5 Tips for Selling Umbrella Insurance Policy

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5 Tips for Selling Umbrella Insurance Policy
Whether youre new to selling insurance or youre
an expert at it, you may have found umbrella
insurance is one of the products that lots of
people do not understand, and may need more
convincing to buy, than say, homeowners
insurance or auto insurance. Below are some tips
to help you successfully sell umbrella insurance.

• Just Quote It
• One of the recipes for selling is to simply
  provide a quote for that product or service, even
  if that was not your main purpose of meeting
  with the customer. Sales people often make the
  mistake of discussing products with customers,
  get them excited over it and then promise to send
  a quote later. This is counterproductive, as the
  customer may have lost interest in that time.
• Instead, quote prices in real time. A
  utomatically providing quotes increases your
  chance to
• sell umbrella insurance.
• Ask a Probing Question
• By asking questions, you make the customer think.
  When they do, you increase your chances of
  making a speedy sale.
• Ask questions like
• Would you want to risk all your assets in the
  event you were found at fault for a claim?
• How will your family support themselves if your
  finances are suddenly hit by a tragic accident
  in which you are held responsible for damages or
  bodily injuries?
• Will you benefit from the peace of mind that
  comes with the knowledge that you and your loved
  ones will not be burdened?
• Explain the Benefits
• People are more likely to buy something if they
  know whats in it for them. Take the time to
  explain the benefits of an umbrella insurance
  policy. The main thing of course is that it can
  protect their finances from expensive lawsuits or
  other covered events. Nobody expects to be the
  subject of a lawsuit, but its a real possibility
  in our highly litigious society, so its
  something they should protect themselves
  against. Make it clear that if theyre sued for a
  lot of money and do not have enough liability
  insurance or an umbrella policy to cover those
  costs, all their assets, as well as future
  earnings, could be at risk.

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Umbrella policies also provide a broader form of
coverage and can help cover legal fees, false
arrest, libel, and slander. Each carrier may have
different policy language on whats covered in a
policy so make sure you know it all before
discussing coverages. Highlight Bundle
Discount In order to encourage customers to buy
more products from them, insurers often bundle
products together and offer some discounts on the
standard premium rates. They price their
insurance rates to attract homeowners who need to
insure not only their cars, but also their
homes, lives and other things. At the end of the
day, insurance products are much cheaper because
of the discount. By having insurance that covers
multiple risk areas, like umbrella insurance
does, the customer receives discounts generally
for adding this. Considering that a bundle can
save 2 to 10 percent on premiums, it is a
worthwhile investment. Therefore, highlight to
the client how the multiline discount thats
automatically built into umbrella insurance
serves the clients interests. Ask the Right
Questions Lastly, make sure you ask the client
all the right questions. You must know how many
vehicles, homes, boats, motorcycles, are to be
covered in the policy. If they own rental
property too, its a good idea to bring that up
and have them cover all of that under their
policy. Be clear about what is covered. Get a
quote from Otte Family Insurance in Colorado.