Making an Impact
Giving back and gifting within your agency or company can profoundly impact your community. Gifting to charities not only strengthens community ties but also nurtures a positive work culture, benefiting businesses, employees, and clients alike.
The Importance of Giving Back
Let’s discuss how charitable initiatives and thoughtful gifting can genuinely make a difference for your agency, clients, and community. These efforts not only boost your business but also demonstrate that you care.
Service is at the heart of the insurance industry. Independent agents protect clients from financial loss and provide peace of mind while regularly improving their communities. Agents volunteer their time, donate goods and services, and advocate for important causes, making a lasting impact.
Trends in Charitable Giving
Millennials and Gen Z employees are driving changes in charitable giving within the insurance industry. A 2020 McKinsey & Company report revealed a growing focus on volunteerism as the industry seeks deeper community connections.
Key findings include:
- 74% of agencies volunteer as a team.
- 69% offer paid time off for employee volunteering.
- 37% invite clients to participate in philanthropic efforts.
Smaller agencies tend to volunteer their time, while larger agencies (annual revenues exceeding $1.25 million) donate more financially—over $10,000 annually.
Goodwill in Action
Getting involved in your community—through donations or volunteering—goes beyond business. It shows you’re a neighbor, builds trust, strengthens relationships, and positions your agency as a valued local presence.
Your Reputation, Elevated
Consumers and clients want to work with businesses that align with their values. Highlighting your charitable efforts sets you apart from competitors and demonstrates your commitment to making a difference.
Happy Teams, Happy Business
Encouraging employees to volunteer or matching their donations fosters teamwork and morale. Companies that care about their communities tend to attract and retain top talent.
Independent agents excel in giving back, with 96% of agents donating to charity compared to 75% of small businesses nationwide (U.S. Small Business Association).
- 96% of agents donate to charity.
- 65% intend to volunteer the same amount of time next year.
- 29% plan to increase their volunteer efforts.
A remarkable 82% of agents believe their charitable contributions positively impact their communities.
Financial Perks of Giving Back
Charitable donations can also provide financial benefits, such as tax deductions, making giving back a win-win.
Smart Charitable Giving Tips
For Individuals:
- Charitable Contribution Deduction: Deduct cash or property donations to IRS-approved charities from taxable income.
- Non-Cash Donations: Donate appreciated assets (e.g., stocks) to deduct their market value while avoiding capital gains tax.
- Qualified Charitable Distributions (QCDs): Individuals over 70½ can transfer IRA funds to charities, reducing taxable income.
For Companies:
- Corporate Tax Deductions: Deduct donations to reduce taxable income and overall tax liability.
- Enhanced Public Image: Charitable giving boosts your company’s reputation, attracting socially conscious clients.
- Employee Engagement: Matching employee donations or hosting volunteer events improves morale and team spirit.
Ensuring Safe Gifting and Charitable Efforts
When giving back, it’s essential to protect your efforts from scams and cyberattacks. Follow these tips:
- Before You Start: Verify charities and vendors are legitimate. Use trusted payment platforms and secure sensitive data.
- During the Event: Stay alert for unusual activity, whether onsite or online. Educate participants on safe donation practices.
- After the Event: Review transactions for irregularities and send receipts to donors to build trust and show appreciation.
Cybersecurity 101: Keep software updated, use strong passwords, enable multi-factor authentication, and monitor all transactions.
Why It Matters
In today’s world, giving back is more than a “nice to have”—it’s a necessity. Clients, employees, and job seekers are drawn to companies that reflect their values. Millennials and Gen Z, in particular, want to support and work for businesses making an active difference.
For additional information, contact Jeanie Giesler, Resource Center Advisor, at jeanie@ohioinsuranceagents.com, or call (614) 552-3054 or toll-free 800-555-1742.
Building a Legacy Through Giving
By fostering a culture of giving, your agency can strengthen relationships, attract loyal clients, and create a positive workplace while improving your community. Giving back doesn’t just make an impact—it builds a legacy.
Legal Disclaimer: This material is intended to provide you with general background and insight. The material does not constitute, and should not be regarded as, legal advice regarding any particular facts, circumstances, or issues. This material is not intended to serve as a substitute for legal counsel, and we advise you to contact legal counsel for specific analysis, drafting and advice.
More Information: Seek your trusted advisors Attorney, Banker, and CPA that your legal and financial interests are adequately protected. The information provided in this publication is not intended to be a substitute for legal advice. You should consult your legal counsel and make certain that you are in compliance with state law. These laws and rules are subject to change. If you have more questions, you can contact: OIA at (800) 555-1742 for the most up-to-date information.
About the Author:
Jeannine Giesler, CISR, CPIA, and past President of the OIA Board of Directors, Foundation for the Advancement of Insurance Professionals, currently serves as Resource Center Advisor for the OIA. The purpose of the Resource Center is to contribute to building a comprehensive library of resource materials for our members. We pride ourselves on being the one-stop shop for all OIA members and work to solve every problem or situation you may come across.
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