Why Business Insurance is a Dying Art

business insurance is a dying art

Business insurance is a dying art.

Sounds like a weird thing to say, right?

In order for business insurance to be a dying art, it would’ve had to be an art form to begin with…

…and who would ever believe that the majesty and panache commonly associated with art could ever be applied to business insurance?

The truth is business insurance is a dying art. In an increasingly technology driven world, many insurance carriers and insurance providers have begun to look into commoditizing the business insurance process similar to what Geico has done with auto insurance.

I will never concede that personal auto insurance is a commodity, but I can see where the average insurance consumer may believe it to be so based on TV advertising. However as an employee of a small business and the owner of a small business myself, I could never fathom purchasing business insurance through any type of automated process.

Business insurance needs a human touch

Business insurance carriers are doing their best to package coverages in a way that is easier to apply to a larger demographic of businesses. These packages are commonly referred to as a BOP or business owners policy.

A business owners policy generalizes your business operations by taking the average coverages that the average business from your industry classification needs and packaging them together. This means that a business owners policy, unadjusted, unreviewed and unendorsed is perfect if you run the most average business in your industry.

This isn’t to say that you shouldn’t purchase a business owners policy. In many cases, a business owners policy is the best solution. However, there must be a human involved in the process to ensure that your business owners policy is correctly formatted for your specific business.

Business insurance is a dying art

I don’t believe any business to be 100% identical to any other, no matter what the industry. We’ve worked with too many clients here at The Murray Group and gained too much experience to believe that any two businesses can be covered by the exact same policy.

This is why business insurance is a dying art. Many insurance providers are attempting to fit your business into the same neat package as all of your competitors. You know your business is different from theirs. So why then would we place the same business insurance package of policies on your business as your competitor across town?

The answer is simple. We wouldn’t.

Business insurance needs the human touch. There isn’t a boilerplate set of questions for you to respond to that leads to the perfect insurance policy. Here at The Murray Group we train our insurance advisors to not just follow along with a few questions on a sheet of paper but to listen to our clients. Every member of The Murray Group staff listens to our clients and future clients during every interaction we have in an attempt to find gaps in coverage as well as areas of potential duplicate or excessive coverage.

We’re listening for areas of pain and trying to find solutions to address that pain.

Business insurance is a dying art because too many insurance professionals are focused on the transaction and not the partnership between client and insurance agent.

When you do business with The Murray Group, you become our partner. We’re invested in your security and your growth. We do this because we believe in the product we sell and in the people we do business with.

Our brand is family and it transcends the transaction for the lifetime of our relationship.

We believe in a different way of doing business, and if you do as well, I hope you pick up the phone and give us a call, 518-456-6688. We’d love to hear from you. If you’d like to reach out to us by email, simply click here.

Thank you and good luck,

Ryan Hanley, CIC

P. S. We have a great newsletter called Risky Business. Click here to subscribe.

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