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How to Insure a Niche Business

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StrategyDriven Risk Management Article | How to Insure a Niche Business

As an insurance agent, if you have a niche client that specializes in a unique field, you may have found that it’s hard to find insurance that keeps them properly protected. Many blanket liability policies have gaps that don’t cover niche businesses, leaving your client out to dry when they need protection the most. Rather than telling them you are unable to help, here are some tips on insuring their niche, high-risk business.

Enlist Some Help

The first thing you need to do to insure their high-risk business is enlist some help. Unless you have access to every type of insurance policy imaginable, which you very likely don’t, you may not have all the tools necessary to find a proper policy. If you know you don’t have the policies needed, find an expert who does.

A wholesale insurance broker specializes in finding niche and hard-to-insure businesses the coverage they need. If you aren’t sure where to begin when it comes to helping to ensure your client, finding a broker who knows multiple insurers and agencies is a great first move. Wholesale insurance brokers can either find you a policy to fit your needs or even create one: you just need to make the initial call.

Assess Your Budget

Your next step toward insuring your client’s niche business is to assess their budget. Every insurance policy, whether it’s general liability coverage or something more customized, will cost a fixed annual rate. Before you settle on a policy, you need to know how much they can afford to spend without going into the red.

Along with choosing a cost-effective option for their policy, you need to make sure that you’re getting the most bang for your buck, to put it lightly. There are hundreds of insurance policies that may fit their budget, but not all of them will fit their needs. Part of your job will be to help them decide what’s the best value for your business, but they can’t do that without your help. Set a budget and go from there.

Get Multiple Quotes

The third step to insuring your client’s high-risk business is to get multiple quotes. This step goes along hand-in-hand with the other two. By getting multiple quotes from multiple brokers, you can not only see what price options there are, but you can also learn a bit more about what type of coverage your client may need.

By getting multiple quotes from wholesale insurance brokers, you can go over a list with your client and narrow carriers down until you find the right one. What once may have seemed like an impossible task won’t look so daunting once you chip away at your list of names and numbers.

Costs per year, agent information, and coverage red tape are all included in each policy. By getting more than one quote before you make a decision, you can ensure your client will have the best deal that offers the most complete coverage for their business.

The Bottom Line

The bottom line: don’t go into this alone and turn away business just because you don’t directly offer policies that fit your client’s needs. By bringing in wholesale insurance brokers to help, you can help your clients make the best fiscal decisions for their company.

How to Successfully Market a Niche Business

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StrategyDriven Marketing and Sales Article | How to Successfully Market a Niche BusinessMarketing any business is a tricky process. There are many different elements to consider, from the target audience to the allocated budget. Then there are all the different advertising channels available, where you have to try and figure out which ones work best for a business.

It’s difficult, right? Well, throw a specialised niche into the mix, and the challenge becomes even more severe.

Or is it?

While working in a particular niche will limit the options available, there’s still plenty of potential to craft a killer marketing plan. It just depends on how you approach the task. To help you out, here are a few tips on how to successfully market a niche business.

Know the audience

As with any business, any marketing plan begins with getting to grips with the audience it is targeting. You need to understand why customers decide to shop at your niche business. You also have to figure out what might be turning them away, and if there are any potential opportunities available that are currently untapped.

Remember: this is more than just the basics like gender, age range, and income. You must gain a deep understanding of their behaviour patterns and preferences.

Use the right content

Once you understand the audience, you’ll already have a firm grasp on what type of content will work to bring them in.

For instance, if you were promoting a law firm, flashy graphics and funny videos are not exactly suitable. The audience you are targeting is one that seeks a company that exudes professionalism and expertise. Posting cat memes is only going to reflect badly on the law firm.

Get the content right, engage with the audience, and start reaping the rewards.

Don’t avoid local customers

When you’re marketing a niche, it can be easy to try and cast a net wide in an attempt to capture every potential customer. This is a possibility depending on just how specialised the niche is, of course, but you shouldn’t lose focus on an important aspect: the local audience

In fact, certain specialised businesses depend on their local customer base. To use an example, a reputed accountant, Liverpool based firm is Alliance Accounting. Despite their reputation and expertise, their main targets are clients that are in Liverpool and Sydney. The reason is simple: people from other areas of Australia are less likely to travel across the country for an accountant.

Listen to feedback

If you’ve created a business from scratch, you might have a tendency to ignore any feedback that goes against your grand vision.

Never do that.

It is fine for you to feel proud and be protective of your company. However, any business needs to listen to its customers. If they have a valid point, require assistance, or are simply there to complain, respond to them. If you do it in a respectful, self-assured manner, this will reflect well on your business and may even turn complainers into loyal customers.

Feedback will also help you to shape your marketing plan. After all, your marketing strategy should be one that’s open to change. Continually refine your approach, and you will be able to reach a more considerable number of targeted customers.