It’s not just about their commercial insurance needs – there is much more you can help them with, whether it be: the mortgage/investments/pensions of the business owner or directors; the company’s employee pensions provision; or its Private Medical Insurance or Group Protection cover. It’s a great opportunity to offer the whole range of protection/insurance. Even if you only handle mortgages and the associated protection insurance, you can still help them find the right covers at the right price for their other needs by partnering with specialists in each area – and receive a share of the income, whilst protecting your clients.

When prospecting commercial clients, the key is to think outside the box.

Do your research, but you may already know more than you realise about these clients if you look after the owner/director’s financial affairs or perhaps the company’s pension or protection plans.

Key information includes:

• What is their business; what sector do they work in?

• What is their size? (Turnover, wage roll, number of employees, etc)

• What is their company history, how has it evolved, has their business changed recently or have they made any new investments? (Perhaps buying a £1m piece of plant or new premises to work from)

• Do they have plans to move into new areas, change what they do or make future investments? Do they need help in arranging the loan to buy that big ticket item?

• Are they thinking about their exit strategy, whether it be retiring in a few years, passing it on to a son/daughter or selling up? Do they need any retirement/investment or inheritance planning advice, now or at some stage in the future?

• What is their annual spend on general insurance and protection, when are their polices due for renewal and when do they next plan a review of their cover?

But above all

• What keeps them awake at night that you could help them with?

Even if the current policy is not due for renewal soon, find out the renewal date, it helps to build a lead pipeline. This will give you another opportunity to speak to them at a later date, not only about the insurance but also your additional offerings as their mortgage broker/financial adviser.

Whilst some commercial insurances can be relatively straight forward, for instance a shop or office package policy; many firms will require more complex combined insurances which can encompass multiple policies. Such complex cases often require a bespoke insurance solution.

You do not need to be an expert to be able to generate leads – if you feel you don’t have the knowledge to handle particular aspects, pass on as an introduction to a specialist who you trust to do a good job for your client and who will share their recurring income with you.

Top lead generating tips:

1. New Clients – whatever the enquiry, you are likely to know your client’s occupation. If they are a company director or senior manager, ask if they are responsible for arranging their firm’s business insurance. If self-employed, make sure you obtain the renewal date of their current insurance policy. If they own investment property, someone is insuring it!

1. Existing clients – You will know more about your existing clients than you may realise. Make sure in your conversations you talk with them about insurance/protection/pension and investment needs. Keep building that pipeline for new opportunities.

1. Follow up calls – If your client’s policy is not yet due for renewal, build this into your lead pipeline and contact the client at least 4-6 weeks before renewal. Don’t leave it until the last minute as some commercial insurances can take time to package with insurers due to their complexity. You want to give your insurance partner enough time to deliver a brilliant and efficient service that finds the most suitable cover. With large/complex cases, talk to us straight away as we may want to start the conversations months ahead of the renewal date.

1. Ask for referrals – If your client values your service, ask them to refer you to their key contacts. These could include their suppliers, customers, competitors, neighbouring businesses on their business park or colleagues in a business networking group. A recommendation is often the best way to secure new customers – you are already starting off on a strong footing with that new contact!

1. Get involved in business networks – whether it be a breakfast club, local business enterprise group, management committee of the local business park/industrial estate or your professional connections (solicitors, accountants, etc). Building these connections leads to enquiries, but only if you ask.

1. Social media – make sure insurance, protection, pensions and investments form part of your marketing campaigns. They can generate enquiries.

1. Website – your website may mention your core activities, but does it make reference to these other areas? Let your current and prospective clients know that you can help with all of their financial needs

1. Build that pipeline – it may take time to build, but if you keep asking the right questions around your clients’ needs, your pipeline will grow. Don’t wait until a few days before renewal to start the conversation, the longer you have to build rapport, the more likely you are to win the case, particularly on the larger and more complex cases.

If you would like to know more on how to successfully build a pipeline, then follow the path of many of our partners and talk with our Business Development team. Email agency@baonline.co.uk or call 01273 477784.