Much like the real estate game, it seems more and more people are trying to start their own personal insurance agency. And, like real estate, a rare few are successful while most will find themselves not quite being able to make enough money to support their family. In most cases this is because of the high level of competition in the personal insurance agency field. If you truly like insurance and hope to start your own agency, you may want to consider the specific area of “commercial insurance” as opposed to general home and auto coverage.
In order to become a commercial insurance agent you will more than likely need to have a four-year degree, or at a minimum, a two-year Associates Degree. Most insurance companies view the selection of new agents as an extended job interview, and having some college experience will give you a leg up on others. While a business or marketing degree will probably be the most benefit long-term, any degree will at least look respectable.
Once you are hired, or recruited, to join a certain company, you can expect an extended period of training and certification. In some locales you will need to acquire a legal certificate or license to sell commercial insurance products. This will be in addition to any training your particular company will want you to take. Be cautious if the company you joined requires you to pay large sums of money for this training. Legitimate companies such as Progressive, Allstate, Farmers and other will provide a base salary during this initiation period.
Once you have completed your training and have set-up a home or off-site office, the real work begins. Most commercial companies will provide some financial assistance in marketing and finding leads; it will mostly be up to you to start making sales. Joining local business groups like the Chamber of Commerce and Christian Businessmen. You may also want to consider specializing in a small niche of business insurance such as cheap commercial insurance or fleet insurance.
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