COMMERCIAL LINES VS. PERSONAL LINES BROKER

All Nevada Insurance is a property and casualty insurance broker specializing in both commercial lines and personal lines. This means that we can help protect all your risks from your autos and properties that you own or rent to the commercial business that you own including all the commercial vehicles. Why would this be important to the consumer? Most consumers prefer to work with one agency and give their information at one time so that one agency can shop their rates if anything changes in their policies. The advantage of working with an insurance broker is the ability to shop a consumer’s policies with several carriers while never having to leave your agent. Change carriers for better rates with the same coverage but keep the agent that already has all your information at their fingertips.

Many people are looking to start an insurance industry career, so choosing a place you want to build your career with must be done properly. Here are a few things one might consider when looking: 1. What is the average retention rate of an average agent for this company? 2. How many options for companies do I have to offer my customers and clients when their rates go up? 3. Is there a wide selection of insurance carriers for both personal and commercial lines? 4. Am I able to sell the equity in the book I am building when I am ready to retire? At ANI, all the above answers are positive.

How do I know which market I would like to focus on? At ANI we like to be honest about where the marketplace is today. Unfortunately, the personal lines market in Nevada and many parts of the country have slowed down significantly in options for customers. We still have a large option of personal line carriers that we can write business with; however, the carriers are extremely specific in the type of business being sent. This is why having the option of shifting with the market is so extremely important. The commercial lines market is wide-open for business, which may be a better choice for several reasons.

Commercial insurance policies tend to be more complex and offer higher coverage amounts which results in higher premiums. So, for the insurance broker, this often means there is a higher commission payout. Every business needs insurance coverage so specializing in commercial lines allows you to specialize in niche markets. A commercial broker can be an expert in certain industries and provide specialized coverage options for businesses in these niches. The growth of small and medium enterprises is constantly growing, creating a demand for a commercial broker. Let’s talk about cyber-attacks on businesses. Businesses are increasingly reliant on technology which means more coverage is needed to help protect them. At ANI, you can be a specialty commercial broker and watch your business become more valuable in the marketplace.

In conclusion, if you’re considering a career in the property and casualty insurance industry, it is worth considering the potential benefits of specializing in commercial lines with higher premiums, more profit, more rewards.