There is no question that the current economy has significantly affected the hospitality industry, including insurance agents and carriers. When a consumer's disposable income is all but eliminated, the obvious first step to preserve cash-flow is to cut back on leisure activities such as vacations and eating out.

Hospitality may be feeling the pain of this recession more than any other industry, a fact that's reflected in the industry's insurance premiums. It's a vicious cycle: sales are down and so are your premiums, and business owners are looking desperately to cut their operating expenses just to survive.

Prosperity in the hospitality industry is under stress. Be the expert and support for these struggling business owners. The following are ways that you can stand out to your clients:
o Help identify loss control areas to mitigate risk
o Assist in reviewing their current insurance protection. What coverages are necessary for their business? What coverages are perhaps non-essential that can be dropped?
o Help them obtain the best value for the lowest cost
o Prepare applicants for increased loss exposures in areas affected by the recession, such as EPLI, crime and workers' comp
o Discuss premium financing options with your customers and help them find it
o Help them review value propositions. Give them options - obtain comparative quotes - and explain to them their choices, such as lower premiums for less coverage.