Pros and Cons of a Physical Office for Independent Insurance Agents

Having a designated space to work and be productive is essential for independent insurance agents.

There are going to be advantages and disadvantages with having an office space outside of your home. The question of whether it’s a worthwhile investment, and if the pros outweigh the cons, will vary from agent to agent.

Here are the advantages of having a physical office space for insurance agents so you can decide if it’s the right choice for you.

Why Insurance Agents Should Have an Office (the Pros)

First, let’s examine why having a designated external office space can be a great benefit.

Designated Workspace

An office away from your home will help separate your work and home life. Some independent agents can find it difficult to disconnect from work during time designated for family, when their office is only steps away.

Having a workspace outside of the home will lessen feelings of isolation or loneliness that can come from working at home. During the “off season” you’ll still have the opportunity to go out, see people and interact.

Room for Growth

Having a workspace also allows for your health insurance business to grow. If you want to acquire some downline agents, you’ll have a place for you all to work together.

Being together in one workspace can help you build relationships with your downlines, be an active part in their selling process, overcome obstacles, and so much more.

If you’ve never considered expanding your business and recruiting downline agents, it’s something worth considering. It’s definitely an involved process, but it can pay off and be a great investment of your time. Our Ritter agents benefit greatly from the knowledge and assistance of our Agency team.

Having a workspace also allows for your health insurance business to grow.

One of our agents had a great idea to help put his agency out there and gain some new clients.

This agent converted an in-office childcare space into a “Medicare Resource Room.” Using newspaper ads, he promotes the room as a comfortable place where his clients can get an introduction to Medicare in a pressure-free environment.

The last thing you want is for your consumers to feel like they have to decide on a plan right then and there. That’s why creating an inviting place where clients won’t feel pressured to make a purchase could be worth it.

Fewer Distractions

Imagine you have sat down at your desk, ready to go over your schedule or call some clients when the dog starts barking, your doorbell rings, and it’s FedEx at your door with a package.

You get up and answer the door, calm the dog down, open the package, because of course you’ve been waiting for it arrive. There goes at least 20 or 30 minutes of your workday.

If you work out of your home, this is a very likely scenario. Working in an office space can eliminate distractions like these.

Why an Office Space Might Not Be Right for Insurance Agents (the Cons)

Now, let’s take a look at a couple of the negative aspects of having a physical office space outside of your home.

Expenses

Of course, if you’re going to have your own external office space, you’ll need to pay the purchase price or monthly rent. Whichever workspace you choose, whether it be a building, a suite, or a single office, you’ll need to consider its cost in your budget.

Then, there are other purchases you may or may not need depending on the amenities you wish to have. You may need to budget for items like desks, chairs, a Keurig or coffee machine, office supplies, etc. too.

Commute

Where you live, rural or suburban, your Medicare client base is, and where you can find office space will dictate just how far of a commute you will have to your office. Some people don’t mind a commute to work, while others dread even the thought of it.

On average, people in the U.S. drive about 27 minutes to work each way. This could easily become a drawback if you have to account for traffic, construction, or an even longer commute.

You’ll also have to factor in travel time throughout the day to meet with clients, attend educational sessions, or events. A significant increase in driving time could also mean more spending on filling up your gas tank.

Choosing a Layout

Should you decide to go ahead and purchase an office space, there are different types of office setups you can choose from if you’re looking to expand your business.

Open Layout

An open layout office could mean large tables or spaces for agents to work in close proximity without closed doors or private cubicles. If you plan to recruit downline agents, this layout can be more cost effective and build a stronger sense of comradery.

You’ll be able to better assist and mentor all of your agents and keep an eye on their sales processes. Though, with open space can come the distraction of too much socializing, and non-work-related discussions can cut into productivity.

Private Layout

Having a more private office layout of personal offices or cubicles is another way to go. This layout allows for a more controlled environment for less interruptions and provides privacy for handling clients’ confidential information.

Along with the privacy can come isolation, which some welcome, while others find they thrive in a more collaborative and social environment.

Resources for Your Own Space

Want to open a new office for your own business? Integrity’s PlanEnroll is a great resource for your new, relaxed space! This tool allows you to easily lay out all the plan options for your clients and compare them right there on the screen.

You can start using PlanEnroll by first completing a simple sign up for IntegrityCONNECT. This sign up unlocks all of Integrity’s industry-leading resources and technology.

Having a physical office space outside of your home could be a game changer for your business. The decision really comes down to what will be best for you and your sales process. Weighing the pros and cons can help when making any decision, especially decisions that will affect your business.

Ritter is on your side through your sales journey of downline recruiting and shaping your business. For top contracts and technology, register with Ritter for free!