A P&C Agent and I were talking today and discussing his options with regard to the agency network group that might be best for him to consider, based on his particular circumstances. He asked for my opinion.
I explained that I do not normally recommend one group over another as I want the agents to make their choices based on their own evaluations. I supply some of the tools and related advice to help them make the most informed decisions but they decide on the final choice.
To help them in the decision-making process, one question that I like to ask is: “What do you really want to do?”
It sounds simple enough but the agent needs to decide if he or she wants to be inside an office, fielding calls, processing business, supervising other production people, etc. or does the agent want to be free to produce outside the office and not be involved with the day-to-day activities of running an agency. Of course, there can be a lot of room in the middle of these two scenarios but the answer to the question: “What do you really want to do?” is often not asked of agents. The answer is really very helpful in the process as many agency network groups offer variations to their main program models, to accommodate different agents’ needs.
It is too easy to assume that all agents want the same thing in terms of their involvement in the insurance business. My image is often not their image.
I see a lot of questions from the insurance public about this important coverage. Renter’s insurance policies provide a considerable amount of coverage for a relatively small premium. For starters, it is extremely valuable coverage in the event of a loss to your personal property from perils such as fire, smoke, theft and several other common loss circumstances. It also provides some coverage for liability which can be of significant value. Other desired coverages can be economically added.
From a personal standpoint, my Wife and I saw the value first-hand when our Sons had a severe kitchen fire in their apartment in Raleigh, NC a few years ago. Fortunately, no one was hurt but the apartment became totally uninhabitable as a result of the fire and smoke damage. Because one of our Sons was astute enough to have purchased a renter’s policy (…he finally listened to his Parents!…) they were reimbursed for all of their burned and smoke-damaged possessions. Additionally, they received full reimbursement for living expenses elsewhere while restoration was being completed. When the landlord sued them for negligence related to the cause of the fire…which was quickly thrown-out in court…the insurance carrier provided them a defense for the allegation of negligence, including the presence of a defense lawyer during the formal hearing.
All-in-all, it cost our Sons their very affordable premium and a small loss deductible to get back to their lives. Without the renter’s policy, they would have been ‘hurting’ for a long time!