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If youre looking to buy Business Insurance you will have a certain level of power over a number of insurance brokers, insurance companies and insurance providers all wanting to do business with you. With this in mind we will put you in the position of the dealer in our game of Business Insurance Poker so you can watch the game develop. Are you sitting comfortably? Then let us begin: If you already have Business Insurance we will give your existing insurance provider the dealer button as they really have the best seat at the table. Theyve already built some kind of relationship with you and they can sit back and wait to see what the competition does before they decide to act. So next is the small blind. The small blind has an interest in your business as theyve put in some of their own money in the hope they can win your business. You may have seen an advert for them, they may have sent you a letter or they may have called you to see if you would like a quote for your Business Insurance. Next is the big blind. The big blind when it comes to Business Insurance could well be an insurance provider youve heard of. They have spent a sizeable amount of money to get your attention (maybe a television advert or some promotion in the National press) and they arent likely to give up without a struggle. So those are the 3 insurance providers who definitely are interested in you and your Business Insurance: Dealer button: Your existing insurance Small blind: Maybe an insurance broker who would like to help you Big blind: Perhaps an insurance company who has a large marketing spend and has got your attention. It is possible that this is only a 3 player game but as is becoming more common with insurance brokers and insurance companies other parties enter the game. These other insurance providers generally fall into 2 categories: 1. They are likely to offer something (or have a hand) similar to either your existing insurance provider (who still has the button) or the small or big blind. 2. These new insurance providers will offer you something different. They get your attention as they have noticed an element of weakness with the other people at the Business Insurance table and are planning on showing you how good they are. So how are they going to do this? Well more often than not they will raise and when it comes to Business Insurance this means they will give you more than the other people at the Business Insurance table. Lets play the Business Insurance Poker hand to explain in more detail: a. Your existing insurance provider sends you your renewal terms but you decide to look around for alternative insurance quotes as its either more expensive than last year or you just want to see what else is available. b.You receive a letter from an insurance broker who seems similar to your existing insurance broker but they save you a little on your insurance premium. It gets your attention but it is enough? c. You are now contacted by a direct insurer. You know their name, youve seen their adverts and they knock even more off your renewal price. Sounds great yes? Well maybe but let us see how the game develops. d. Another player enters the game and makes a bet (or in this case makes you an offer). Their offer is different in that: 1. They specialise in the type of business insurance you are actually looking for 2. They appear to focus more on you and your business rather than on how good they are and how cheap they can get your premium 3. They quote you a very good premium but in addition to this offer you advice, guidance and tell you that if you do suffer a loss with them they will be there to help you. They dont have call centres, they dont keep you waiting in queues. Instead they employ people who understand your business, understand your needs and are here to help you. So with the bets (or business insurance quotes) all on the table it is possible you may want to play one off against the others with bluffs, raises (or in this case reductions in premiums) until everyone has played their hand and you have to decide who to look after your insurance for another year. Will you choose? 1. Your existing insurance provider: who gave you your renewal premium but only really started to play when under threat from other providers 2. Someone who offers you the same thing but saves you a little money 3. A company who saves you a little more money but doesnt really stand out from crowd 4. An insurance broker who seems to understand what you need and will do whatever it takes to make sure you are satisfied Insurance companies and insurance brokers need to pay attention as although insurance is still a very price sensitive business the reality is customers and people buying business insurance want more than a cheap premium. They want cover tailored to their needs, they want an insurance provider who will work for them and with their interests at heart and they want someone to speak to when they need them most. They dont want to be held waiting in queues or even worse be keep waiting only to be cut off. They also dont want to speak to someone they dont understand or who doesnt understand them. Texas Holdem Poker is a great game but insurance for your business is a serious matter. Make sure you get the cover, service and insurance provider you deserve and don't muck it up.
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