Not everyone can easily purchase all the insurance they need in one policy. Some individuals and businesses require additional coverage to protect their assets. Others may find it difficult to get approved for coverage due to various mitigating circumstances. Here are four things you should do when seeking additional insurance coverage for a client.
1. Understand the Client’s Current Coverage
There are two main scenarios that cause a client to seek help finding insurance coverage: being unable to find appropriate insurance coverage and needing additional coverage. Before you can help a client find more coverage, you need to learn about his or her current coverage situation.
If the client currently has a policy, then you can focus on finding the additional coverage he or she needs. If the client doesn’t have any insurance, you’ll need to determine why. Then you can begin working on getting him or her an appropriate policy.
2. Determine What Additional Coverage the Client Needs
There are many types of mitigating circumstances that may affect a client’s existing coverage and further coverage needs. Some clients may be having issues with hard to place property insurance while others may require additional coverage for certain assets because their existing policy doesn’t provide enough coverage.
After you’ve taken some time to learn about your client’s current coverage, you can then determine what kind or kinds of additional coverage the client needs and how much coverage he or she requires.
3. Review the Client’s Financial Needs and Assets
Make sure you have all the information you need about your client’s financial situation, needs and related assets. If your client is seeking additional coverage, you will need to know why he or she needs more coverage and what the coverage is for. If your client finds it difficult to purchase coverage, then you need to understand what is causing the issue.
The client may simply need help finding the right policy or provider. Alternatively, the client’s business or property may be risky to insure. This can occur for a variety of reasons, including a business having multiple operations or a patchy insurance history, a company being very new or a business owner not having enough capital to pay for the insurance he or she needs.
4. Keep the Client’s Long-Term Goals in Mind
Remember not to focus solely on your client’s immediate goals. You also need to keep all long-term goals in mind when making insurance coverage decisions. Talk to your client about what he or she expects for the future financially.
If your client is an individual, you need to discuss his or her age, current financial status, financial goals and health. If he or she represents a business, discuss the business’s health, history and business plan.
It’s important to find your client the insurance coverage he or she needs or wants. It’s equally important to ensure that the coverage doesn’t come at the expense of higher prices than necessary. Make sure you discuss all options and requirements with your client to ensure he or she is getting the right coverage for the right cost.