First I'll give you some brief background on myself.
I've been in the insurance business for 7 years. 4 of them I owned my own Allstate agency which was successful, however I decided to sell when the company decided it wanted to focus more on financial services rather than insurance. I was offered a position as an employee with the company to work as a consultant with independent agencies so I got to know that side of the business well versus the captive. I left that job to relocate for personal reasons and took a job as a Commercial Lines Producer with a broker now which leads me to my initial question.
They're giving me $50,000/year in salary for two years. Within those two years I have to sell $100,000 in commission for the agency. While I'm on salary they won't be paying me any of my commission. Once I hit the $100,000 in agency commission, I will then go to straight commission for myself with 40% new, 20% renewal.
This is a big agency so they do offer support in the way of a CSR however there isn't any marketing or leads provided. I would have to search for the business myself.
Do you think this is fair based on my experience? I forgot to add that all of my experience is in Personal Lines with small Commercial (BOP policies and small fleet). The type of business you'll find any Allstate or State Farm agent selling.
Because of the state of the economy I was willing to take a cut in salary because I needed a job but this isn't cutting it to afford my bills. My previous job was paying me $65/year, with a company car, company cell phone, company laptop, gas card and a bonus at the end of the year that averaged $10,000/year. I know you're probably thinking what the hell did you leave that job for? Like I said, personal reasons and it was the best thing for me and my family.
I know this is long-winded and I appreciate anyone's feedback. Thanks.
By the way, the state I relocated to is NY so you can imagine the expenses I have to deal with by living here.
I've been in the insurance business for 7 years. 4 of them I owned my own Allstate agency which was successful, however I decided to sell when the company decided it wanted to focus more on financial services rather than insurance. I was offered a position as an employee with the company to work as a consultant with independent agencies so I got to know that side of the business well versus the captive. I left that job to relocate for personal reasons and took a job as a Commercial Lines Producer with a broker now which leads me to my initial question.
They're giving me $50,000/year in salary for two years. Within those two years I have to sell $100,000 in commission for the agency. While I'm on salary they won't be paying me any of my commission. Once I hit the $100,000 in agency commission, I will then go to straight commission for myself with 40% new, 20% renewal.
This is a big agency so they do offer support in the way of a CSR however there isn't any marketing or leads provided. I would have to search for the business myself.
Do you think this is fair based on my experience? I forgot to add that all of my experience is in Personal Lines with small Commercial (BOP policies and small fleet). The type of business you'll find any Allstate or State Farm agent selling.
Because of the state of the economy I was willing to take a cut in salary because I needed a job but this isn't cutting it to afford my bills. My previous job was paying me $65/year, with a company car, company cell phone, company laptop, gas card and a bonus at the end of the year that averaged $10,000/year. I know you're probably thinking what the hell did you leave that job for? Like I said, personal reasons and it was the best thing for me and my family.
I know this is long-winded and I appreciate anyone's feedback. Thanks.
By the way, the state I relocated to is NY so you can imagine the expenses I have to deal with by living here.
