business insurance, also known as property and casualty insurance or commercial insurance, helps you manage your risk and protects your business from the unexpected costs of running it. If you’re reading this book, you most likely already have an agent who has helped you obtain an insurance policy.

But maybe your carrier has fumbled the ball when it comes to handling claims, or your agent seems content to sit on the sidelines instead of searching for the best terms and price for your risk. How does the game proceed now that you have an insurance program in place and are in pursuit of a better overall experience?

Did You Know?

Risk is the chance of something unexpected or harmful happening that would expose a business to financial damages. This could be someone sustaining an injury, or it may involve the damage, loss, or theft of property. When looking for insurance, you want to present your business and how it operates, along with what risks are associated with it. Instead of thinking about it as buying insurance, think about it as selling your risk to underwriters.

The first step is to evaluate your program, which happens on a yearly basis. Ask yourself if the insurance you have is good for your company—does it provide all the coverage that you need, does it come at the right price for what you get, how well has the carrier worked with you on any claims your business has had.

Chapter 8 takes a closer look at how to know if your program is high performing.

After assessing your coverage needs, it’s time to find an agent. Interview two to three agents to find out how they plan to handle shopping for insurance and any ideas they may have to boost your overall experience. Chapter 3 provides a more in-depth look at how you can approach finding an agent.

Did You Know?

Shopping, or marketing, is when you are looking to buy insurance. This is the quoting process, and your agent will do most of the work here when they champion your business to various carriers to obtain bids. Agents begin this process by gathering information about you and your business, which they then use to fill out applications that make up the submissions send to underwriters. After the submission is sent, agents stay on top of underwriters to ensure timely receipt of quotes.

Once quotes are released, agents compare them and review the terms, conditions, pricing, and coverage. Then they negotiate, and the shopping process winds down once the agents bring the final quotes to their clients.

Once you’ve interviewed prospective agents, it’s time to hire one. This is a critical step as the agent will do most of the work in approaching insurance carriers and will work proactively with you on claims.

Did You Know?

An insurance carrier is a company that sells insurance. Carriers are also referred to as insurance companies, insurance providers, insurance agencies, and insurance markets. In this book, provider and market are used interchangeably with carrier.

There are several different jobs that keep carriers running, including actuaries, claims adjusters, loss control specialists, customer service reps, sales agents, and underwriters. A lot of the focus in this book will center on interactions with underwriters, so keep reading to find out what an underwriter does.

But what if your current agent is stinking up the field? If you already have an agent and they aren’t meeting your standards, you can replace them using an agent of record letter (AOR), aka broker of record letter (BOR). This letter is required in order to remove your current agent from the contract with your current carrier. It also assigns a new agent of the client’s choosing. Don’t ever feel stuck working with an agent who is providing poor service.

Now that you have an agent on the playing field, you will need to have a renewal/planning conversation with your agent to ensure you are on the same page when they go to shop, which is the next step. Here, the agent approaches insurance carriers and obtains quotes from underwriters. It will take underwriters a minimum of thirty days to generate quotes, but you should expect a range of forty-five to sixty days for companies that have fifty or more employees. It will take less time for smaller businesses—usually less than two weeks for very small businesses. Once quotes are released to the agent, then allow another five days for your agent to review the quotes and negotiate for the best price.

Did You Know?

An underwriter is an insurance professional, who works for an insurance carrier, deciding whether to insure a business and under what terms. Underwriters evaluate a company’s risk and determine coverage and pricing. Insurance agents work closely with underwriters when shopping for insurance. Simply put, you want underwriters to like you.

Finally, you buy the insurance. Your agent will review the quotes with you and help you decide on the best option. When you decide on a carrier, your agent will let the underwriter know, and then you’ll be presented with paperwork to sign. Your insurance is now in place for another year. Touchdown!

Keep in mind that selling your risk is a continual process. Just like in football, you need to use the offseason—the time after the renewal—to improve your risk profile for next year’s renewal.

Did You Know?

Your risk profile is an overview of your company that the underwriters evaluate. It will include your operations, claims history, location, culture, and risk management strategies you implement. You can use your profile to determine your company’s risk appetite, which is the amount of risk you are willing to accept to achieve your goals.

Ok, That’s It For This Week.

As I stated earlier, I can’t recommend this book, enough.

This book will give you the tools and insights you need to have conversations with clients and prospects no one else is.

Be a partner, not a vendor.

Grab your copy here.

See you next Sunday.

Kick ass take names,

Maximus F. Revenue IV