To achieve profitable growth today, some independent agents must revamp their business strategy completely. Agencies that once differentiated themselves solely on cost must now find fresh ways to offer their clients long-term value. And agencies that once benchmarked their success on premium growth alone must now double down on achieving policy growth.
Given these stark realities, many agency owners are looking toward new niches in small commercial lines as a prime expansion opportunity. Such an approach can reap great rewards. However, if not done properly, it also can bring plenty of potential headaches. These best practices can help independent agents identify the right new niche, grow their expertise within that niche, and balance new business with existing clients for optimal success.