Small business owners are passionate about their businesses and their families. And in most instances, they don't automatically have the insurance options provided by a large employer. Filling this gap with “demand products”—health insurance, group disability insurance, retirement options and other solutions—offers tremendous opportunities to the life insurance agent.
Business owners know they should purchase these products, so it's a case of “from whom” rather than “if,” someone will buy. Once you've established trust with demand products, you can begin to introduce other products to the business owner, like life insurance.
In the small business market, referrals come more easily because the recommendation is not grounded in a personal product; it's strictly business. Such recommendations are made willingly and fall under the heading of networking. Clients will refer you to other prospects, and professionals will refer you to their clients.
You don't need to become an expert on everything before you get started. In my practice, I position myself as a “business solutions specialist.” Rather than being product specific, I am “client specific.” I either have the knowledge in the relevant areas or do joint work with other trusted professionals who have the knowledge of that specific product.
