Does anyone know the best place to learn about p&C products?

Jul 27, 2019

  1. Strategy101
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    Strategy101 New Member

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    Now that I am starting my agency, I want to make sure I am prepared to service my clients by being as knowledgeable as possible. Can someone please recommend the best online resources to learn about p&c products, particularly Commercial. I want to familiarize myself with all the different insurance types, especially those that would be considered specialty. What is the best informational source?

    Thank you
     
  2. Markthebroker
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    Markthebroker Guru

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    The school of hard knocks is the best place.

    I am 100% commercial, and that is the best honest to god answer. You just have to go out there and figure it out for yourself and get beat up. You can ask people on here, and have the answers will be from people that have good info, and the other half will be from what they think is a good idea, but is complete nonsense. I have repeatedly gotten into it on here with someone who has no idea what he is talking about, but insists on dispensing his "advice".

    I have built a strong book with high retention. Many of the techniques I have used are things that other people in the industry will tell you is a death sentence. For example I do midterm rewrites left and right, and rarely get loss runs until just before I am ready to bind. Most people you talk to will tell you that's foolishness, but I have very specific sales reasons for doing it that way that have rewarded me very well.

    Sorry, I wish there was a better answer. For commercial you just gotta go out there and get beat up. 2 years or so to start getting comfortable. 5 to get fluent. Working under or with an experienced agent will expedite the process.

    Two specific things I can tell you for commercial is to find a niche asap, and watch videos and read articles to get really good at asking for referrals. I have a specific technique to do it, and I was averaging about 3 referrals per sale. Now it's closer to 4. It works so well I feel like I am fishing with dynamite while my colleagues are using spears. In my last 3 sales I got 17 (first guy 3, second was 12, third was 2) and I'll probably go back to them to get more if I have time.
     
  3. adjusterjack
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    adjusterjack Guru

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    Mark is right. Experience is the best teacher. But there are things you can do to help you get started.

    Amazon has a variety of commercial insurance books. I don't know how good they are, but they are mostly cheap, and free if you get a Kindle Unlimited membership.

    Amazon.com: commercial insurance

    Another thing you can do is get an account with ISO (Insurance Services Office) and make yourself a library of policy and endorsement forms. Make sure you read them once you have them.

    Insurance Services Office Inc. (ISO) | Insurance Glossary Definition | IRMI.com

    I'm sure there is a lot more you can do but nothing beats going out and calling on businesses.

    Oh, one more thing, insurance companies publish brochures about their products. You can probably find those on the company websites.
     
  4. fed up
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    fed up Guru

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    Focus on one type of business at a time, something like lawn care businesses or handiman services. Each aspect of a commercial business may need its own policy and you don't want to miss something through inexperience. An example: a convenience store has the building, the grocery aspect, any alcohol business within, any tobacco business within, lottery business within, do they rent equipment like rug cleaners, is there a sign in front or on top of the business........and that is just a few.
     
    fed up, Jul 28, 2019
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