Business Setup as Independent Agent through an FMO

[marindependent]

You can't eliminate that liability with a corporate/legal structure. It's still all on you if you personally produce.

@Tahoe Ray - correct. The LLC is really for taxes.

Get yourself a nice E&O insurer and get a lot of coverage.

 

[noflolifehealth]

Y'all got any E&O provider recommendations?

 

[Tahoe Ray]

Well that is terrifying. So all of these self-made millionaire insurance agents out there are one successful lawsuit away from bankruptcy?

Personally, I have 3 million of E&O coverage and I also know how to do my job so I'm not too concerned about that.

Anyone can be sued though so having the coverage is a nice backstop.

EDIT: and most of those "self-made millionaire insurance agents" are full of shit.

 

[Tahoe Ray]

Y'all got any E&O provider recommendations?

There are a bunch of them but that's like asking for life insurance carrier recommendations. Cost/coverage/lines etc. all come into play.

 

[marindependent]

I am 2-15 licensed in Florida looking to start life selling in Florida as a solo independent agent. Goal is to start in Life and move to Medicare after I have some time to dig in and learn the products.

Dont take this the wrong way - but the best way to protect yourself is to work for someone else for a bit of time and learn best practices. All the E&O in the world will not help you as much as this.

Best of Luck!

 

[Tahoe Ray]

Establish great relationships and be a sponge, is the best suggestion I can make for new independent agents. Find and Participate in every learning experience or product knowledge webinar you can. Try not to be married to one specific product (IE IUL vs Whole Life). Everything has a place and might serve a client you're working with.

A useful resource for independent agents is an MGA relationship. Full Disclosure- I work for Back 9 insurance, however there are others. Our platform can be accessed here: app.back9ins.com/join/kO5AMnZ

Just FYI but you're going to get banned pimping your firm on every post.

Back 9 is legit but you need to add value beyond recruiting if you want to hang around here.

 

[DHK]

Hi Tahoe,

Will do. To me, when I first started, I wish I had this knowledge (or had checked with this forum first).

I'm here to be a resource for any life agent, and I will look to add value and not shamelessly plug our tech.

Yeah, I'm not convinced that @ReidTattersall would be impressed with this kind of marketing of his father's firm.

https://www.insurance-forums.com/community/members/reid-tattersall.87793/

 

[DHK]

In the meantime, David, I'd love to have a conversation with you. I believe you're an esteemed advisor that understands what it means to be a fiduciary and perhaps we can connect - maybe even work on a case together one day.

No.

 

[DHK]

I don't bother with anyone who thinks they can just 'spam' this forum to get business. Not knowing and abiding by proper forum etiquette, your posts will HINDER your efforts, not help you.

If I was interested in a relationship with Back9, I'd go over your head straight to Reid anyway.

 

[WinoBlues]

I already have b@ck 9 fatigue.