Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

Tips for the New Insurance Agency Owner |Business tips for Insurance Agents

Published on February 25, 2016

photo credit:  via photopin (license)

photo credit: via photopin (license)

Did you know that California has more people employed as Insurance Agents than any other state? According to the Bureau of Labor Statistics, we do. And there are more people joining the ranks and trying their hand at running their own Insurance Agency each year.

While having to be an expert in the industry, and in sales, new Insurance Agency heads also have to manage their own business and learn fast what it means to be a successful entrepreneur. Luckily, we have some tips for you from Entrepreneur.com to help you as you run your own small business.

  1. Focus. Focus. Focus.
    Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
  2. Know what you do. Do what you know.
    Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
  3. Say it in 30 seconds or don’t say it at all.
    From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
  4. Know what you know, what you don’t know and who knows what you don’t.
    No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisers and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
  5. Act like a startup.
    Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
  6. Be healthy.
    You will be much more productive when you take better care of yourself. When you’re the captain of the proverbial ship, it’s your lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.
  7. Don’t fall victim to your own B.S.
    Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. And above all else, deliver deliver deliver on what you say you’ll do.

We hope some of these hit home and guide you as you steer your Insurance business into success. Remember, at Abram Interstate, we’re not just your go to Managing General Agency or wholesale insurance broker. We’re here to help get you access to the markets you need, but we also want to educate you and help you along the way so that you’re the best insurance agent you can be for your customers. We consider ourselves successful when we help you succeed.

Have other business tip topics you’d like us to tackle? Share with us on our facebook page or our LinkedIn page!


Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for personal lines insurance and commercial lines insurance in California and surrounding areas.

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