This post is part of a series sponsored by Old Republic Surety.
Many independent guarantee bond producers are approaching retirement age. At the same time, government construction contractors who rely on suretyships are preparing for a boom. That confluence of events makes this the perfect time for the younger generation of insurance agents to start building a new warranty book.
President Joe Biden’s Infrastructure and Jobs Act, adopted in 2021, has opened up enormous opportunities for construction contractors who have the capacity to help rebuild American infrastructure.
As government contractors cannot work without guarantees, these growth opportunities extend to guarantee producers at independent insurance agencies. Are you ready for more business?
It̵7;s time to market your agency to the contractors who will need binding for public construction projects. Here are five tips to get you started:
- My current book on commercial business to reveal potential surety customers.
- Read more about the guarantee business. The more you learn, the more you can earn. Both the National Association of Surety Bond Producers and The Surety & Fidelity Association of America offer educational resources.
- Work to be a reliable guarantor. The more you learn, the more confidence you can earn. And being trusted means that you have to work to get straightforward, honest information to flow freely between you as a producer, your customer and the guarantee company.
- Learn the surety market so you can create long-term relationships with reputable surety companies. As a guarantee producer, your best friend can be a guarantee guarantor.
- Market your agency as a reliable, expert bond producer to potential customers. Your guarantor can also be a good partner in this.
Just as there are many insurance agents who will soon retire, which creates a shortage of labor in the industry – but also creates great opportunities for those who are ready to fill their positions – there are also many bond producers who will soon retire as well. Now is the time to seize the opportunity to become a bail bond expert. It will not happen quickly, but the dividend will be worth every moment you spend on bail training and marketing.
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