Business Myth Busting 360
November 23, 2018
Business Myth Busting 360
In business we all face challenges. One of ours has been to defeat the myths that stand in the way of business progress. Yours and ours. Please don’t mistake what I’m saying as complaining. I’m not. In fact we are extremely thankful for all the terrific growth, patronage and enduring loyalty that...
The “Effort” Myth
May 22, 2018
“It’s too much work to change.”
Another favorite of mine. Balance these thoughts: How much of your work life isn’t work? Is what you do of value? Do you gain from the effort you put forth? Let’s work on this myth. There may be some effort required on the part of the business in changing its...
The “Misplaced Loyalty” Myth
May 22, 2018
“I’ve been with my broker for 25 years and he hasn’t done anything wrong.”
I sincerely appreciate this one. I believe loyalty is often due, but that it also has to be earned. I know I certainly appreciate it when our clients are loyal to us, especially since I believe we forget great relationships and we...
The “Legal Expertise” Myth
May 22, 2018
“I want to deal with the conglomerates because they have teams of lawyers ready to help me.”
Do they make mistakes so often that it’s worthwhile for them to have a team of lawyers on their staff? There’s no team and they’re probably not on the staff of the brokerage. It’s more likely they have a...
The “Impressive Broker” Myth
May 22, 2018
“If I use one of the biggest, most impressive brokerage firms for my bonding, then I’ll look like a big shot too.”
In no place is relationship more powerful than when it comes to bonding facilities. Large corporate brokers tend to try to satisfy their clients’ requirements through brute force or threats like “Give us what...
The “Bigger is Better” Myth
May 22, 2018
“International brokerage firms have deep pockets and will reach into those pockets to pay claims the insurance company won’t pay or the broker missed.”
The only way any broker of any size would do this is if they knew they were negligent. The entire insurance industry is set up to protect the consumer, with many fail-safes...
The “Clout” Myth
May 22, 2018
“Bigger brokerage firms have more clout with the suppliers.”
Insurance is a contract, not a social program. It is covered or it is not covered in accordance with the contract. Sometimes things are interpreted differently by the claimant and the insurance company, but that comes down settling the interpretation. The contract cannot be rewritten to cover...
The “Badge of Honor” Myth
May 22, 2018
“My business is so big and our insurance needs are so complex that these little local insurance guys can’t handle it. I have to deal with the big guys in the big city for my business.”
While historically that may have been true, for the last decade or more it certainly has not been. In fact,...
