The landscape for small commercial lines continues to become more attractive for independent insurance agents. In North America, there are over 25 million small businesses that small commercial lines can target. Here are four tips to help you do that:
Find Reliable Allies
A carrier who is interested not only in profiting but also in helping you take your business to the next level is an invaluable ally for the long run. These carriers structure their businesses to specifically cater to the needs and wants of agents and their clients.
Dedicate Efforts to Effective Practices
Agents who successfully generate high profits in the small commercial industry are able to do so because of their discipline when it comes to crucial operational factors. This includes, but is not limited to, taking advantage of carrier service facilities, investing in dedicated units, minimizing utilization of wholesalers, and avoiding the division of accounts between their insurance carriers.
Partner With Someone Offering Real Consolidation Possibilities
Agents oftentimes think their partner carriers will assist them with consolidation matters. Unfortunately, this is not a given service agents can access in any carrier. Some may tell you that they do assist in such matters, but the truth is few have the resources to assist agents in managing and transitioning.
Look For Dedicated Underwriters
Carriers offering a dedicated underwriter and sales force are great partners to have for your business. They offer competitive, market-driven rates that minimize volatility and disruption for an agent and his/her clients.