How Much Do Commercial Insurance Agents Make?
A commercial insurance agent represents one or multiple insurance carrier to sell insurance policies to businesses. A commercial insurance protects business owners from unforeseen losses related to liability damage or property damage. A liability damage occurs when the actions of the company or its employee causes harm or injury to others. Whereas, property damage covers for business’s tangible assets due to theft, fire, or natural disaster. If you want to know how much do commercial insurance agents make then read on.
If you want to become insurance agent then choosing to sell commercial insurance line deems more profitable. The premiums and commissions have a higher payout in the commercial line rather than the personal line.
How much do commercial insurance agents make?
According to zippia.com, commercial insurance agents make an average of $91,783 annually. On an average, they make $46.49 an hour. Also, the commercial line is expected to grow 10% in coming 10 years producing thousands of job opportunities across US. When you become insurance producer, selling commercial lines can be a great start for your career.
If you want to open your own independent insurance brokerage firm then selling commercial lines can take it to the next level.
When you sell commercial insurance, the important skills that you have to acquire are insurance knowledge and market trends, sales process, and other hard skills. In addition, you should also have analytical skills, communication skills, and a great customer service skill. When you learn how to become an insurance agent, you also learn these skills. However, you have to continue sharpening and learning new skills to stay ahead in a dynamic industry.
If you want to become a commercial insurance agent then you need a minimum or high school diploma or GED. If you have a bachelor’s degree then that’s a plus point. Also, you have to apply for insurance license on property and casualty insurance. This helps you expand your knowledge on the insurance industry. A bonus tip: You can even update yourself and learn new sales strategies from reading insurance blog or insurance magazines.
In the booming industry such as the insurance industry, choosing to sell commercial insurance has tons of opportunities and untapped niches that you can sell. Hence, if you want to keep up with the competition then selling commercial insurance can deem profitable.