Producer-in-training in Phoenix

[BigLefty]

Hello -

I joined an independent agency in Phoenix, AZ last fall after moving here from out of state and getting licensed to sell P&C. I enjoy the job so far and was hoping to get "out in the field" by the end of 2012. Well, the office moved, then a support gal quit, then the owner brought back a former producer that screwed him over in a big way 12 months earlier. (Owner had previously told me he could have this producer barred from selling insurance, but it's family so he wouldn't do it.) Then a new gal started in a support role and is up and running.

My days are spent in the office re-quoting existing policies as they come up for renewal. I have learned a lot and I do enjoy the people in the office. I can't complain as I get paid as 'contract labor' (1099) each month, but no commissions yet; I do sell policies here and there, but most of them are to our existing base.

I will soon be out looking to drum up business, and after a time my monthly "salary" will go away. I intend to hit car dealerships, Realtors, apartment buildings (leasing agents), and go thru current and cancelled files within the office. I have looked around the forum just a bit for innovative and/or effective ways to sell so I know there will be other avenues to drive business.

My questions:
1. Are there cost-effective, proven ways to market myself online?
2. I have not yet signed an independent contractor agreement...Am I "at risk" in any way? I am married and have a new baby at home so I'd like to get regular pay *and* commissions for a while if possible. What is the best way to look out for *my* bottom line when it comes to a to-be-scheduled meeting with the agency owner, where the IC agreement will be put together?
3. What would be a fair commission split for new business?
4. How long might I expect the salary to last beyond signing my paperwork? It stinks 'cuz I got nailed a bit on taxes due to being paid as contract labor, and would like to minimize any big surprises at tax time.

Any and all replies are appreciated.
BL

 

[nyc2phi]

1) cost effective is linkedin and facebook pages. Create both and post frequently but not obnoxiously.

2) Have a formal contract put together and signed right away. With no contract the agent can do whatever he wants with you and not be held accountable.

3) With a salary 30-40% on new business is fair & with no salary 60-70% on new business is fair.

4) Try to get the salary to last a year while you build a book and learn the business but thats up to you to negoitate with the agent.

 

[BigLefty]

Thanks for the reply, nyc2phi. I am on LinkedIn but don't have a FB fan page. Will be looking into that.

Is there a target minimum commission for renewals? I will do some (most?) of my own customer service, but they admin staff is largely in charge of that. Owner pays them as employees, tho one is licensed and can sell, as well as service, accounts.

Is there a cost-effective database management system out there? All we have are hard files (papers in manila folders) and the ability to look up client's info on the insurance company's website. Also, owner doesn't want to spend money on technology (who does??). Computers are probably ten years old and *really* slow. Kinda stinks, tho I use my laptop to minimize frustration and try to get more done. And I think the Internet speed coming into the office may be slower. (Sorry, this sounds like a 'rant' but it's not.)