Lastweek I had the pleasure of attending an independentagent seminar presented by Hales & Co.and hosted by National Underwriter and AA&Bon “creating and enhancing shareholder value.”

Don't let the Hales tag fool you: although M&A was a largepart of the discussion, it was by no means the only topic. In fact,the all-day event pretty much ran the gamut of all the challengesindependent agents face, from complying with the new healthcarereform law and other legislation to building a stronger brand.

The main message I came away with was this: Being an independentinsurance agent is not for wimps. Not only are you stuck competingin the worst economic mess since the Great Depression, but you alsohave to worry about complying with state and federal regulations,finding new business, tracking your insurers' financialstability, and on top of everything else, staying on topof Facebook, LinkedIn and Twitter.

And now, to add insult to injury, you're also a target forprofessional wrestlers.

In a story that sounds like something from the Onion, last week theSt. Petersburg Times reported that Hulk Hogan(real name: Terry Bollea) has sued his insurance broker, WellsFargo Insurance Services, claiming the broker should have offeredhim an umbrella policy, which would have protected him fromlawsuits when his son crashed his car, catastrophically injuring apassenger in 2007. Although he had a third-party auto liabilitypolicy with a $250,000 limit, Hulk recently paid a confidentialsettlement in the accident, which the broker lawsuit seeks torecover.

The case goes to the heart of the broker-as-consultant issue,which holds the profession to a higher standard of ethics andexpertise than a mere policy-pusher. According to the Timesarticle:

Didn't Bollea have a personal responsibility to investigate onhis own what he needed to do to protect his multimillion-dollar networth?

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“Not if you put your trust in your broker,” Florin (Hulk'slawyer) said.

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“This isn't a personal responsibility case,” Florin said. “Thisis a professional responsibility case.”

Every agency consultant, including those at the Halesevent, extols the virtues of independent agents and brokersdifferentiating themselves in a tough market by becoming moreprofessional and consultative. Unfortunately, as the Hulk casedemonstrates, that professionalism can be a double-edged sword. Ifyou've cut corners to survive the soft market and the recession,that frugality could come back to haunt you if you're not coveringall the bases with your agency services.

As the industry continues to evolve in sophistication,don't be surprised if you start seeing more of these types ofcases.

And it would be really cool if they could be settledwith a cage match.