Cyber Liability Insurance: A Must For Businesses

Cyber insurance is a must for most businesses, especially now when so much business is being conducted at home and online. Cyber scams and phishing have increased by 40% in the last year alone, which is why it is more important than ever to convey to leads how vital cyber insurance is to their business. Just one cyber attack can mean a significant loss of revenue, or even the loss of their business. But before you can sell cyber insurance, you need to know exactly how it works and how to sell it.

a hand holding a cell phone with the words sign in on it and above the cell phone are the words "warning cyber attack" in large letters
Approximately 62% of cyber attacks are on small to midsize businesses.

Why Cyber Liability Is Needed

Approximately 62% of cyber attacks are on small to midsize businesses, and without cyber insurance to fall back on, most of these businesses will not have the means to survive the attack. The attack will end up costing them thousands of dollars, if not millions. In fact, the average cost of a cyber attack to a business is approximately $2.2 million.

Cyber insurance is needed now more than ever is because so many employees are currently working from home. With so many employees logging in to business’ servers through their home routers, businesses are at a much higher risk of cyber attacks – in fact, 1.8 million cyber attacks are conducted through home routers!

What Cyber Liability Insurance Covers

When speaking with clients about cyber liability protection, it is important to make clear that they may not be as covered as they think they are when it comes to cyber security. First of all, even if they have security software, nothing can stop 100% of cyber scams and attacks, because technology is constantly changing. Second of all, if they have an E&O policy, they may think that cyber events are completely covered. Unfortunately, this is not the case; these policies will offer some coverage against legal claims of negligence and errors, but not from damages resulting from a data breach. One sure thing that can help these businesses survive an attack is cyber liability insurance.

When selling cyber liability insurance, understanding the difference between first-party and third-party coverage is a must:

man sitting on a couch with a laptop on his lap with a lock icon on the screen.

  • First-party coverage: protects the data they own, such as information that pertains to the business and its employees.
  • Third-party coverage: covers liability associated with breaches of customers’ data.

Tips For Selling Cyber Liability Insurance

In order to sell cyber liability insurance, you must first be knowledgeable about the different types of policies and coverage they offer. Business owners are looking for help in finding the best policy for their specific business, which is why they come to you – so make sure you know your stuff! Here are some tips that will help you:

  • Speak In Relative Terms– Help your prospect understand the policy using simpler words, and try not to overwhelm them with insurance jargon.
  • Understand The Risks– Each business has its own risks based on its specific industry, so learn to detail the scope of cyber risks for each type of business.

    african american hands in a suit holding a white piggy bank.
    It is important to try and find the most savings that you can for a lead, not only to sell, but to build customer loyalty.
  • Decide What Policy To Sell– Once you evaluate the business, you can decide if they need a standalone policy or a packaged policy. They might need coverage for third-party liability or you can package it with an E&O policy.
  • Find Savings– Business owners might be afraid to invest in cyber liability insurance because they are afraid of how much it will cost them. If you can find them savings and discounts, then do so. If not, then you should explain to them the importance of cyber liability insurance compared to the costs of not having it in case of a breach.

Businesses are continuing to shift toward technology and this puts them at a higher risk for cyber attacks. Knowing these risks and the importance of protecting businesses with cyber insurance, as well as following the above tips, will ensure your success selling cyber liability insurance.

Facebook Marketing Do’s & Don’ts

Social media is a great tool for expanding your business, because it reaches such a large audience. Most people are on their phones for much of the day, and they often find themselves scrolling through Facebook. As they do, ads will pop up for products they might be interested in, or their friends might suggest a business or product. There’s a reason that so many businesses market themselves on Facebook: it remains the most popular social media network. With some smart Facebook marketing tactics, you can get your business noticed on the platform; but if you want to grow your business successfully through Facebook, you need to know what to do and what not to do.

Do:

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Create a Page, Not a Profile

When you begin to promote your business, it might seem like the easiest thing to do is to post on your personal Facebook profile. But you will look more professional if you have a Facebook page for your business.

Share Engaging Content Consistently

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Share your content often and optimize the posts by using hashtags.

People will follow you and take the time to look at your posts if they are engaging and interesting. Don’t just post text-based content; instead, take things a step further with visual content such as live video, photos, and GIFs. People love GIFs! The key is entertaining your audience as well as catching their eye. Don’t just constantly post about your business and what you can do for them; post relatable information, have them engage in polls, and share relevant news stories. Try to post between 12 pm and 3 pm on weekdays and between 12 pm and 1 pm on weekends, and use scheduling software to help manage your posts.

