As an insurance agent, you probably already know the many benefits that builders risk insurance can offer your clients involved in residential or commercial construction projects. It can be rewarding to know that your clients will be covered should they experience a loss.
If you’ve decided to focus on and expand your builders risk book of business to generate more revenue for your organization and ensure happy, covered clients in the meantime, focusing on any combination of the following four key areas may help you reach your goal more quickly.
Your existing book of business
One of the best places to start is with your existing homeowners and business insurance clients. Talk to your clients regularly (at a minimum when their policies are up for renewal), and ask questions that help you get to know them better.
Are these homeowner clients planning any renovation projects? Are business clients planning to expand by constructing a new building or adding on to an existing structure?
If there are indications that a client is considering a construction project, take the opportunity to discuss why and how the coverage they could receive from builders risk insurance is different from existing policies they may already have in place. If they have a homeowners policy, educate them on the gaps in coverage between homeowners policies and builders risk insurance. In doing so, you’ll position yourself as a subject matter expert, and your clients will appreciate that you’re looking out for their best interests.
Traditional practices and measurable activity
Don’t be afraid to use proven marketing practices when it comes to getting your name out there. These practices are classic for a reason. Networking by sharing business cards and flyers, attending community networking meetings and taking advantage of digital marketing opportunities can all help you get your message out to more potential clients and referral sources.
As you gain confidence in the builders risk space, look for opportunities to showcase your knowledge by giving educational presentations in your community. You may also consider writing columns or articles targeting people who may need builders risk insurance, as well as industry professionals who interact with your potential clients.
Collaborate with influencers and common industry businesses
In addition to targeting potential clients themselves, it’s also important to make connections with people in your community who can be centers of influence (COIs) for your builders risk business.
COIs can be anyone involved in any aspect of a construction project, from banking professionals to local government permit office workers. Real estate professionals and construction companies also interact regularly with your target client base. So step up, introduce yourself, and start building professional relationships with potential COIs to establish yourself as a trustworthy industry resource.
Industry trends and research
Besides furthering your credibility within the industry, staying abreast of what’s happening in your community from an economic development standpoint can also be beneficial to your business. Some sources of this information include local news and communications from your economic development agencies, as well as from your COIs.
When you know what type of growth is planned and behave proactively, you’ll be in a great position to establish your value as a builders risk insurance agent.
To learn more about the tactics to increase your revenue through builders risk insurance and market yourself as a trusted insurance expert, download our free eBook, Constructing Your Builders Risk Book of Business, today.
This is intended as a general description of certain types of insurance and services available to qualified customers. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.