You’ve heard it before: "I already have all the coverage I need," or "Insurance is just too complicated to deal with right now."
These objections can stop an agent in their tracks. But here’s the truth—what prospects think they know about their coverage is often just the tip of the iceberg. Your job? Show them what lies beneath the surface.
Objection #1: I already have all the coverage I need.
Translation: They think their current policy covers everything, but they don’t realize what’s missing. It’s your job to uncover those gaps and position yourself as the expert they can’t afford to ignore.
1. Offer an Insurance Audit
Most clients don’t regularly review their policies, and that’s where they leave themselves exposed. Offer a free insurance audit to identify blind spots they didn’t even know existed. This builds trust and positions you as a resource – a risk advisor, not just a transactional salesperson.
2. Educate on Emerging Risks
Things change fast. New risks—like cyber liability, business interruption, and evolving compliance regulations—can leave their business vulnerable. Educate them on these threats and how they impact their bottom line.
3. Use Real-Life Claims Scenarios
Stories sell. Share examples of businesses that thought they were covered—until they weren’t. Show them the financial and operational nightmares that arose from policy gaps and how the right coverage could have saved them.
At the end of the day, insurance isn’t just about having a policy—it’s about having the right policy and identifying the prospect’s risks and hazards before implementing a plan.
Objection #2: Insurance is too complicated, and I don’t have time to review it now.
Translation: They’re overwhelmed and see insurance as an exhausting, time-consuming chore. Your goal? Make it easy and actionable.
1. Simplify the Process
Cut through the jargon and present their options in a clear, concise way using the five-step risk management process. Offer to serve as their outsourced risk management. Use side-by-side comparisons that highlight key differences so they can see the value at a glance.
2. Offer a Brief Consultation Call
Time is money, and no one wants to waste it. Position a quick consultation as a way to get expert insights without the long-winded sales pitch. Provide them with actionable recommendations they can implement right away.
3. Show the Financial Impact
Procrastination can cost them. Paint a picture of what happens when small gaps lead to big losses. Whether it’s fines, lawsuits, or downtime, demonstrate the real cost of neglecting their coverage.
Once they realize the potential risks of ignoring their policy review, they’ll see you as an invaluable partner, not just another agent. By teaching them something they didn’t know, simplifying, and demonstrating value, you can turn these objections into opportunities.