Small business insurance coverage – 3 Questions with Ron Cugino, Bold Penguin

Ron Cugino, Bold Penguin National Account Director, provides insights on the Exchange and small business insurance coverage in this issue of 3 Questions.

3 questions on small business insurance coverage

We think about small and medium-sized businesses (SMB) every day as we help them with business insurance coverage. In honor of Small Business Month, we spoke with Ron Cugino, National Accounts Director at Bold Penguin, to dig a little deeper.

1. May is Small Business Month. Given your experience with driving demand generation and executing marketing plans, how do you see the Bold Penguin Exchange revolutionizing the way SMBs access business insurance coverage?

Serving SMBs is about delivering a personalized experience. Each business is unique and faces different challenges. Asking the right questions to uncover their needs when it comes to commercial business insurance coverage is critical. Then, through our technology, we match those SMBs up with brokers who specialize in their specific type of business.

2. Small businesses often struggle with navigating insurance options. How does the Exchange simplify this process for them, ensuring they get what they need without the hassle? And can you share a specific example of how the Exchange has helped a small business owner find the right insurance coverage quickly and efficiently?

Finding an agent who understands your business and insurance is time-consuming and overwhelming. A lot of businesses do not know where to start, and many give up during the process or are not insured correctly.

The Exchange takes a lot of the “research” - and that means time - out of the insurance buying process. After speaking with a SMB for 5 minutes, we can match them to a broker who specializes in their industry and knows what specific business insurance coverage they need.

Here's a great real-life example. In December of last year, we received a call from a business looking to insure their trucking operation. They did not have the right coverage for their exposures and were underinsured. This was a very large account ($500K+). The broker was able to save them money while increasing their business insurance coverage, and providing better service than what they had previously. The agent understood the trucking business and became a trusted advisor for the SMB.

3. Drawing from your expertise in sales management and operations, how does the Exchange empower agents to better serve the needs of their small business clients?

It's all about specialization. Commercial insurance is very different depending on the type of business. The coverage a landscaper needs is nothing like what a restaurant owner needs.

Most agents have niches, or areas of expertise, when they write for commercial insurance. The Exchange enables them to filter so that they narrow their search to focus on SMBs in the niches they want, along with geography, and many other targeting criteria (number of years in business, employee size, revenue size, etc.).

Understanding the Exchange

The Bold Penguin Exchange is the largest prospect marketplace that enables small commercial insurance agents to find new leads and grow their business by providing access to business insurance coverage for more SMBs.