Why Bundling Insurance Is Right for Your Small Business Customers
As an agent, you know there are benefits to bundling insurance policies. But it may surprise you to learn how many benefits there are, especially when you’re recommending insurance from Travelers. Bundling small business insurance policies can yield benefits throughout the sales cycle, from winning to retaining customers.
Benefits to agents selling business insurance
Consider bundling workers compensation, business owner’s policy and auto coverages. The benefits to agents can be a game changer when it comes to efficiently growing a book of business customers.
You boost customer retention by keeping your customers satisfied. Most customers prefer stability and consistency, especially if making a move requires switching multiple coverages. Multiline policyholders stay up to two years longer.1
Selling points to small business customers
Bundling insurance would be appealing to customers for many reasons. Consider some of the benefits to small business customers of bundled coverages. These can be key selling points.
Save time
One benefit of bundling is that it reduces paperwork because there are fewer separate bills to keep track of. Bundling simplifies policy management by helping to streamline renewals, as well as the billing and claim experience. This can all add up to significant time savings for your customers.
Save money
Saving money may be the most appealing benefit of bundling insurance, from the customer’s perspective. Your small business clients likely watch every penny, so a multiline discount* adds up to real dollars when you combine a business owner’s policy (BOP) with workers compensation or another coverage.
Your small business clients are busy and cannot afford to waste time managing multiple policies across different insurance companies. By consolidating, they have fewer bills to keep track of and one contact number for claims. These are conveniences they appreciate. It is much easier to keep track of coverage information when it is with a single carrier.
Close coverage gaps
Customers who bundle insurance may not have to worry as much about gaps in coverage. Most small businesses need several types of coverages to address the specific risks their businesses face. With several policies from different carriers, a business may be vulnerable to coverage gaps and their coverage may not scale well as their business grows. To address coverage gaps, Travelers’ business insurance solutions are designed to complement each other and close gaps when bundled.
Enable a more efficient claim experience
When policies are with one carrier, it lessens the potential for coverage confusion. In the event of a claim, it is clear which insurance company is responsible for handling it. It can also mean clarity on which policy covers the loss. This can result in a quicker and more efficient claim process when compared to a claim that involves multiple policies with different carriers.
Be a hero to your small business customers. Help them reap the benefits of bundling their insurance with Travelers.
Insurance expertise from Travelers
Travelers has a broad array of well-designed, customizable coverage options that are convenient to bundle.
Travelers simplifies the process of bundling, offering specific coverage solutions to meet the unique needs of each small business. Agents can bundle new coverage easily by harnessing the power of TravisSM fast quoting technology. Policies managed within the same company, from general liability to professional liability, means agents are supported by one trusted, experienced and highly rated provider.
With more than 160 years in the insurance business and an A++ rating from A.M. Best,** Travelers has the stability and expertise that can help you grow your book of business by providing smart insurance solutions – like bundling – to your clients.
Use the power of the Travis quoting platform to generate accurate quotes in minutes. Travis makes it easy to quote multiline policies often. Quote now with Travis.
*Discounts may vary by state and individual risk characteristics. Discounts are subject to eligibility, availability, do not apply to all coverages and are not guaranteed.
**A.M. Best’s rating of A++ applies to certain insurance subsidiaries of Travelers that are members of the Travelers Insurance Companies pool; other subsidiaries are included in another rating pool or are separately rated. For a listing of companies rated by A.M. Best and other rating services, visit travelers.com. Ratings listed herein are as of July 20, 2023, are used with permission and are subject to changes by the rating services. For the latest rating, go to ambest.com.
Source:
1 Travelers Internal Research, Retention Analysis, May 2022
