Commercial Property Pros, please help!!!

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PostPosted: Fri Sep 19, 2008 3:20 am   Post subject: Commercial Property Pros, please help!!!  

I'm about to start with a small independent agency that has the owner and a CSR working there. They strictly sell property insurance to churches and I want to learn the commercial industry and possibly dabble in other niche industries similar to that of these churches. I have very limited expierence in insurance and would like some advise on a few things.



1. With commercial property insurance, to churches, with regard to prospecting, is it more profitable to buy leads, cold call, or a combonation of both? Explain!!!



2. I am keeping my other job which allows me 2 days of availability one week and 3 days of availability the next. If you had to assume I am diligent, organized, wired for the job, and in a moderate market, how long before I could expect to see $50,000 a year.



3. My long term plan is to work a few years with this agency and then open my own shop. The agent I am working with agreed that I will not have to sign a "No compete" contract. My question is when I go to open my own shop how do I transfer my book of business to my new agency. Do I requote them under my new agency name when their premiums are due, do I contact the carrier and deal with them to make the switch, or something else?



Thank God for expierenced sales people!

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PostPosted: Mon Sep 22, 2008 7:35 pm   Post subject:   

Hey Novice



I'll do my best to give you some assistance:



Quote:
1. With commercial property insurance, to churches, with regard to prospecting, is it more profitable to buy leads, cold call, or a combonation of both? Explain!!!




I personally would think you are better off to contact churches directly. Buying leads probably isn't necessary. You know exactly who your market is - churches. Spend time looking for every church in the area you are licensed in and start contacting them. The challenge is to find out when their insurance policy renews and give a quote just before that time.



Quote:
2. I am keeping my other job which allows me 2 days of availability one week and 3 days of availability the next. If you had to assume I am diligent, organized, wired for the job, and in a moderate market, how long before I could expect to see $50,000 a year




This is a tough one. You could do it in your first year. Most likely in a couple of years. Or possibly never. It depends on you, your sales abilities, the number of expiry dates you collect early on, and the quality of the products you are offering (if the price is too high or quality is poor you won't sell much)



Quote:
3. My long term plan is to work a few years with this agency and then open my own shop. The agent I am working with agreed that I will not have to sign a "No compete" contract. My question is when I go to open my own shop how do I transfer my book of business to my new agency. Do I requote them under my new agency name when their premiums are due, do I contact the carrier and deal with them to make the switch, or something else?




You don't have a non-compete? And your boss knows you plan to leave? Very generous! Sorry, that answer depends alot on where you move to. If you have the same contracts with insurers that your boss does then you can do a portfolio transfer. Otherwise you have to requote as their premiums are due.





I think it is good for you that you are starting with one area to focus on.



Good luck!


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Please visit my site: www.canada-insurance-source.com
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