Weathering a hard insurance market isn’t for the faint of heart. As premiums increase and personal line capacity decreases, independent agents must seek creative solutions to expand their books of business.
Getting your agency to thrive during times of economic uncertainty is similar to investing in the markets. The best results will come to those who diversify their portfolios. For many independent agents, that means now is the time to dip their toe into small commercial lines.
The appetite for writing small business remains strong among carriers. And while commercial premiums are rising (30% of small businesses reported rate increases in 2022, according to the J.D. Power U.S. Small Commercial Insurance Study), customer satisfaction in the space is soaring, too, nearly matching its pre-pandemic heights.
As a result, the small commercial market is an attractive growth segment for independent agents who deliver outstanding service and want to develop a well-balanced book of business.
Read the full article, written by Steve Tombarelli, Senior Vice President – Programs and Services at SIAA, published May 22, 2023 on InsuranceJournal.com.