Where to Start - Commercial Insurance

[engineer]

Hello everyone! I'm a new agent working with an independent agency licensed in P&C. I'm wanting to focus in the commercial market, but I'm unclear as to what lines to start with. After reading on this forum and other places I've learned the learning curve with commercial lines are pretty big. I plan on starting with one specific line (like BOP, Workers Comp, etc.) to focus on to begin with until I understand it very well. Then move on to the next line and follow the same process. Hopefully, after a few years (maybe more ) I will have a solid understanding of most lines of commercial insurance.

So, which lines should I start with and which lines should I save for last? Also, what is the best way to learn commercial lines other than experience? Any inexpensive literature, training, websites, etc?

As a side note, I will be doing this part time in evenings and weekends (I understand it will take much longer to gain the understanding I need, but that is my current situation).

As always thanks in advance to all who reply.

engineer

 

[Carlos Gil]

I would start with BOP's they are quick and easy to write in most cases.

Ask your carriers which lines that they currently offer are hot or have gone trough a recent rate decrease and focus on those.

 

[richardroma]

i would tend to start with your retail businesses (BOPs) - nail salons, beauty salons, gift shops, etc. Office professionals would be good too (dentists, accntns, etc) but its tough to see them during the day.

Are you planning on calling or dropping by thei business for prospecting. i have debated which one to do. More bang for the buck over the phone (no gas expense, more dials) vs more personal in person

 

[engineer]

Since I will be part time I will be focusing mostly over the phone working between 3-5 and most of the day saturday. I have worked some customer support before (used to be in high tech industry) and I'm pretty comfortable over the phone. But I will have to gauge that with the success I'm having. If the phone things isn't working out after a while I may have to start making visits on saturday.

Have you tried both? Which one do you prefer?

 

[Jerbond]

Network, Network, Network!!! If you are going to work primarily at night, your best bet is to meet alot of people. That way you get a great group on contacts. Once they see and talk to you a few times, they may offer you Ex-dates for their business, and probably write home and auto immediately. Also calling has a better return on investment. You can call a ton of people with no cost in gas, etc. If you do go face to face, you will probably not get a very good response. I used to manage a construction company and we would get bombarded by insurance- both phone and door knockers. Therefore I persoanlyy understand the "NO" now that I am an insurance agent. Don't let it get you down. The one thing that you hope for in door knocking is that eventually the secretary will find your brochure or business card 6 months down the line and call you. Best of luck!

 

[va_agent]

can i get recommendations on training and books. I want to start selling commercial insurance. i am currently with allstate.

i would like obtain my clcs one day.

also, please tell me ways to marketing techniques. i am sure they are not similar to personal lines.

thanks

 

[VaDwayne]

BOP- is the easiest but also pays less commission because of lower premiums.

Workers Comp.- The standard carriers that I represent won't write sand-alone WC.

Hello everyone! I'm a new agent working with an independent agency licensed in P&C. I'm wanting to focus in the commercial market, but I'm unclear as to what lines to start with. After reading on this forum and other places I've learned the learning curve with commercial lines are pretty big. I plan on starting with one specific line (like BOP, Workers Comp, etc.) to focus on to begin with until I understand it very well. Then move on to the next line and follow the same process. Hopefully, after a few years (maybe more ) I will have a solid understanding of most lines of commercial insurance.

So, which lines should I start with and which lines should I save for last? Also, what is the best way to learn commercial lines other than experience? Any inexpensive literature, training, websites, etc?

As a side note, I will be doing this part time in evenings and weekends (I understand it will take much longer to gain the understanding I need, but that is my current situation).

As always thanks in advance to all who reply.

engineer

- - - - - - - - - - - - - - - - - -
Allstate is not a big player in commercial insurance, at least in my part of Virginia. My competitors come mostly from independent agencies that can write with various carriers. As a matter of fact, a local Allstate agent refers his surplus lines, and some standard, risks to me as a referral.

For the larger accounts, let's say over $10,000, I don't know that I have ever run across an Allstate policy. Companies like Erie, Cincinnati, Auto Owners, Philadelphia, etc. are just too competitive in the commercial markets in Virginia.

I am telling you this so that you know that selling ONLY commercial with Allstate in Virginia may be a bad idea.

can i get recommendations on training and books. I want to start selling commercial insurance. i am currently with allstate.

i would like obtain my clcs one day.

also, please tell me ways to marketing techniques. i am sure they are not similar to personal lines.

thanks

 

[va_agent]

I want to learn the business and maybe move on to doing commercial full time.

what is your recommendation for further training. any book ideas?

 

[Bertolinoins]

It depends where you are in the country. In CA, most accounts are driven by the workers comp. If you can get the WC, you will likely round out the account.

 

[1manshow]

same here...we research the comp mods and target the most profitable accounts with savings on the work comp