By Kelly J. Stacy, president of field management and distribution, Travelers Select Accounts

It's no secret that small business owners wear many hats--from CEO to technology guru to administrator--and often look to trusted advisors for advice on managing issues outside their own areas of expertise. Interestingly, a recent Travelers Select small business survey found that when it comes to insurance risk management, only 10 percent of small business owners turn to their insurance agents and brokers for advice. As an insurance agent, you have staked your career on your ability to identify risks, so finding a way to stay in front of your client is an excellent way to strengthen your long-term relationship and secure opportunities for the future.

When risk management can mean the difference between your customer closing a business's doors forever or successfully managing an issue, time is clearly of the essence for lending your expertise as an insurance agent or broker.

As recently as May, business indicators found that owners were confident in the rebounding economy. In a matter of months, however, small business owners' outlook changed and July marked the second straight month of their declining confidence. With fall fast approaching, small business owners are trying to manage shifting seasonal needs while once again buckling down in the face of economic uncertainty. This juggling act creates an enormous opportunity for you to reduce client stress levels by providing them with strategic counsel on risk management, an area that often slips between the cracks during busy times.

Changing needs

Despite small business owners' financial wariness, the spirit of entrepreneurialism seems to be holding strong among the small business community. In fact, a Discover survey found that 40 percent of small business owners have recently considered modifying their business model or entering a completely new line of business.

Read "Small business skimp on risk management."

Changing business models means changing risks, but it also means new opportunities for agents. Get ahead of your client and ensure they don't "test drive" a new business idea and fall short at the expensive risk of improper coverage. You already reach out to your clients, but perhaps you can use the changing season as a reason to call one more time. You can then assess any business changes that may have taken place since your last check-in. These inquiries can also be the opportunity to sit down and help develop those ever-important business continuity plans, an excellent way to show your customers the true value of your relationship.

Gaining client confidence does more than simply provide an opportunity to give strategic counsel; it helps you build your book of business by giving your customer the impetus to recommend you to peers. The Travelers survey found 25 percent of small business owners turn to their peers for advice on risk management. Establishing yourself as the go-to risk advisor and resource will help cement your relationship. Agents and brokers who win the trust of their clients now by proactively managing risk and providing advice will be the ones clients are enthusiastic about promoting within their circle. Being a trusted source for your clients not only places you on the top of the "must call" list, but also puts you on the top of the "must refer" list when their peers are seeking advice.

Clearing hurdles

All of these business changes and economic concerns can leave your customers too overburdened to even consider issues of risk management, a mistake you know can cost them dearly. It's not an easy task finding time on your clients' calendar for face-to-face meetings, but don't let that stop you from reaching out. Offering risk management advice or pointers over the phone or via email is still extremely useful for your clients, and more importantly, it might entice them to open up their schedule for that in-person meeting. These inquires into the state of a business can save your customers significant heartache when disaster strikes, particularly as the Travelers survey indicated that business owners do not necessarily know an agent should be on speed dial during periods of change. These are the challenges you face as an agent and frequently engaging your customer with useful information can be the best way to establish and strengthen that essential communicative business relationship.

Read "Small is beautiful."

Now is an ideal time to strengthen your client relationships and secure your role as a trusted advisor. You know that coverage needs evolve constantly--whether it is due to business growth, scaling back, weather-related disasters or changes in the number of your client's employees. Helping customers understand these potential risks can be an enlightening experience for a small business owner who may not think about business with an eye toward risk management. The conversation can also provide more insight into how you can best work together to tackle those challenges. Small business owners do not believe they are out of the woods yet, so alleviating concerns about risk management allows owners to focus on growth and sets the stage for an even stronger and profitable customer relationship in the future.

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Kelly J. Stacy is vice president of field management and distribution for Travelers Select Accounts. He can be reached at kstacy@travelers.com.

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Changing seasons signal need for business checkups

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