Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

4 Ways Giving Back Will Help Your Business | Tips for Insurance Agents

Published on December 3, 2015

This is not a guilt trip, but a business tip: Give back.

While you probably won’t ever be in the position of Mark Zuckerberg deciding to give away $45 BILLION to charity, many small businesses (and large ones too) benefit from giving back though monetary donations and volunteering.

First, a tip: Do some research. In terms of donations, research the companies you give to to make sure your agency’s values align with theirs, and to ensure that you give to upstanding organizations. For volunteering, contact local organizations that you’re interested in to learn about their values, and what sort of volunteer opportunities they have (and how often they have those opportunities).

To see the ways Abram Interstate gives back for some ideas, you can check out our Abram In Community page.

No matter how you choose to give back, here are a few ways giving back to your community and the world can help your insurance agency.

1. Tax Deductions:
Your business can claim your volunteer hours and contributions on your income taxes. By itemizing your deductions, you can write off any time your business spent volunteering and you can add monetary value to any donations given as well and claim them, too. Make sure you are working with a nonprofit organization that is approved by the IRS. The only way to get the most out of these deductions is to have a record with the charity’s name and the donation amount or amount of time you worked.
The types of donations that are tax deductible include volunteered services, sponsorships of charities or events, donations of inventory or services, and cash donations. In general, you can get deductions of up to 50 percent on your adjusted gross income when you follow the tax code closely and incorporate charitable giving into your business model.

2. Employee Benefits
Good employees are drawn to kinetic places that have something valuable to offer other than just a paycheck. Perks sometimes include a good office environment, team-building days, or even employee incentives or bonuses. But one of the ways you can take care of your employees (and attract good candidates for your jobs) is showing you care about the community too.
In 2007 Deloitte conducted a study on volunteering, and found that 62% of 18-26 year old’s said they “would prefer to work for a company that offers volunteer opportunities [to their employees].” Want to attract new, powerful and upcoming individuals to your team, boost morale, and keep your employees happy? Give back. (Plus, volunteering and/or fundraising together is a team building exercise in and of itself.)

3. Gain Customer Support
When people started to buy TOM’s shoes (a FOR-profit business that donated a pair of shoes to a developing country for every pair bought by customers), it was the first time that it was blatant that customers want to do business with companies that care and give back to the world. While our society has become more globally aware and more socially aware, community-minded businesses are prized. A 2010 study done by Cone Communications revealed that 85 percent of consumers have a better outlook on businesses that give back to a charity they care about.

The best part — it’s not even a gimmick. Sure, giving back helps your business, but it also (obviously) helps others too. It’s a true win win.

4. Giving Back is Good For You
The best benefit of having your insurance business support a nonprofit charity is the reality that it’s good for them, and it’s good for you. We all have some power to make a difference in the lives of others. Get together with your team and ask if anyone is already involved in supporting a non-profit organization already, and/or research and decide together what you all might be able to do to make a difference in your community this holiday season. #GivingTuesday may have already passed, but it’s always a good business decision, and life decision, to give back and be involved.

Share your stories with us of how you and your insurance agency are giving back this year! 

Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for Personal Lines Insurance, Commercial Lines Insurance, and Agribusiness Insurance in California and surrounding areas.

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