Optimize Your Posts

Sharing engaging content is the first step, but the next is to optimize your posts. How do you do this? By using hashtags and tagging other pages. Don’t overdo it with the tags, use about 1-2 per post and no more than that, or you risk compromising engagement levels. In addition, limit your posts to 50 characters or less to grab the attention of your audience, and include a clear call to action like asking them to “share” the information with others.

Respond To Comments

One of the most important things you can do when Facebook marketing is engage with your audience when they comment or have questions or concerns. Respond as soon as you can to comments and questions, especially if they are complaints. You should generally aim to respond within the hour of the comment or complaint being posted; if you do not, you risk losing that customer or prospect to your competitor!

Don’t:red letter X in a red circle

Just Promote Your Business

As we mentioned earlier, you should be posting about more than just your business and how great you are. The purpose of Facebook marketing is to promote your business, but the best way to do this is by building relationships with people. You cannot do this if all you do is constantly promote your business. Aim for 5 informational posts, 3 original content posts, and 2 fun posts per week.

Ignore The Negatives

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Never use clickbait or you will lose your customer’s trust.

One of the biggest mistakes you can make is to ignore all those pesky and annoying comments people make on your post. If someone decides that they are unhappy with your business and then voice their opinion about it, address it! Do not ignore it or it will hurt your reputation. Nobody likes to be ignored, and by ignoring the negatives, people will think that you lack in customer service. Respond to the comment and then send them a private message to further talk about the issue and find out how you can help.

Use Clickbait, Ever

Everyone hates receiving spam emails, texts, and spammy content. Posting clickbait content is a sure way to lose your customers’ trust and their business. Focus on authentic content that is not misleading. After all, you want to get more traffic to your page, not the other way round.

SEO Tips For Insurance Agents

The rules for how to best utilize Search Engine Optimization, or SEO, are always evolving. In order to improve the quality and quantity of traffic to your website, you need to stay on top of these rules and have a basic idea of how search engines use algorithms to choose which sites they will show to people. In most cases, customers are not going to be searching for your company specifically, so you have to know what keywords they are likely to type into the search bar. There are billions of websites on the internet, and it can be challenging to know how to beat your competitors at the search engine ranking game, so here are some tips to help make your website stand out.

Research

The best way to boost your website’s ranking is by doing some research. For example, you’ll need to research keywords and phrases that your specific audience uses when looking for answers online. You have to understand your audience and how they can benefit from your services. When you begin researching, consider:

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  • Focusing on local search terms, such as “Florida commercial insurance,” so you can target customers who live where your business is located.
  • Making a list of relevant topics based on the insurance products you offer. Be sure to consider alternate terms that people may search for; for example, “business insurance” and “commercial insurance.”
  • Researching related keywords, for example the keywords that appear as suggestions in Google when you begin typing an insurance question or product.
  • Prioritizing keywords with higher volume and lower competition.

Using Keywords

Content is king, and when writing your content, it is very important to include your keywords where it makes sense. Use your keywords multiple times on your page or in your post, but only where it fits. Don’t just stick them in in random places! Consider placing your keyword(s) in your:

  • Page title
  • First line of your text
  • Subheading
  • Meta description, or the brief summary that appears below your page title in the search engine results
  • Picture captions or alt text (alternative text), or the written copy that appears in place of an image on a webpage

As stated, make sure that your keywords flow in your content, because search engines can penalize you for over-optimizing your page.

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One way to boost your ranking is by asking happy customers to write a review on your behalf.

Influence

Influence plays a large role in SEO and the success of your business. There are two main ways that you can influence people, and nudge them towards choosing your business:

  • Solicit online reviews- Positive reviews are compelling reasons for people to consider choosing to work with your business. If you have satisfied customers, ask them to leave a review to help get you noticed online. Having multiple positive reviews organically gives Google more keywords that will help in promoting your business. Don’t be shy – research shows that 70% of people will take the time to leave a review when asked.
  • Produce and promote content- Blogging and content promotion is crucial for your SEO. People want to work with companies that they feel are authorities in their field; one way to be viewed in this way is by blogging. Businesses with blogs generate about 55% more leads than companies that don’t have them.

Use Google My Business

Are you aware of “Google My Business,” or GMB? It is embedded right into Google’s search engine and using it is one of the most effective ways to rank high in local search results. With a Google My Business account, your business will be listed with its location, hours, contact information, and other relevant information. You can also show up on Google’s “map pack”; when someone searches for a business in Google, they are most likely to click on one of the top 3 – 4 businesses on the “map pack.” Build a compelling profile by using your best performing local SEO keywords in the business description, adding content like blog posts and images, and constantly updating your information when necessary.

