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OK, so hopefully once I have my own shop set up within a few months, I'm looking at bringing on a friend to help with marketing. He has no insurance experience, so we would have to get him licensed first, but he has a background in telemarketing. He would be focused more on preferred business (personal lines initially), as my nonstandard efforts and other non-insurance endeavors will keep me plenty busy. I would initially bring him on part time for marketing only, no expectations to service policyholders. He says he would continue with his full time gig as well unless he does well enough selling insurance. I would like to see him earn enough to work with me full time, so he may eventually start doing service work at that point.
So knowing my short term and long term outlook, I'd like to hear what compensation plans you guys have with your IC (non-salary) producers, as well as the salaried ones, as thats something I'll need to consider in the future. If you were in my shoes, would you pay for his licensing and e&o costs, or deduct that from his commissions? What commissions do you guys pay producers on new and renewal?
Thanks in advance.
So knowing my short term and long term outlook, I'd like to hear what compensation plans you guys have with your IC (non-salary) producers, as well as the salaried ones, as thats something I'll need to consider in the future. If you were in my shoes, would you pay for his licensing and e&o costs, or deduct that from his commissions? What commissions do you guys pay producers on new and renewal?
Thanks in advance.
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