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Commercial Insurance Agents

by Admin on October 27, 2011


here are many complicated issues involved in doing business today. Business owners and entrepreneurs undertake significant risk in the course of doing business and running their companies. They minimize these risks with commercial insurance and good business practices. Commercial insurance is more comprehensive than individual insurance. An individual may have an auto insurance policy, a homeowners insurance policy, and a life insurance policy, but business insurance, especially for companies with employees, involves many more coverage needs than the average individual.

Commercial insurance agents advise and sell business owners and managers about what kinds of insurance are available and necessary to protect their business and property. They may also offer financial advice and services. There are insurance agents and insurance brokers who handle business insurance. An agent typically represents and sells insurance for one insurance company; a broker gets quotes and bids from several or many insurance companies for clients to get the best coverage and price and may offer expanded insurance and financial services.

Commercial insurance agents sell property and casualty policies, life, health, disability, fleet auto, long-term care, and specialized policies like product liability and medical malpractice. Insurance agents are college educated and industry licensed professionals who may specialized in one particular insurance area or may offer many insurance product lines to clients. Agents seek new clients, sell insurance, provide services, assist customers in claims settlement, as well as staying current in the insurance industry.

Improved Technology, Better Results

Insurance used to be all about paper, and while it still is a contract that gets signed on the dotted line and there are a lot of applications, riders, and certifications involved, technology plays a big role in how insurance agents work and do business. Agents are able to prospect, sell, and service more clients than even ten years ago, more efficiently than ever before, because of computers, software, networks, and systems that are accessible at everyone’s desktop and at their fingertips.

Agents are connected to insurance carriers directly, making it easier and faster to get quotes, process insurance, and stay informed of products and services they can offer their clients. Much client contact is done electronically and over the internet, saving time and money, and allowing for faster service on more products. Technology in the insurance industry is constantly being upgraded to improve services and communication, allowing agents and agencies to better support clients. This has helped balance the competition and heavy losses from natural disaster that the insurance industry has experienced in the last decade.

Commercial insurance agents work in a comfortable office environment but spend much of the work day meeting with clients selling and processing claims. Some of this work may be after workday hours and on weekends to accommodate clients, with normal work weeks from forty to sixty hours or longer. Continuing professional education is increasingly necessary especially for agents offering complicated insurance products and financial services, as well as maintaining industry expertise and licensing.

In larger brokerages, with many areas of specialization such as life, group health, property and casualty, and financial consulting, agents may have to get specific further education and prepare to sit for difficult certification exams to meet the needs of their firms to be able to service clients.

Commercial Insurance Companies and Agents Hard to Find?

Almost half of all insurance agents work with a commercial insurance agency and commercial insurance brokers, with about one quarter of them working directly for insurance carriers and about one quarter are independent agents, self employed. Insurance agents work all over the country, mostly in and around large cities, some in headquarters but most in local and independent offices.

In the competitive insurance industry, there are many, many professional commercial insurance agents available for business insurance, and finding a good agent or broker to work with for your insurance needs can be challenging.

Many business principles use agents they have been referred to by business associates, bankers, or vendors, but many others prefer to compare rates and services and go through a bid process annually to try to get the most cost-efficient insurance and service for their companies. A brand new business owner may be at a disadvantage when sourcing business insurance and finding the best agent, while larger businesses may be able to dedicate one manager to handle their business insurance.

Helping You to Understand More About Commercial Insurance Agents

In the following three video you can see the difference between an commercial insurance agent and a commercial insurance broker. Also the difference between direct agent against independent agents and maybe the most important video: a guideline to choosing a good commercial insurance agent. With the information in these three videos you would be able to choose a decent commercial insurance agent!

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