It's a mindset thing
I had two contrasting conversations with individuals seeking insurance advice yesterday and the outcome of the two reminded me a lot of how we can easily lose sight of our priorities and reasons for being in business in the first place.
In the first conversation, I was talking to an existing client about a change in direction in their business and they wanted to know how this might impact their need for insurance going forward. They were clearly keen to take on board advice, learn how the changes they were making might expose them to new risks and protect their business using the right combination of risk management and risk transfer.
The second conversation was with a potential new client looking for insurance for the first time. It was clear from the outset that the client presented several problems to the insurance market but rather than seeking to look to practical solutions they were looking to shortcuts and half-truths to obtain a piece of paper to demonstrate that they were insured. Of course, any insurance arranged like this is unlikely to be effective and this is the sort of client who is most likely to blame his adviser if something goes wrong in the future. Needless to say, I walked away from this opportunity.
This comparison is not really about insurance, types of business or the risks they face. It is about a mindset of the individuals involved. Those who seek, and are willing to take on board professional advice, will always be welcomed by me and will, in the long run, be better served by the insurance industry having bought solid cover that reacts as expected when needed. Those with a mindset that insurance is just a box to be ticked and only valued when disaster strikes are always likely to be disappointed and always likely to strike out at their advisers.
I'm sure this applies across all industries and we would be as well to remember this when making initial assessments of potential new customers.
If you have a positive mindset and want to make sure you get your insurance right for your business, you will receive a very warm welcome at QS insurance.