Keep posted, keep informed.
Being a successful agent in selling Liquor Liability Insurance requires specific expertise for local and state laws, knowing what your clients’ requirements are, and hustle, to start. Here we’re going to explore some of the best tips for insurance agents to be successful in selling this product line and becoming a trustor adviser in the field.
Get to know the laws that regulate your state.
Does your state require hospitality establishments to procure liquor liability insurance? Does that requirement apply only to businesses with a certain level of alcohol receipts, or does it apply on a blanket basis to any business that serves alcohol? What’s your state’s legal blood alcohol content level for getting behind the wheel?
Asking yourself these important questions will help you establish the parameters for selling liquor liability insurance to any type of client, which will help you market a more successful product line, says, Insights + Analysis Magazine.
Get honest and accurate information from your clients.
You can’t properly protect your clients if they are giving you misinformation. This is perhaps the most important factor of being successful in this field—asking the right questions and getting honest responses from your clients. Never fill out information for them; always ask them to provide truthful responses.
Partner with reliable carriers.
This is especially relevant for new clients, who won’t know what to expect. Partner with carriers that provide comprehensive coverage and have a track record of success. This product line is well recognized, so you should work with a carrier that is credible and has established underwriting guidelines already in place.
Recommend higher limits.
For restaurants, bars and taverns, risk exposures are significant because of the high percentage of alcohol driven sales. Incidents involving alcohol are never cheap or pretty, so recommend higher limits to protect their business should they face a claim.
A $1 million liquor liability policy isn’t typically enough—especially if ticket sales are more than 25% liquor. Recommend an additional umbrella policy, approximately $10 million to cover their assets.
Stay on top of relevant developments.
Ride-sharing programs are a great thing for liquor-related claim reduction. At the same time, self-serve programs can be an underwriting disaster since bartenders and operators are liable for gauging varying degrees of intoxication and preventing over-serving their customers. As these new developments unfold, talk to your clients about the potential impact it could have on their claim risks.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.