Key themes to prioritize during discussions with commercial clients
A Nationwide survey finds business owners aren’t fully embracing the opportunity to reduce operation disruptions.
Although supply chain and labor issues are piling stress onto businesses owners across the U.S., many are overlooking the ability of insurance agents to help prevent future disruptions with simple to deploy risk management practices, according to a survey from Nationwide.
The poll found business owners rank speed, ease and industry expertise as three vital priorities when filing a claim. While commercial insureds largely expressed satisfaction with their claims experiences during the past year, around a quarter said it was difficult or slow, while 1 in 5 respondents said it was challenging to track their claim, according to Nationwide.
When it comes to filing a claim, 68% of small business owners and 37% of middle-market owners said quick processing was a top priority, the survey found. Being able to call an agent or claims representative with demonstrable industry knowledge was also top-of-mind for commercial insureds.
Leading into 2022, insurance agents should emphasize the following three points when speaking with business owners:
- Timely claims reporting is vital to ensuring a speedy process. The average commercial line claim is reported 20 days after the event, adding as much as 15% to the lifecycle of the claim, according to Nationwide.
- Many disruptions are preventable by making sure proper housekeeping, maintenance and business continuity planning are in place. Taking these steps can reduce the cost of disturbances and decrease recovery time.
- For most businesses, fleet operation is the greatest liability and workers’ comp risk, making it critical to develop a formal fleet safety program to reduce accident risk. On average, a fleet accident costs around $70,000 and auto accidents continue to be the leading cause of work-related fatalities in the U.S., Nationwide reported.
“As 2021 comes to a close and business owners report a high level of satisfaction with their agents, independent agents have opportunities during their annual check-ins to open dialogue with clients around risk management and in-person or virtual support available to them, serving as a valuable partner to prepare them for the future,” Peter McMurtrie, president of P&C commercial lines at Nationwide, said in a release.
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