I USUALLY USE THIS SPACE TO talk about the great things we are doing and what is happening in the industry, however, this time I am going to talk about something that I know resonates with everyone.
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Latest Blogs
Reimagining Working Models
IN SEPTEMBER, PIIAC TOOK A BIG step towards returning to normal as we hosted our 2021 Convention and Trade Show.
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Are YOU the Future?
Keeping and retaining talent has been on the minds of agency owners from the day I entered this industry. It has remained in the top 5 concerns of agency owners in literally every survey I have ever read.
READ MOREFalling Short
Financial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
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What Factors Impact an Agency’s Selling Price?
The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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5 Key Behaviors of Great Agency Owners
There is an incredible opportunity in the insurance industry for someone who wishes to own their own business. With over half of the agency owners facing retirement in the next 5-10 years, a strong desire by many agency owners to remain independent, and the goal to offer the same opportunity to the next generation that their agency provided to them – there is no better time for future owners.
READ MORE2022 ISO Homeowners’ Changes in Chart Form
Insurance Services Office (ISO) in mid-2021 released its first multi-state Homeowners’ filing in over 11 years. This most recent filing took effect beginning March 1, 2022.
READ MOREDeductive Reasoning
You are already aware that not all professional liability policies for insurance agents extend the same coverage benefits. However, an important coverage component has become increasingly valuable in the insurance agents’ professional liability marketplace: a deductible reduction feature.
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Time to Know Your Agency’s Value
Over the past several years I have worked with many agency owners across the country helping them understand the value of their agencies. It is some of the most rewarding work I have ever done, and I have learned a lot about agencies and agency owners as a result of this work.
READ MORECertificates of Insurance: FAQs and Answers
Certificates of insurance (COIs) account for more headaches at the agency level than just about any other issue. Because COIs create so much angst, the Big “I” Virtual University regularly hosts webinars about them.
READ MORE7 Issues Agents Will Address at the 2022 Big ‘I’ Legislative Conference
The annual Big “I” Legislative Conference will take place April 27-29 at the Renaissance Washington, D.C. Downtown Hotel. During the conference, independent insurance agents and brokers from across the country will share their perspectives with legislators on issues important to the independent agency system.
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