How can an insurance agency expand their business in this economic climate?
The answer is diversification. If you’re a insurance agency that only writes personal lines you need to change it up and start writing commercial insurance. A good way to get into writing commercial insurance would be writing surety bonds. If you have never heard of surety bonds, a surety bond provides consumer protection as a condition to granting licenses related to ” Motor vehicles “Mortgage Brokers Contracting services and other professional regulated licenses. Each State has its own surety bond amount as well as Bond form. I know it doesn’t really sound like a form of insurance, but it is. You can only sell surety bonds if you have an insurance license. Surety bonds protect the consumer and help weed out flyby night companies. If your office writes surety bond you get your foot in the door to write the liability insurance or business owners policy that is required to have by the state.
Tags: surety, surety bond
