NYC Vs Northern NJ for Commercial
- Thread starter JoefromNY
- Start date
- 736
depends on what you want to market to, carrier appointments, how you do business etc...
Its much easier to get carrier appts being located in NJ.
That being said there is much more premium in NYC businesses. There is nothing saying you cant get licensed in both states, be located in NJ and market towards nyc accounts.
Agree with this statement.
- Thread starter
- #5
- 736
nyc is market saturated, you will be fighting me for carrier appointment lol.
You can get licensed in NJ for NJ and ASK for a NY line, but they will frown upon you if you are selling mostly NYC.
What kind of agent are you trying to become? I personally think it depends on what you are targeting. If you are doing bops and small commercial risk, i would go NJ and get those direct appointment.
If you are targeting large commercial risk, alot of niche market are pretty much taken and monopolized and you will have to broker the business to them which makes nj or nyc the same.
Theres a market for both and it depends what type of person you are.
You can get licensed in NJ for NJ and ASK for a NY line, but they will frown upon you if you are selling mostly NYC.
What kind of agent are you trying to become? I personally think it depends on what you are targeting. If you are doing bops and small commercial risk, i would go NJ and get those direct appointment.
If you are targeting large commercial risk, alot of niche market are pretty much taken and monopolized and you will have to broker the business to them which makes nj or nyc the same.
Theres a market for both and it depends what type of person you are.
medicareguru
Expert
- 34
Are you P&C licensed?
- Thread starter
- #8
- 736
mainstreet retails, office type, small contractors, pretty much all the small businesses that are like 1-20 people.
I can tell you from experience, getting a direct appointment and back end support will push you a lot faster than brokering in NYC. (although if youre determined, you'll be in the same place in the end)
I always had my sub standard appointments, but majority of my business was home+auto and small business was brokered. I did ok brokering to wholesale and some people are happy with that. You still own your book, and you can get a really big book.
Brokering also increase your E&O premiums btw. Brokering makes my e&o about 3500 a year and direct appointment supposely is like 1500.
But i wanted to "really" be independent, i got my first preferred appointment and i am shocked by how much easier it is to do business.
Tons of options. What is your game plan?
I can tell you from experience, getting a direct appointment and back end support will push you a lot faster than brokering in NYC. (although if youre determined, you'll be in the same place in the end)
I always had my sub standard appointments, but majority of my business was home+auto and small business was brokered. I did ok brokering to wholesale and some people are happy with that. You still own your book, and you can get a really big book.
Brokering also increase your E&O premiums btw. Brokering makes my e&o about 3500 a year and direct appointment supposely is like 1500.
But i wanted to "really" be independent, i got my first preferred appointment and i am shocked by how much easier it is to do business.
Tons of options. What is your game plan?
- Thread starter
- #10
I've been a lawyer for about twelve years, so my game plan is to market malpractice insurance, etc to the lawyers I know and see if I can have them refer me to their small business clients. Most of this network is in NY.
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Game Plan: Work for an agency for a few years building a book and learning, then go on my own in either the city or NJ.
I have been a lawyer for about 12 years, so I have a big network in place for lawyers. I plan to market professional liability, etc to lawyer and ask them to refer their small business clients to me. Once I exhaust this resource, see what the book likes like and then start specializing from there.
I'm concerned that some people seem to think professionals are not a good niche to focus on. I'm concerned that clients I get from law firms will be divers and not concentrated in any particular industry. I'm concerned that small commercial will go the way of personal lines and become dramatically less agent dependent over time.
Most of my network is in NY, but I suppose I could base myself in NJ in it makes carrier appointments easier and market to the city. Gradually, I would work on expanding my network in NJ.
I'm starting from scratch (albeit with a network) so I know this will be a long haul. I just want to make sure I can successfully transition to an agency owner once I build a foundation. I'm also considering leveraging my network to sell group benefits and 401(k)s as opposed to P&C. I leaning towards P&C though.
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Any thoughts about whether this game plan seems feasible? My apologies for the spelling and grammatical errors
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Any thoughts about whether this game plan seems feasible? My apologies for the spelling and grammatical errors.
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Game Plan: Work for an agency for a few years building a book and learning, then go on my own in either the city or NJ.
I have been a lawyer for about 12 years, so I have a big network in place for lawyers. I plan to market professional liability, etc to lawyer and ask them to refer their small business clients to me. Once I exhaust this resource, see what the book likes like and then start specializing from there.
I'm concerned that some people seem to think professionals are not a good niche to focus on. I'm concerned that clients I get from law firms will be divers and not concentrated in any particular industry. I'm concerned that small commercial will go the way of personal lines and become dramatically less agent dependent over time.
Most of my network is in NY, but I suppose I could base myself in NJ in it makes carrier appointments easier and market to the city. Gradually, I would work on expanding my network in NJ.
I'm starting from scratch (albeit with a network) so I know this will be a long haul. I just want to make sure I can successfully transition to an agency owner once I build a foundation. I'm also considering leveraging my network to sell group benefits and 401(k)s as opposed to P&C. I leaning towards P&C though.
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Any thoughts about whether this game plan seems feasible? My apologies for the spelling and grammatical errors
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Any thoughts about whether this game plan seems feasible? My apologies for the spelling and grammatical errors.
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