Do you feel like a career change? Are you stuck in a rut and looking to move to a different niche or industry? Many people find themselves feeling bored or wanting a new challenge, and learning new skills is a good way to break out of a negative cycle. One job that is in demand these days in New York is that of Property and Casualty Agent.
Insurance agents are licensed professionals that are responsible for selling insurance policies to businesses, families and individuals. Property and Casualty agents focus on a specific niche of insurance, that of providing financial safeguards for property (including cars, homes, and expensive items such as jewelry), and casualty (meaning legal liability). There are numerous insurance products on the market and it can be difficult for people to find the ones that will suit their needs and finances the best. The job of an agent is to provide advice to individuals about how they can best protect the assets that they deem valuable, giving them peace of mind against any future uncertainty.
Why Become an Insurance Agent?
On paper, Property and Casualty agents are required to have a high school diploma. However, it does serve well to have a college degree, especially if you can back that up with customer service skills, strong written and verbal communication skills and a knowledge of the financial market. Financial services training can get people up to speed with that are, and the other skills may have been learned in a different profession.
The Property and Casualty license means that you can sell auto, liability, commercial and homeowners insurance.
The average salary for an insurance sales agent, according to the United States Department of Labor Bureau of Labor Statistics, was $63,610 in 2013, and this is a job that is always in demand. The US News and World Report expects that between 2012 and 2022 the market for insurance agents will have grown by about 10.4 percent.
Insurance agents represent an insurance company, and sell policies for the company that appointed them. Some agents do work for more than one company. Insurance brokers, on the other hand, represent members of the public and can sell insurance on behalf of any company that is licensed in New York State and that is willing to deal with brokers.
A producer is a person who is required to be licensed to sell, negotiate or solicit insurance. This means that agents, brokers, adjusters and consultants are all producers, as are reinsurance intermediaries and excess lines brokers.
What Does a Property and Casualty Agents Do?
The responsibilities of a property and casualty agent include analyzing clients’ existing policies and advising them on potential necessary changes, customizing insurance policies to suit the needs of the customer, covering a variety of risks.
Insurance agents also educate customers about their options and the plans that are open to them, and help customers to understand what will best suit their needs. They maintain records about the clients that they work with and collect information about each client and help clients settle claims.
Becoming a Property and Casualty Agent
Insurance agents are required to be licensed to practice in the state in which they choose to sell insurance. Each state has different insurance licensing requirements. In New York, to sell insurance you must be 18 years of age or older, not owe any arrears for child support, and pass a criminal background check. There is a 90-hour classroom based pre-licensing training session, and you must also apply to the New York Department of Financial Services for a license.
You must pass an exam, and also have an approved appointment from a sponsoring company that you will be working for.
What Do the Property and Casualty Provisions Cover?
Property and casualty insurance for homeowners covers a variety of scenarios, including:
A visitor fractures their leg.
If someone falls on your property and it is found that the fall was caused by your negligence then you could be held liable for the visitor’s medical bills, as well as their pain and suffering. Property and casualty insurance is there to cover those costs, so you will not end up out of pocket.
A visitor is injured and can no longer work as a result of that injury
If someone is injured on your property and you are found liable for it, and that person is unable to work because of their injury, you may be held liable for any loss of income they sustain. Property and casualty insurance could make up for the lost wages, up to the limit of your policy, saving you from some out of pocket costs.
A visitor sues you for an injury.
A visitor may sue you for trauma, injury or disability, and you would likely be required to pay for their legal costs if you lose. Property and casualty insurance may cover the cost of those legal fees.
Your home is vandalized.
Property and casualty insurance covers more than just injuries and getting sued. It is quite a broad form of insurance and it will also cover damage to the structure, property and any belongings. This means that if your property is broken into or vandalized then you will be protected, up to the limits of the cover on your homeowner’s insurance policy. This is why people who have high-value collections should have extra riders or cover for those items.
Extreme weather causes damage to your property.
Another thing that property and casualty insurance often covers is extreme weather and damage caused by that or damage caused by natural disasters. Your home insurance could vary massively in terms of what sort of damage it will cover so it is worth checking this, especially if you live in an area where there is the risk of some sort of natural disaster or where storms or other weather-related events are common.
Property and casualty insurance is a useful tool for protecting your financial assets and is worth discussing with a qualified insurance agent.
Read more at Talisman Casualty to learn more about Talisman Casualty Licensing.
Talisman Casualty Licensing 