Property and Casualty Insurance is Essential for Financial Survival!
So, exactly what IS Property and Casualty, or P&C, insurance? These are actually two distinct types of insurance. Property insurance is designed to protect against the financial loss an individual or business suffers upon the damage to one’s property. In other words, it protects our STUFF. Damages must be the result of a specific cause of loss that is covered under a policy, such as fire, lightning, wind, or even theft. Casualty insurance is also referred to as liability insurance since it protects an individual or business against a legal liability, or obligation to pay a sum of money for damages to another person. These types of losses are typically a result of negligence or unintentional harm, including bodily injury or property damage, to someone OTHER than an insured. While most consumers carry some form of Property and Casualty insurance, very few understand how it works. In many cases, this type of insurance is required and without it, individuals and businesses would suffer financial ruin if they had to cover these losses out–of-pocket. Having the right coverage is as essential component of a good financial plan. The industry needs educated and passionate agents to help consumers meet this goal.
Do Individuals and Businesses have different Insurance Needs?
In a word…YES! This is why P&C insurance can be further broken down into Personal and Commercial lines insurance.
Personal lines insurance is written specifically to cover losses of personal property, such as a home or dwelling, personal belongings, physical damage to a personal auto, and personal legal liability for injuries or damage arising from the ownership of a home, auto, boat, and the actions of the individual and his/her family.
Commercial lines insurance is written to cover losses unique to businesses. Business, or commercial property includes buildings and contents and physical damage to commercial autos.
What can I expect from a career in the P&C insurance industry?
The P&C insurance industry is dynamic and fast-paced, making this a stimulating and lucrative environment to work. Few individuals understand the incredible opportunity for success that exists in the insurance industry. The insurance business is a trillion – dollar industry which can lead to unlimited earning potential.
The insurance industry offers stability in your career. While many people are concerned with downsizing and losing their jobs, a study done by the Bureau of Labor statistics states that in the next ten to fifteen years the insurance industry will grow by 20 to 40 percent. The need for this insurance will always exist!
One advantage of choosing a career in the insurance industry is that a college degree is not a requirement to enter the field. While advanced education can help in many areas, success in the industry is based on performance. Working hard and being passionate will provide opportunities that will increase your earnings and lead to promotions.
A career in insurance is not just about selling, but about educating and helping people in their time of need. While sales is a necessary ingredient, you are also providing a service everyone needs. As an insurance professional, you will guide customers in identifying the type of insurance needed, the level of coverage, and be able to help them purchase the right policy. In the end, you are providing security and peace of mind.
Because this industry is constantly changing, licensed agents will be required to complete ongoing or continuing education. This requirement will help you in your career by increasing your industry knowledge and keeping up with the latest products and industry trends. Please be sure to check out your state’s specific property and casualty insurance license requirements.
Topics: Personal Lines, Prelicensing, Property & Casualty, Insurance
