Like just about any other industry right now, COVID-19 has forced the insurance industry to evolve with the times. When debating COVID and insurance, you factor in that insurers have been increasing their communication with clients and offer more assurances during a very unpredictable time. Facing the new reality head-on will allow you to be more proactive in serving your clients and providing them with the right insurance for our new normal.
Any changes in home insurance?
Because of recent events, working from home has become more prominent; in some cases, remote working is temporary, but many see the benefits of remote working and are making the change permanent. For those clients that have made a permanent change in their work-life situation, it will be beneficial for you to evaluate their current home policy and make the necessary changes and additions to meet them in their current situation.
Because most people have combined home and work, some changes in the homeowner policies may be relevant. A homeowner policy may no longer provide the proper coverage and protections once you add remote working into the equation. With the home functioning as a home/office/classroom/bar/gym, their homeowner’s policy may not be adequate to cover everything. Reach out to customers who have traded in their office space for a home office to offer new options and solutions to ensure that they are appropriately insured.
Home and business insurance bundles
There are two popular options to offer your clients, adding business liability insurance to their portfolio or offering a combination of home and business insurance. Due to COVID-19, insurance providers may have created new insurance bundles, combining the most relevant policies into one attractive package. Determine if such a package will provide your clients with better coverage, better premium, and more value overall.
The long-term implications of COVID and insurance are yet to be seen, but it’s essential to react to current changes as they are happening. Always working towards the best possible protection for your clients and working proactively to provide the best service and insurance will continue to strengthen your client relationships and your brand. Contact AAI today and join for more business growth insights and guidance.