Property and Casualty Insurance License Renewal
If you want property and casualty insurance license renewal then you must complete continuing education 30 days before your license expires. Also, there is no grace period for insurance agents to renew their license. You have to complete all CE hours if you want a property and casualty insurance license renewal. Or, you must pay fine.
It is an umbrella term to describe different insurance types, covering personal property and offering liability coverage. Types of P&C insurance are homeowners’ insurance, condo insurance, co-op insurance, HO4 insurance, liability insurance, pet insurance, and car insurance. Being an insurance agent in a competitive industry can be a huge dilemma to choose between the best P&C line of insurance to sell from. Smart insurance agents have shifted towards selling commercial insurance as per facts and dynamic shift in the industry.
Also, property and casualty insurance does not include other kinds of coverage such as life insurance, health insurance, and fire insurance.
Personal Insurance vs. Commercial Insurance
Personal insurance line means selling insurance coverage for individuals to cover personal losses due to accidents, damage to properties, injury. In comparison, commercial insurance provides content for various business protection needs. In 2018, Insurance Information Institute’s study showed Net Premium Written for personal lines was $329.8 billion.
Commercial lines had always been overshadowed by priority overselling personal lines insurance because of the massive market. However, commercial insurance growth also shows a shift in the market for property and casualty insurance in California. Commercial insurance’s growth rate shows a massive increase of 12.1 percent, compared with personal lines with just 3.0 percent. The personal insurance line is comparatively saturated, whereas commercial insurance has a decent number of profitable niches for an insurance agent brokerage firm.
Why choose commercial insurance in property and casualty insurance?
As per U.S. Small Business Administration, in May 2020, 31.7 million small businesses employ around 60.6 million people. Although these businesses vary from small home-based to construction firms, a common thing between these businesses is the right insurance coverage. A small disaster can cause a huge lawsuit to businesses and wipe them out. hence, an
Commercial line insurance’s high valued nature directly affects the amount of commission an insurance agent earns. Since it has high policy limits than personal insurance, the commission earned is higher. In short, the higher the policy limit, the higher commission earned, the lower the policy limit, the lower commission earned for an insurance agent in an independent insurance brokerage.
The evolving business environment keeps insurance carrier products evolution on its toes. New business trends develop and create new niches making them the perfect opportunity to tap in and build profit. For example, Transport Network Companies like Uber and Lyft have created a ridesharing insurance market to tap. Similarly, innovative businesses created new niches to tap and juice out the profit. It makes commercial insurance line the perfect line to sell for insurance policies such as cyber security insurance, ride-sharing insurance, and many more.
Therefore, focusing on a single line of business in property and casualty insurance in California can reduce the industry’s chance of survival. It is important to branch out one new niche to keep up with the competition. Also, branching out your services in Property and Casualty Insurance in Co can increase your chance of survivability and flourish. Commercial insurance’s huge number of new opportunities remains like unmined diamonds.