I am inheriting an insurance agency one day and need advice on what to do!?

Question

I work in a family family owned insurance agency, owned by both parents. My mom is for all intents and purposes over the personal lines, and my dad the commercial. We have been in business over 30yrs. and have quite a book of business built since those years. I am 24 w/ 6 years in the business myself on personal lines. I am at a crossroads as the future approaches on rather in the future would it be better for me to keep both sides running money & knowledge wise? Or sell the book of commercial business and operate the agency under my management as strictly a personal lines independent agency? I have zero experience in commercial lines and fear overseeing it as i know nothing about it... If i operated just personal lines i could have less on the payroll and know everything to be a good agency/owner. Plus have something from the commercial sale. Would i be able to make a good income running a personal lines only agency? What would you do????

Answer 1

I have always heard this and the statement stays true to its word. "If you want to be successful then follow in the footsteps of a successful person." If all was successful running as is then educate yourself to keep it running or make it better. Network with others in the business that own their own find out what they do or you can interview a trustworthy experienced person to head up that commercial line but then you have to pay him $. I am 25 myself & own a Travel Franchise on-line (no overhead)http://www.frequentvoyage.com and I am following in the footsteps of Millionaires and Billionaires to have success for myself and my family. These same people I am mentored by were in the insurrance business and had their own agencies but now they are following the trend to travel and the internet because travel is the largest industry at 7 trillion and growing in the months weeks days hours and minutes to come.

Answer 2

Start getting experience in the commercial lines.

It seems like there is much more competition in personal lines than commercial. It would be better for the agency if it handles both.

Answer 3

I'd take the time to learn about your commercial book and commercial insurance. There is a lot to learn but that is where you are going to make a ton of money. There are a lot of people that would love to be in your shoes. Take the time to learn. h**l you got your Dad right there as a good resource.

The best way to learn is to work for a carrier. At least that is what worked for me. But that shouldn't discourage you from picking up some books. Maybe try and get your CPCU or take the INS courses (they are a little easier). If you aren't familiar with that you can look on www.aicpcu.org.

Don't sell your book because you are too lazy to learn. It's not rocket science. As my friends and I usually tell each other when we get flustered, it's only insurance.