Niches
- Thread starter GoingIndy
- Start date
- 977
I assume you're talking about commercial risks? The safer the risk, the more carriers with an appetite, and the more competition you'll have. So it might not be what you want to focus on. Focus on classes every carrier doesn't go after, that way you can build referral relationships with captive agents.
If you really just want generic stuff, then artisan contractors, small retail, office, and lessors risk would be a starting point.
If you really just want generic stuff, then artisan contractors, small retail, office, and lessors risk would be a starting point.
- Thread starter
- #3
All good points. Thanks so much for the advice.
Yeah I agree, a niche shouldn't be something that everyone specializes in..
I have a friend that built a multimillion dollar agency in the NYC habitation market. He only writes buildings, that's a niche.
I personally like garages and dealerships. They can get complex but that makes it interesting to me.
I have a friend that built a multimillion dollar agency in the NYC habitation market. He only writes buildings, that's a niche.
I personally like garages and dealerships. They can get complex but that makes it interesting to me.
- 389
Going Indy, are you just getting started or do you consider yourself a veteran looking for a "niche?"
Those are two separate questions. A niche is something unique you do better than others. A safe risk everyone write is not a niche. No one specializes is main Street BOP policies.
It's also a vague question. Every insurance companies has an area they do better than others. With out knowing the specific company or companies you are referencing any answer you get will be ball park at best.
My advice. Write a bit of everything until you find something you seem to always close on then focus on that.
Is this a good way to start?
Ive been going through SIC codes the past few hours trying to figure out what niche(s) I should start with.
Feels like I opened Pandoras Box with all the directions to go in.
Im in a large city, so I can go in pretty much any direction.
- 15,041
JMO.
Two ways to tackle this. One, what markets do you have access to? What will your carriers take or what MGAs do you have and what is their appetite? Two, where do you have a nature in at? Who do you know or who do your friends and family know that they can get you in front of? Is it concentrated enough to be viable?
I haven't started on commercial yet, but I'll probably start with what markets I have and find the prospects.
My best friend built an $8M book on adult entertainment.. once he got well into his niche he had to move to Miami as that is where a lot of the "studios" are.
and as someone who did actuarial work on the carrier side .. those books are profitable as heck for carriers! no one sues when they slip and fall inside a ti**y bar.
and as someone who did actuarial work on the carrier side .. those books are profitable as heck for carriers! no one sues when they slip and fall inside a ti**y bar.
My personal experience differs a bit. This is in the Tampa area, too, so not far off from your south Florida friend.
The strip clubs around here get lawsuits like crazy. Bouncers throw someone out too aggressively, they claim injuries, claim they were ripped off by the cover charge because this happened 10 minutes into their visit, etc.
A bunch of men filled with alcohol, and only enough blood to run one of their heads at a time. **** gets messy. And there's no shortage of personal injury lawyers around these parts
