Job Offer as a P&C Agent

[lovelovelove]

hello everyone.

I would like to get some input on what you guys think this offer is and any other questions I should mention on top. Also, anything else that would be greatly appreciated. I would also like to hear your stories and the right way to advance in this career.

Background about me is that I just recently got my P&C license so 0 experience, but have sales skills from my previous experience. Location I’m in is NC near countryish side of town. Around Jacksonville.

MY OFFER

30k base

6-12 months of training before I can receive any commission (can be less when I prove it)

0-40k = 3% commission

40k- infinity= 4% commission

60k+ = $500 bonus

30 days PTO

reimbursement on license

30k sales quota per month

Questions I'll be asking on the next visit

Will there be a commission on renewal policies, if so how much?

Any contract terms?

 

[kennywayne99]

@lovelovelove Without knowing your location or other details about the job, this sounds like an awful deal. $30k base is insanely low in 2023. That quota will be tough to hit as a new producer. I'm curious what percentage of their new hires make it past the first year.

I would ask what sort of leads you'll be provided. If it's mostly cold-calling or "ask your family and friends", run. You'll have to do some of that, but that shouldn't be the bulk of your leads.

You can ask, but don't expect to get any renewal commission.

Expect to have to sign a non-solicitation agreement saying you can't contact their clients and/or sell insurance within a certain distance from their office, "X" number of years after leaving the job. One year is the norm from my experience.

If you want to do P&C sales long-term, my advice is find a role under a good, experienced agent and stay there a few years to learn all you can about the industry. Getting licensed is only the start; you still have a lot to learn. Once you feel comfortable with it, either try to buy an agency or start one from scratch (assuming the insurance market improves by then). The real money in P&C comes from renewals and building a book of business, and the sooner you can stop building someone else's book and start building your own, the better.

 

[lovelovelove]

@kennywayne99 My location is in the NC area. I checked the salary range for a P&C agent in NC, which ranges around 30-45k.

What other details would you need to know I would gladly provide them for you. Thank you again for your input.

I will ask them about the leads again. Last time they told me I believe it is the leads they have provided (as in referrals they have received from their advertisement) for us and also finding my own.

 

[lovelovelove]

To add to this I will be working for a small independent agency. Also curious how long do you have to work within the agency to receive a renewal commission?

 

[kennywayne99]

@lovelovelove I've very rarely seen renewal commissions offered at any point.

 

[kennywayne99]

@lovelovelove If it's Charlotte or Raleigh or one of the other cities, that's too low. If you hit your quota every month, that works out to about $19.62/hour with a 40-hour workweek, and that's not a guarantee.

I would at least check around for other openings. Lots of agencies are hiring, and already having a license gives you a leg up.

 

[lovelovelove]

@kennywayne99 It is unfortunately not in any of the big popular cities in NC. I am near a country-ish city. I would love to go out to the Raleigh and Charlotte area but can't due to financial reasons, etc. So far been asking and only independent agencies no one is hiring but this one at the moment still looking around. What would be an ideal job offer for an entry-level P&C agent?

 

[lovelovelove]

@kennywayne99 I assume the salary and quota is the only issue with this offer? Is the commission structure good or something to negotiate on?

 

[lovelovelove]

6-12 months of training before I can receive any commission (can be less when I prove it)

Also, is 6-12 months of training before I can receive any commission (can be less when I prove it) a thing for every insurance agency?