Busted: The Top 6 Insurance Myths Explained

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Insurance is complicated; time and attention-spans are short. The insurance industry is a juggernaut, with nationwide net premiums of $1.2 trillion in 2017, according to the Insurance Information Institute. There are many types of coverage, including property and casualty, life, health, automobile, property, business and liability each with their own components and all with terminology that never makes for light reading. It’s understandable, then, that there’s some level of confusion among many of your customers. And this has led to certain myths and misunderstandings persisting. As ...

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  • Climate Change and Insurance: What Independent Agents Should Know

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    Climate change isn’t just about the world getting warmer — it’s about the increase of adverse weather patterns across the globe. Intensifying hurricanes, rising sea levels and damaging wildfires are just a few events which can be attributed to climate change. Since different aspects of the changing climate pose different, specific threats to people and businesses, they all require a unique insurance approach. Here’s how independent agents across markets and geographies can understand their client base and create the right policy solutions.  

    Understanding Climate Change

    First and foremost, independent agents must understand the impact of chang ...

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  • Ask the Right Questions: Understanding Your High-End Insurance Customer

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    When independent agents think of property and casualty insurance coverage, the first things that spring to mind are standard personal property and belongings. Indeed, as insurance provider The Zebra notes, the most common policies are homeowners, renters and car insurance. However, P&C insurance can also include more high-end coverage on some extremely valuable and expensive items. Yachts, which fall under inland marine or ocean marine property insurance, are one example, and personal aircraft, which fall under aviation insurance, are another, writes the team at ...

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  • Planning for Success: How to Create a Business Plan When Starting Your Independent Insurance Agency

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    Launching an insurance company comes with a lot of twists and turns. Independent agents face many uncertainties, which means it’s important to stay organized and have a clear road map. That’s where a business plan comes in.   Defined by the Investopedia team as a written document describing how a business will achieve its goals, a business plan lays the groundwork for you as you go from fledgling startup to thriving insurance agency. Below is a guide for creating your own business plan, including the specific steps to follow along the way.  

    Why Do You Need a Business Plan?< ...

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  • Volunteering: How Independent Agents Can Do Good and Grow Their Business

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    Relationships are a big reason why people turn to independent agents for insurance coverage. That’s because agents understand the unique needs and circumstances of their customers and treat them as people rather than numbers, writes the team at O’Connor & Co. Insurance. Being a good listener, getting to know your customers and anticipating their needs are all traits that give you an edge over larger, less personal companies. That personal touch is in fact one of the main advantages and selling points that independent agents have. But you can take it further by using ...

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  • Pitching to Reluctant Buyers: Making the Case for Important Insurance Coverage

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    Independent agents know how crucial insurance is to nearly every facet of life. Having the right policy can be a tremendous asset and help a person come out of a traumatic experience relatively unscathed. “Life is very uncertain and has a way of throwing surprises at you when you least expect it,” explains insurance writer Yash Sharma. “In order to be fully prepared to deal with the contingencies in life, insurance is essential.” Account executive at HNI Risk Services ...

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