May 12, 2020
Without question, COVID-19 is impacting nearly every industry, and world economies are trying to find their footing as the pandemic continues. But as an insurance broker, you know that risk is plentiful, and there is no rest when your aim is to grow a successful agency, even amid the chaos.
Now more than ever, companies are looking at their coverages to ensure their organization and its workforce are protected. The concept of “workplace injury” is now expanding to home offices, as well as exposure to viruses. As organizations navigate new interpretations of their workers’ compensation policies, brokers are in a special position to provide added value and play an advisory role.
Growing an insurance agency also means looking out for new industries and opportunities for workers’ compensation. The hospitality industry, specifically hotels and motels, offers a unique opportunity due to its large, on-site workforce with a wide variety of roles.
Hotels and motels have a wide variety of jobs, and therefore a diverse workforce. Janitors, housekeeping, front desk, baggage handlers, grounds and facilities, maintenance, and many more roles round out the hourly employee base of a given property. That means each hotel chain has an incredibly diverse and complex workforce, with each job facing its own risks.
A concierge will face a different set of risks than a maintenance worker, yet all situations must be considered when writing a workers’ compensation policy to account for the diversity. Now that we are facing a pandemic, staff may be exposed to viruses - is that covered in the policy?
It’s no surprise that the coronavirus pandemic has hit the hospitality industry hard. Most travel is suspended, which leaves hoteliers with vacancies and furloughed workers. Yet, at the same time, management is facing new threats and wondering if their establishment is fully protected.
Hoteliers will emerge from this pandemic concerned about this new threat to their workforce and guests. It could be smart to begin creating a target list of hotels and motels to contact regarding their workers’ compensation coverage, especially once they are again welcoming guests to their properties.
In the meantime, use this period for research and to create a sales strategy for approaching various businesses. Can you identify several local motels in your area? Is there a chain of hotels that fit well with your model? Do you have a unique angle for helping a local resort get back on its feet?
You should not only be developing your target list but also writing introductory emails, proposals, and coverage reviews. You could also compile ways the hotel could reduce their risk through safe practices and process changes. By demonstrating your knowledge of their specific business challenges, you will show yourself as a trusted advisor and not merely an insurance salesperson.
At Normandy Insurance, we love our agents! We are here for you whether you want to target a new industry or specialize in a niche. Our workers’ compensation experts are all working remotely to provide excellence during the coronavirus, from writing new policies to checking on the status of claims. We are here for you. Get in touch to learn about becoming an agent with us: www.normandyins.com