Are you struggling to entice business owners to purchase cyber liability coverage during Covid-19? Here is your plan!
We all know that business owners are putting up some significant roadblocks to improving or adding on cyber liability coverage. But the reality is, the business still needs to embrace the idea that they may have a coverage weakness.
Script for positioning a cyber quote:
- While I have you on the phone if I find any coverage weaknesses or missing discounts may I bring them to your attention?
- Client will generally say yes.
- How has your business changed during Covid-19?
Tip: Asking someone on how their business has changed opens up the conversation on new ways they are doing business - this often means less cash, working from home etc. When you ask how you are you doing, you invite in their tale of doom and gloom.
- As your insurance agent my job is to protect your business and your family's lifestyle. Based on some of your business changes you do have a coverage weakness that we need to address.
Note: Your exact words do matter - when you say coverage weakness we need to address you are stating that they must do it. When you say things like "Well you need cyber" or "Have you thought about cyber?" we bring doubt into the conversation.
- Because you are XXXXX (insert in here the business change) we need to improve your cyber liability coverage. Currently you have XYZ in coverage and that's not enough based on the changes in your business. If you were ever to be hacked (which is more likely since your team is working remotely) your coverage would barely cover legal fees.
- Why don't I get a quote together for you so we can make a decision on what's best for your business?
Overcoming Objections:
The best way to overcome objections is to drop down to late night DJ voice. Late night DJ voice is calm and soothing and, most importantly, not salesy!
Channel your inner favorite Late Night DJ Voice (Mine is Delilah) get slow and low non confrontational! Then couple that with just asking questions. Here is how it works for common objections.
My business has shrunk I don't need that....
I understand, so what would your plan be if you had a cyber attack?
Have you updated your online security to better protect your business?
Would a cyber breach add more negative impact to your business?
We have that through our credit card vendor...
Are you sure they would cover you from the time you take the information?
Are you writing down the credit card information?
Are you storing sensitive employee data?
Bottom line is remind them about your role in their business and that you are here to alert them to coverage weaknesses and work on solutions.
Call To Action
Everyone needs to be called to action. You have to Late Night DJ voice them, then ask questions, then suggest they move forward with a no obligation quote.
Tip: NEVER ask to quote the policy. Instead say after they answer your question. "Let's do this. Why don't we pull a quote together so you have your options and can make an educated business decision?"
Also, try not to send them the cyber app! They won't do it.
Instead ask them the questions on the call and ask for their electronic signature!