Five reasons to consider selling farm insurance
Farm insurance provides specialized coverage for the unique needs of farmers and ranchers. It combines aspects of traditional business and personal lines insurance, offering coverage for property (like farm equipment and buildings) and liability exposures distinctive to the industry. It’s a holistic approach, tailored to ensure all aspects of a farm—from livestock to the farmer’s residence—are protected.
The nature of farming and ranching can often be unpredictable. With the proper protection from knowledgeable agents, farmers and ranchers can operate with confidence. Understanding the nuances of farming is vital for independent agents looking to serve clients in this sector but can be an incredibly rewarding experience – both financially and personally.
Learn more about farm insurance and what you can offer potential customers by becoming Farm Certified.
Why should independent agents sell farm insurance?
- Higher premiums. Farm premiums are typically higher than standard commercial accounts, making them lucrative opportunities for agents. Plus, entering a new market brings greater potential for growth in general.
- Comprehensive and customizable coverage. Policies can be tailored to meet the needs of each customer with specialized coverages and endorsements for specific types of farms and ranches.
- Loyal customers. Farmers are known for their loyalty, especially to consultative partners who take the time to get to know them and their operation. They tend to have higher retention rates with insurance carriers than other types of customers.
- Specialized support. You’ll have access to a dedicated team of Nationwide farm professionals in sales, underwriting, risk management and claims who can help you deliver personalized solutions and service to your customers.
- Opportunities to grow your knowledge. Nationwide provides training and a certification program to help you gain specialized expertise in farm insurance. Learning about farms, their risks and how to cover them can be a rewarding way to diversify your experience.
Selling farm insurance can be a rewarding and profitable experience for insurance agents. By learning the nuances of farm insurance and taking advantage of opportunities available, you can help protect farmers and their livelihoods while growing your own business.
Not appointed? Learn more about selling farm insurance with Nationwide.