What Does an Equine Insurance Agent Do?
Learn About the Salary, Required Skills, & More
Equine insurance agents sell a variety of insurance policies to horse owners. Many equine insurance agents offer both equine insurance and other non-equine lines of insurance. Some agents are able to offer exclusively equine insurance, though these agents usually operate out of areas with dense horse populations (such as Kentucky and Florida). Some agents in these areas focus their insurance sales on a specific clientele within the equine industry, such as Thoroughbred racing and breeding farms.
Equine Insurance Agent Duties & Responsibilities
The job generally requires the ability to perform the following duties:
- Collect information from horse owners.
- Give accurate rate quotes based on the horse’s age, use, and value.
- Advise clients on the best protection plan for their equine interests.
- Process insurance forms.
- Market and advertise to potential customers.
- Interact with underwriters.
Equine insurance agents offer a number of different insurance policies to protect the horses owned by their clients. Policies for these horses may include coverage for mortality, major medical and surgical, surgical only, liability, loss of use, or ASD (accident, sickness, and disease).
Equine insurance agents may also offer Care, Custody & Control (CCC) liability insurance coverage to farm or barn owners. This protects the facility owner in the event that they are sued after a horse is injured or killed while on their property.
Equine Insurance Agent Salary
Compensation for equine insurance sales agents may come in the form of commissions, base salary, bonuses, or a combination of the three types of income. Commissions are a common form of compensation in the insurance and sales industries.
The Bureau of Labor Statistics (BLS) offers salary data for the more general category of insurance sales agents, but it does not separate out equine insurance agents:
- Median Annual Salary: $50,600
- Top 10% Annual Salary: $125,610
- Bottom 10% Annual Salary: $27,500
Source: U.S. Bureau of Labor Statistics, 2018
Education, Training, & Certification
The path to becoming an equine insurance agent is more specialized than that of other types of insurance sales representatives. It's a niche part of the industry that requires knowledge of the equine industry, advances in veterinary medicine, and more.
- Education: A four-year college degree is preferred by most insurance agencies, although a wide variety of majors are acceptable forms of preparation for this career path. Coursework in accounting, marketing, communications, technology, mathematics, and economics will prepare an equine insurance agent well for their duties. A background working with horses can also be particularly helpful as it will make the agent very familiar with the specialized equine terminology.
- Certification: An aspiring equine insurance sales agent must first be licensed to sell property and casualty insurance in their state. Licensing requirements differ from one state to the next but may involve completion of training courses, passing a state licensing exam, and paying various licensing fees. Completion of continuing education credits is necessary to maintain a license in most states; this generally involves attending industry conferences and seminars.
- Training: Equine insurance representatives must constantly educate themselves about the insurance industry, advances in veterinary medicine, the equine industry, and their company’s specific plan options. The insurance company may offer a variety of training courses to their agents on a regular basis so that they can keep their industry knowledge current.
Equine Insurance Agent Skills & Competencies
To be successful in this role, you’ll generally need the following skills and qualities:
- Communication skills: Agents must be able to effectively explain the benefits of different equine insurance policies to horse owners.
- Interpersonal skills: Selling requires positive interpersonal interactions.
- Analytical skills: Agents must be able to analyze different policies and determine which ones are best suited to their clients' needs.
The U.S. Bureau of Labor Statistics (BLS) projects that employment for insurance sale agents, in general, will grow 10% through 2026, which is faster than the overall employment growth of 7% for all occupations in the country. The BLS doesn't offer projections for the equine insurance subsector.
This is typically an office job. Some equine insurance agents may travel often to meet with clients.
Most insurance agents work full time, and one in five work more than 40 hour per week, according to the BLS. Work hours may be dependent on client availability and may include some evenings.
How to Get the Job
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Source: U.S. Bureau of Labor Statistics, 2018