Search
 

For the Manager- Protect your assets with non-compete agreements

An agency owner dreads the scenario that an employee leaves the agency and takes customers, prospects, employees and proprietary information with him or her to a new job. When this happens, the agency loses more than its investment in the employee.

By Chris Burand | Updated on October 07, 2009

An agency owner dreads the scenario that an employee leaves the agency and takes customers, prospects, employees and proprietary information with him or her to a new job. When this happens, the agency loses more than its investment in the employee. It loses other valuable assets, such as staff, marketing ideas, prospects and competitive advantages. Similar situations can occur when a partner is bought out and when books of business are bought and sold. This is why non-compete agreements are so important. These agreements are designed to protect businesses from this type of loss.

Before continuing further, I must first add a disclaimer: I am not an attorney, so nothing in this article should be considered legal advice or an exhaustive discussion on these types of agreements. This article is simply a layman’s opinion based on years of insurance agency experience.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.