December 8, 2022
Did you know that workers' compensation is government-mandated? The benefits that are required for workers comp vary depending on the state, with almost all of the states in the US having the required benefits. The only state that doesn't require workers comp insurance is Texas.
If you're an insurance agent, you might be feeling stressed about how to sell workers' compensation insurance to employers.
Fortunately, in this article, we'll review the strategies you can use for selling workers comp. Finally, you can learn how to sell workers comp and make more sales than ever. Read on to learn more.
When employers are getting insurance cover of the workers' compensation type, they might not have all the information they need to make the best decision for their business. After all, many employers have simply gone through their State Workers' Compensation Fund in the past.
However, with the business world changing, many small business owners would benefit from getting workers comp from workers comp carriers like your insurance company.
By educating them about this, you can make them aware of this opportunity. This will make it more likely that they'll end up considering your insurance company as an option for workers comp.
Additionally, by educating your buyers, you'll become an authority on the topic of workers' comp and workers comp insurance companies. As a result, they'll be more likely to choose your company.
To educate your buyers most effectively, you should become an expert in your market area's workers' compensation insurance. For example, you could specialize in workers comp in the state of Maryland.
Then, you could educate your buyers by providing them with a series of resources about workers comp in Maryland. These resources could include blog posts, videos, email newsletters, ebooks, and more.
You can answer questions such as "How does workers comp work?", "How much money will I save by getting workers comp?", "What are my workers comp insurance options?", and more.
If you've just started doing sales for a workers comp insurance carrier, or your insurance company has just started offering workers comp, it can be easy to feel like you should start from scratch when selling to potential customers.
However, it's important to consider your existing customer base. This will save you time in two ways. You won't have to start a new marketing campaign (yet) and you'll already have the contacts you need.
In addition to being more cost-effective, this strategy will also be faster than having to find new clients entirely. To get started, go through the files you have on the customers you have already. Then, check in with them.
Do any of them have businesses? Are they looking to grow those businesses? Will they need workers' comp for staffing?
There are three different strategies you can use to let your existing customer base know about your workers' comp offerings. One, you can let them know about it when you're periodically contacting them. This is a smart thing to do anyway, checking in with your customers.
Usually, agents do this when a policy renewal is due. This is the perfect opportunity to mention that you have workers comp available.
Two, you can make an offer directly to your customers. If they're considering getting workers comp for construction or another type of work, they'll be more likely to go with your company because they're already your customer.
Three, you can announce to all your customers that you're now selling workers' compensation insurance. If your customers were looking for this type of insurance and simply didn't know you sold it, they'll likely ask you about it!
Another strategy you can use when selling workers' compensation insurance is to specialize in one type to sell. This is also called choosing a specific niche to specialize in. For example, you could specialize in compensation insurance that's high-risk.
Even though it may seem counterintuitive to have fewer types of workers comp insurance available, it can be better for sales. Many companies focus on a niche and are successful.
When you focus on one niche to sell insurance to, marketing what you're selling becomes much easier. As a result, you can spend less time marketing and more time making sales.
You can create a niche by focusing on a specific type of workers' compensation insurance. Another option is to trim down your target market according to location, gender, or age.
When you start selling workers' compensation insurance, you should refer to your experience and your firm's. Tell the buyer how much you know about insurance, what your qualifications are, and how many years your firm has been selling insurance.
This will make you seem like an expert, making it more likely that customers will choose to buy workers' comp insurance from you.
Something that prospects are likely to do when you're on a call with them is ask questions about what you're selling to them. For this reason, it's important for you to become a workers' compensation insurance expert. You should be able to answer questions such as:
"What benefits should workers' compensation insurance include?" "What are the requirements for workers' comp in my state?" "What workers' comp insurance coverage would you recommend for workers in my industry?"
The more information you can provide when prospects ask you questions, the better. This way, they'll be more likely to trust you and be more interested in buying insurance from you.
Whether you're selling general liability insurance, workers' comp insurance, or another type of insurance, you need to be aware of buying signals. If you aren't aware of these, you might spend a lot of time pitching without realizing how close you are to closing.
To do your sales role most effectively, it's important to use the right setup. If possible, have two different monitors in front of you while you're working. One of these monitors can have your CRM open and the other can have your quoting software open.
This way, as you speak with prospects, you'll have all the information necessary to give them insurance quotes.
It's also smart to have a VoIP phone system. This way, you can make your sales calls directly through your computer.
When you call your prospects, immediately tell them that you're calling because you want to discuss workers' compensation insurance with them. People are more likely to buy from you if you start your call out with the reason why you're calling.
Of course, you would open your call by greeting them, introducing yourself, and saying what insurance company you work for. You might also ask how they're doing or how they've been.
Immediately after this, however, you should tell them why you're calling.
You should also follow up with your prospects. Most of the time, people doing insurance sales won't close when they're on that first call. Instead, they'll end up closing the deal after they've followed up with those prospects.
Whether you're telling your prospects about workers' compensation or general liability insurance coverage, following up will make your sale more likely. This is because when you follow up you're building trust.
Keep in mind that one additional call won't always be enough. You might even have to follow up five times! It will be worth it, though, so don't give up after you've made only one call.
Finally, you should use a variety of marketing strategies. You can use these when attempting to make one specific sale. For example, you could start by calling a prospect, and if they don't answer, you could send an email to them.
Then, you could connect with them on social media. (LinkedIn is a good place to do this.)
If this order doesn't work, you can always try out other ways of reaching out. You could call them again, send a handwritten note, or a piece of mail.
Now that you've learned about what strategies you can use to sell workers' compensation insurance, you might want to learn more about workers' compensation. In this case, you should look no further than Normandy Insurance Company.
At Normandy Insurance, we're experts when it comes to workers' compensation. To learn more about how we can help you, contact us now.