An insurance industry trade group representing agents in Delaware, Maryland and Pennsylvania has expanded a tool to help its members better protect their books of business and its value.

The Independent Agents and Brokers Service Group said its Producer Agreement Toolkit now provides members with information on establishing trade secrets, restrictive covenants and compensation plans and provides strategies for assessing damages. It explains the pros and cons of the employee and independent contractor classifications and includes a sample agreement for each, according to a statement.

Kathleen Glattly

“Producer agreements are good business practice,” said Kathleen Glattly, chairwoman of the IA&B Service Group, “but they often fall by the wayside because agency owners don’t understand their rights under common and contract law.”

She said the Producer Agreement Toolkit explains “the provisions all agency owners should have in place and spells out the consequences of improperly drafted contracts.”

The Insurance Agents & Brokers Service Group oversees the partnership of agents’ associations in Delaware, Maryland and Pennsylvania that work together to deliver programs, products and services for their more than 1,500 members.