Cross-Selling Tips To Generate More Revenue

While selling one or two insurance products will generate revenue for you, adding more products will really increase your revenue. Cross-selling insurance is a sure way to make more money because, when it comes down to it, you are more likely to sell to an existing customer than to a new lead. Existing customers have already committed to working with you and trust you to deliver solutions for their insurance needs. In addition, you’ll end up making more money by selling to your current customers, because it costs 7-9 times more to attract a new customer than to keep an existing one. But before you can attempt to cross-sell to your existing customers, take a look at the following strategies for best helping your customers.

1. Know Your Customers/Build Relationships

caucasian woman in a business suit sitting down with a laptop on her lap with a cellphone to her ear smiling.

Don’t just focus on trying to make sales, build solid relationships. You’re more likely to keep your customers, and have an opportunity to cross-sell to them, if you take the time to build personal connections with them. When you take the time to get to know them, you learn what their needs are. If you know them well and know what is happening in their lives, you’ll be able to offer more coverage down the line.

2. Use Agency Management Software

76% of agents use sales technology to increase efficiency. If you don’t have customer management software that helps keep you organized and keep up with your customers and their behavior patterns, then you should consider investing in it.

3. Email Marketingcaucasian hand typing on a laptop keyboard with email drawing going towards the screen.

Many of your current customers are most likely on your email subscription list. In addition to using emails to alert customers of any changes to policies, or to send them relatable information/articles or holiday and thank you emails, you can use your emails to cross-sell. Reach out to your customers with different insurance policies they should look into or you think would benefit them. It puts the thought out there, makes them think, and possibly makes them the perfect candidate to cross-sell to.

4. Focus On Service Calls

Take opportunities to cross-sell to your clients when they arise. If they call or drop by to discuss their account or change their policy or information, take the chance to assess their needs and offer them insurance products that can benefit them. Go through their profile, look at what coverage they have, and see what other coverage they might be missing. Talk to them about how they might be able to save money, because everyone loves to save money!

Cross-selling insurance products to your existing customers can both help your clients and help your business grow. Your customers will remain loyal and trust you to provide them with valuable insurance based on their needs. And the one thing loyal customers bring in is more business!

Tips For Selling Insurance During Hard Times

Last year was an unusual year. Many people suffered, from business owners to employees who lost their jobs. Some small businesses had to shut down, which ended in them closing their doors for good and laying off their employees. All of this means that many Americans are facing hard times financially, so you might find that selling insurance is challenging right now. But we have some tips to help; after all, people still need insurance. You can help them, as long as you approach each sale with care and offer ways for customers to save.

Address The Importance Of Insurance

set of hands with paperwork in front of them on a table.
It is important now than ever to explain the importance of being insured during tough times.

When selling during tough times, you need to make clear to your prospects just how important insurance is to their health and well-being. Help them to understand the possible consequences of going without insurance. Create different scenarios to illustrate your point. Remember, though, the goal is not to scare them into a sale, but rather to help protect them from the unexpected.

One way to highlight the importance of insurance to your prospects is to show them that not having insurance can lead to financial risk and loss for everyone, whether it is a business owner who chooses to cut back on commercial insurance, or an individual choosing to opt out of health insurance. A business owner who forgoes insurance can jeopardize their business, because all it takes is one lawsuit to lose everything they have worked for. An individual who chooses to remain uninsured can end up in medical debt if they have an accident or develop a chronic condition. Again, approach the matter with care and compassion, and make it clear that you are not trying to scare them, or they might feel like they are being bullied into a sale.

Look for Discounts

If current customers are thinking of cancelling a policy, or changing to a cheaper plan, sit down with them and see if you can find any discounts available for their current plan. There might be some discounts that you can apply that will help lower costs. For business owners, let them know that they might be able to save money by bundling their insurance policies. Even saving your client a small amount of money such as $5-10 can make a difference to them!

Suggest a Higher Deductible

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Having a higher deductible allows people to save with lower monthly premiums.

If a customer is struggling to pay their monthly premiums because of financial issues, the easiest way to help is by suggesting they go with a plan with a higher deductible. High deductible plans will have lower monthly premiums, which can help them save more money each month, as long as they do not have an accident which will require them to meet their high deductible.

The COVID-19 pandemic has not only caused hardships for business owners and their employees, it has also caused hardships for agents. But if you follow the tips provided, and help people prioritize insurance, then you can succeed during these tough times.

Remember, if you’re looking for leads, one way to guarantee you’ll find them is by working with Benepath! Hundreds of leads looking for all types of insurance fill out our online forms everyday, and after they fill them out, we immediately transfer calls to our agents. Our leads are exclusive and offered in real-time, which sets us apart from other companies. Not only do we offer exclusive real-time leads, but we will even create a thank you page for you. This way leads know exactly who they are about to speak to before the call is transferred! To find out more, fill out your information on the bar to the side, or call 866-368-0377.

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