Mood on Main Street: How Recession Changed Insurance Buying Habits

By | February 15, 2011

  • February 15, 2011 at 2:15 pm
    Sarah says:
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    Resist the urge to save your clients money during these difficult times. Three things will happen if you start cutting away at your clients renewals.

    1. You will make less money by reducing the premiums.
    (Not the most important thing, but very important to you livelyhood.

    2. Your clients will have a claim and there will be no coverage. Cleint gets mad and you will be fired.

    3. Your client will sue you for not properly protecting them in the case of a claim.

    Sometimes it is more important to protect your client from themselve.

  • February 15, 2011 at 5:14 pm
    Bob says:
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    As a small business owner I can tell you we’ve looked at our insurance policies as a way to cut expenses but not just because we fear a downturn in the economy. Our business has remained constant over the last 3 years but our costs have increased. Our State licensing fees have increased 10 fold in 3 years, the county increased property taxes 20%, and a 1% state sales tax increase was also implemented (that is being passed on to customers but it still takes a toll). We rely heavily on fuel costs and you know the direction those have been going and business supplies are up 30% over last year (just did my taxes). I know being pennywise and pound foolish is not a good practice but for the short term that is all we can do without cutting back on employee hours and they are in the same boat as we in meeting their expenses. I will not be mad and fire you if I have a claim that is not covered, I’ll just be depressed and I promise I will not sue or otherwise take it out on my insurance agent. I’ve voted Democratic must of my life but I’m thinking the Tea Party movement looks very attractive.

    • February 18, 2011 at 5:50 pm
      xena says:
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      Bob, my mother has voted Democrate all life. She’s turning 82 this summer, Good Lord willing. She voted Republican for the first time in her life not so long ago. She regrets ever voting for Obama. But, he did make her switch the Tea Party Side. Sometimes it takes a movement for you to take another look at things…

  • February 23, 2011 at 7:48 pm
    Changing Times says:
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    The tea party is a bunch of old nuts that haven’t realized life is changing and things don’t stay the same.
    It’s amazing how these tea party people complain about about paying taxes but yet they sure love thier Social Security and COLA adjustments and Medicare and us the taxpayers keep paying for those benefits.
    You can’t have it both ways. Take a cut in Social Security check and cut Medicare and then you can have lower taxes. Somone needs to explain to those people.
    It aint going to happen is it..



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