VU Resources

Establishing a Bonus Compensation Plan

Most bonus plans are usually not tied to salary or job standards and, in most instances, agency owners end up paying a bonus to employees to do the job they…

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How Much Should I Pay My Producers?

“What is the average renewal commission that an owner should give his producers? Is there a difference to be considered as to personal vs. commercial lines compensation?” These are among…

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Compensation

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Assessing the Value of Compensation and Benefit Programs

It’s no secret that employees’ attitudes about their jobs and benefits can range from high praise to dissatisfaction. What’s less understood and harder to find out is exactly what matters…

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Compensating Agency Managers

Most of the compensation questions our agency management gurus get deal with producers since the variations are widespread. But, compensation issues for managers, CSR’s and others can be just as…

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Are CSRs “Exempt” Employees?

Is the customer service representative (CSR) position in an insurance agency considered to be “exempt” or “nonexempt” under the Fair Labor Standards Act (FLSA)? This was a question recently posed…

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Are You Paying Your Agents Properly?

Owners of insurance agencies often ask questions about how to properly pay their insurance agents and other employees working within their business. Because of increased litigation in this area, you…

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Producer Compensation…How Much Can You Afford?

Unfortunately, there is no magic to setting up producer compensation programs for commercial lines. As many agencies as exist is just about how many different types of compensation plans are…

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How to Create Enforceable Non-Compete Agreements

It is unfortunate that the majority of agencies still do not have Non-Compete and Non-Piracy Agreements with producers and other key employees. Three things can happen without these agreements…and two…

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Employment Agreement Do’s and Don’ts

An Employment Agreement protects both the employee and the agency. Owners would be wise to re-negotiate Employment Agreements with existing and/or new employees, with a legitimate form of consideration to…

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