As an entrepreneur, you have a lot to worry about. From managing finances and employees to ordering products and helping customers, there are plenty of things for a small business owner to juggle. With so many things to keep track of, insurance may be one of the last things you worry about.
The business world is constantly changing, and entrepreneurs need to stay flexible and agile in order to be successful. Unfortunately, not every event can be predicted, but that is why insurance is there to keep your business protected. But insurance is not a static thing – it changes with the business world too. Below are 7 trends that are affecting the way insurance is done for entrepreneurs in Canada:
Self serve options
In the past, entrepreneurs used to work with an insurance agent to find the product that was best for them. Often they would meet in person or talk on the phone to discuss products and pricing. Nowadays, under-friendly websites and online chatting are commonplace for many service providers, and insurance companies are no different.
Many insurance providers have adapted to allow for quotes and claims all to be done via self-serve portals, with less legal jargon in order to simplify the process. This doesn’t mean that the insurance agent is now irrelevant – it is still essential for many entrepreneurs to have a relationship with their insurance provider based on trust and authenticity.
Globalization
The global economy is getting larger every day, and many entrepreneurs rely on imports and exports to run their businesses successfully. Because so many businesses are involved in global supply chains, new BC private health insurance products have become available to protect general liability as well as protect goods in transit internationally.
Since lawsuits that span across different countries can be complicated due to differences in legal proceedings and damages, they require specific insurance products to address those complications. Whether you are shipping products for your business from other countries or shipping out your completed goods to international customers, you can feel rest assured that your insurance provider understands the global market.
Personalization
One of the key things that consumers look for nowadays with any business transaction is a personalized experience that is tailored to their specific needs. This personalization is key to acquiring and retaining customers, and that is why many insurance companies have begun offering this experience to their clients.
In exchange for the collection of some key personal data such as location or business size, insurance providers are able to use this information to deliver timely and personalized offers for clients. As an entrepreneur, this can be used to your advantage to get the best price on a product that you need at this stage of your business’ growth. And the best part? As the needs of your business change, your insurance provider is better equipped to predict how your insurance needs will change.
New technologies and cyber risk
With the rise in new technologies, there are a large number of new risks that have arisen too. While new website features and self-serve options can be convenient, companies that don’t handle and protect their customer’s data can suffer a significant loss. The cyber risk from a data breach or hacker attacks now pose a real danger to all companies who handle data online, and this means that entrepreneurs should take steps to protect their company.
The sharing economy
One of the fastest-growing trends in recent years has been the rise of the sharing economy, with companies such as Uber, Airbnb, and Turo making it easy to provide goods and services available in a collaborative way. This new type of business model has created new requirements for insurance companies to protect not only the property being shared, but the individuals using it. Since the sharing economy is based on sharing goods and services with strangers, insurance helps to build trust on both sides of the transaction and protect all who are involved.
Climate change
As we see the effects of climate change on our world, natural disasters such as tornadoes, hurricanes, floods, tropical storms, and droughts are becoming more common. This has insurance companies adjusting their products to meet the needs of more clients that are impacted by climate events. Whether your storefront or office is impacted by flooding or your goods are damaged in transit during a storm, insurance products are available to cover these losses.
Brand and customer experience
Customer experience is everything in business interaction, as customers build strong ties with their favorite brands and tend to take a holistic view of their experiences with a company’s employees, website, storefronts, and services. Insurance companies are not immune to this change, and their clients expect the same attention to detail in all facets of their experience.
From websites and mobile apps to social media presence and email newsletters, insurance providers are focused on providing the most consistent brand image and the best customer experience. This includes being open and available for small business clients to easily find information and do business with them on whatever platform they choose.
Whatever your small business specializes in, you likely use insurance products to keep your business and investments safe when unexpected things happen. By keeping up to date on the latest trends that may affect your insurance provider and their products, you are putting yourself in the best position possible to keep your business updated and fully protected from all of life’s accidents. If you have any questions or would like to learn more, contact us today!
