Starting a New Independent Agency in TX

[TXmotivated]

Hi all!

I’m looking to start my own agency. I have 6 years of experience, working my way from being a front desk rep all the way to being the Personal Lines Manager for multiple office locations at an independent. I have worked for Nationwide at their call center, and smaller independent and captive agencies in sales, claims, and underwriting.I now feel I have the technical knowledge to properly service my clients, but am curious as to the steps to opening my own agency. I have minimal capital, but to my knowledge, won’t need very much either. My living expenses will be handled through my day job as part of my family’s financial services fir. The lead source to start will be their commercial clients, so in house. I have my equipment, won’t require a physical space, and I have a cell phone to use. For carriers and appointments, I have a program I’ll enroll into with a monthly fee and commission split that will give me access to 50 carriers for personal and commercial. I know that I’ll need E&O, and have begun that search. The business format and tax format are all taken care of.

Is there anything I’m missing? Any state requirements that I haven’t touched on? Any advice, tips and criticism is welcome! Thanks in advance!

 

[BADTROUT]

It seems like you have most of your bases covered with that and it's GREAT that you have some experience.

 

[Andrea Whittaker]

I am an IMO located in Dallas, and came from the agency operations side myself. I have many years of experience in setting up and assistance agencies, and would be happy to chat with you. Please let me know if you would like to discuss further.

Andrea Whittaker
National Marketing Manager
Advance Case - Life & Annuities

 

[marindependent]

Non E&O Business Insurance [GL]
A Business Bank Account
A PO Box
An email account
A Logo
A Business Name
An internet desk phone [can be virtual through your computer]
An agency management system [I assume you are P&C]
A CRM

Those are just to start. And some of them might come from your Program [Read that stinking contract 10 times before you sign it.] I assume you already have a license.

Call your state DOI to inquire, in California, you need to get your name approved and often get a broker bond. But call TX and ask or check their website. Do not "assume" that since others do not have something that you do not, it is your job to research this.