Security Outside the Box...

Here in the Mid Michigan region summer is in full swing and as we have begun to experience what some might call suffocating heat and humidity. I hope that everyone is staying safe and cool during this time. In addition to the heat the storms during this season have been fantastic, if you like storms, that is. Unfortunately the storms make me very aware of the amount of individuals, families, and business that find themselves without insurance or severely under insured.  When weather creates large paths of destruction it can turn a person’s world upside down.  This makes most people realize the necessary evil that they consider to be insurance.  

I recently had one of my customers tell me, as he was removing his check book from his wallet, that he was becoming insurance poor.  In the same breath he said ‘but the second I take the insurance off (my home) something is bound to happen’. I couldn’t agree with him more but he is not the typical insurance customer. The truth is that many people just want lower premiums and better coverage and if they could get it for free that would be even better!  When given the choice between groceries and insurance the consumer will probably choose groceries every time, and, with good reason. Even as an agent in the industry I can’t say that I wouldn’t make the same choice if given that option.  That is why, as an industry it is more important than ever to educate our customers on the security that insurance can give them, their families and businesses.

I am not a great salesperson, so believe me when I tell you that this is not a marketing tactic on my part. It is however, my new outlook on insurance and on the money that I invest in that direction. In many ways Insurance is a security measure against many things such as homelessness, law suites, unemployment and bankruptcy.  Insurance gives the peace of mind that if my house burns to the ground my family will have money to rebuild and in turn my family won’t be homeless.  A business owner who has a customer slip and fall in their establishment can try to ward off law suits by offering up his liability coverage for medical injury.  While in this case, it is still possible that the customer could still try to sue him but at that point he will have the backing of the company on his side in court. That is security to the business owner.  A business owner who has business income coverage can also know that should they have a fire they will have income while they work to become operational again. This can protect them from becoming unemployed, without income, and in some cases allow them to stay financially solvent.

While these examples may seem far fetched, I truly believe it has become our job as insurance professionals to think outside of the box for our customers. Look for what they need to help them understand the security and investment in managing their personal and business risk. It is no longer just ok to collect premium and hand over a policy. It amazes me how many people are starting to read through their policy, line by line, to try to save a penny. Maybe it’s the economy that has caused this issue; of course presently everyone wants to blame the economy for everything. In a society where so many people are struggling to make ends meat and make a profit, it is more important than ever to show them that our goal as an industry is to help protect them. So that when the unthinkable happens to them they can have security in the fact that they are protected and will have to pull less out their pocket to make themselves whole again. It really is a priceless commodity.