Growing your insurance business with surety bonds
Posted by Rick on Mar 17, 2010
How can an insurance agency expand their business in this economic climate?
The answer is diversification. If you’re a insurance agent that only writes personal auto and homeowners your need to change it and start writing commercial insurance. A good way to get into writing commercial insurance would be writing surety bonds. If you have never heard of surety bonds, a surety bond provides consumer protection as a condition to granting licenses related to ” Motor vehicles “Mortgage Brokers Contracting services and other professional regulated licenses. Each State has its own surety bond amount as well as Bond form. I know it doesn’t really sound like a form of insurance, but it is. You can only sell surety bonds if you have an insurance license.
