Average Income of Commercial Lines Producers?

[Sawcruhteez]

A little about myself since this in my first post.

I'm 24 and just got a job with an independent agency that is paying me salary four years and then I start getting my commission the fifth.

I have a background in door-to-door sales, but hardly any B2B. Originally, when I wanted to get into selling insurance I thought it would be either Life/Health or Home/Auto so that I could utilize my experience.

However, the agency that hired me specializes in commercial lines and I even have someone to mentor me. So clearly I have to take my crack at it.

From what I've read only a very small percentage of P&C agents write commercial lines (or actually know what they're doing) and that is where the biggest premiums are to be had.

So if the average income for an insurance agent is ~45K, then what is the average income for a commercial lines producer that knows what they are doing? I'd also really like to know what the top ~10% are pulling in. (speculation encouraged)

 

[Bertolinoins]

It varies a lot by location. In states with high workers comp rates it is not abnormal for a good producer to have a $1m revenue book of business and make. $300-500k depending on their agencies compensation structure. The "average" is probably 50% of those numbers.

 

[Scottyj]

Sawcruhteez where are you located. I would assume Utah by the leavitt name but then again those guys have agencies everywhere. But the door to door being so big here with pest control and alarms I wouldn't be surprised if you are in Utah.

 

[JosephWilson86]

Honestly it seems like most agents are slackers so I'm pretty sure tge average is pretty low. The few successful agents that I've met all made well over $100k, but as far as I could tell they all worked pretty hard. Sounds like you have a good shot at being one of the $100k club.

 

[Sawcruhteez]

What a great response, very inspirational. Thank you so much for the kind words.

 

[BIG RED IS BACK]

To be successful in CL, you have to know they owners/key players.

You can spin your wheels a long time trying to get in touch with the correct people, meanwhile, while your spinning your wheels, you arent making money.

It all depends on how many "key people" you know and your networking support, such as will people you know who know the key people, refer you, introduce you etc?

 

[Cant_stop_wont_stop]

It varies a lot by location. In states with high workers comp rates it is not abnormal for a good producer to have a $1m revenue book of business and make. $300-500k depending on their agencies compensation structure. The "average" is probably 50% of those numbers.

I'd say you're in a great position. Having a mentor is really important when you're starting out. Also, I'd recommend focusing on a particular industry segment that interests you and learning everything you possibly can about it. Join associations that pertain to the industry be very involved. Network with CPA's, investment advisors, anyone who has experience and relationships with business owners/corporate executives. There's a million ways to drum up business. Ex. I just wrote a 530,000 WC policy because i knew a 401k investment advisor that referred his client to me so I could help them write a $200 ERISA bond....

I'm 26 and have been a p&c agent in southern CA for 4 years. WC rates have been skyrocketing over here! Book at year end will be about 470k.

 

[ColinD]

Very informative thread, i too just started a CL career at an IA monday after spending a year in personal lines at SF. Got to make those contacts. Another thing i might add is always ask for referrals, any business you write, ask for them and watch that income ^^^^