New York business owners need more than just DBL insurance coverage
The DBL insurance industry recently experienced a shake-up when New York State passed a law requiring mandatory Paid Family Leave coverage, to be written as a rider to NYS DBL policies. Several carriers exited the DBL insurance market because they didn’t want to write PFL riders, which left many brokers looking to replace their DBL policies.
Brokers had two choices: Lose the DBL business or leave their existing carriers to write DBL insurance policies elsewhere. DBL Center brokers who relied on DBL Center as their back-office staff were able to move those DBL policies with ease, impress their customers, and strengthen their position in the marketplace.
DBL Policies Open Doors
These brokers found that DBL insurance policies open doors to more business. This has always been true, but it’s even more relevant now, in 2018, when fewer carriers are writing DBL insurance coverage.
If you are the broker who can write these policies for New York State business owners, provide exemplary service, and build trust with your customers, they will come to you for all their insurance needs.
For P&C brokers, DBL insurance can act as your foot in the door, giving you the chance to write high-commission policies like home, auto or even umbrella policies for business owners and their employees.
Let’s look at some of the opportunities available to P&C brokers to expand their book of business with new and existing DBL insurance customers.
1. Smart business owners will consider expanding employee benefits packages with ancillary lines of coverage.
We’ve talked in-depth about enriching DBL coverage in light of the new PFL law. But business owners can also improve employee retention with ancillary benefits such as vision, dental, and life insurance.
The DBL Center can provide a discounted benefits package when you bundle these ancillary lines with an enriched DBL package, allowing you to provide your customers with even more value.
2. Business owners will rely on someone they can trust to write their personal insurance policies.
In addition to business insurance and employee benefits, business owners also need insurance for their personal assets. As an insurance broker, you know that many business owners possess one or more of the following: high-value homes, vacation homes, automobiles, recreational vehicles, or boats.
Once you’ve established trust as their broker of choice for mandatory DBL insurance or enriched DBL coverage, it’s easy to ask your business customers if they’d like a quote on an umbrella policy to cover their home/auto and other possessions requiring insurance. They might also consider purchasing life insurance through your brokerage.
Most consumers understand that when they do business through one company, they can get the best deals and preferred service as a loyal customer. It’s your job, as their broker, to remind them about your other insurance lines and the savings you can offer them. A new sale and a large commission check could be just that easy.
3. Business owners may refer their employees to you for their personal insurance coverage.
Not only do business owners have cars, homes, and boats to insure, so do many of their employees. What if you could earn referrals from your biggest accounts, just by providing excellent service and low rates to the owner of the company? You can increase your commission checks by writing homeowners’ insurance, auto insurance, umbrella policies, renters’ insurance, or whole- or term-life insurance policies.
More Than Just DBL Insurance
In New York, DBL Center specializes in DBL, PFL and ancillary benefits. We couldn’t tell you how to sell your P&C lines or where to go for the best rates.
But we can remind you that almost every business owner needs DBL coverage. And with our back-office staff providing white-glove service, as well as our new Net Revenue Tracker app giving you fast, convenient access to all your accounts, we make it easy for you to sell DBL and maintain your DBL accounts.
By doing so, the DBL Center opens doors for you to expand your book of business with the lines that you know best such as health, life, home and auto insurance and umbrella policies.
Need more information about DBL and PFL? Need tips on marketing DBL insurance coverage? We are here to help. Give us a call at (631) 293.5100 or get a quick quote now.