Producer Seeking New Business Venture...

[ripcali]

I am currently a licensed representative for an insurance agent and I am looking to go into business with a couple of friends of mine while keeping my current position. We are looking into buying homes/manufactured homes, renovating them and either selling them for a profit and/renting them out.

I am wondering from more experienced producers, what conflicts of interest could I run into, or how I could avoid any before taking on this new venture.

 

[thomasm]

I am currently a licensed representative for an insurance agent and I am looking to go into business with a couple of friends of mine while keeping my current position. We are looking into buying homes/manufactured homes, renovating them and either selling them for a profit and/renting them out.

I am wondering from more experienced producers, what conflicts of interest could I run into, or how I could avoid any before taking on this new venture.

I don't see any conflict of interest flipping homes as a side hustle while working for an insurance agency.

If the agency is P&C licensed it may even work out in their favor from the referrals.

 

[Markthebroker]

As long as what you are doing is honest and ethical, I see no issue. Of course the one drawback (if you could call it that) is that you are held to higher standards, and can lose the license if you are caught doing something illegal.

But a conflict of interest? I don't see one.

 

[jeremyadam]

I don't see a problem with your side hustle either. In fact 2 of my partners do it and I may as well some day. What I would ponder however, is if your time could be better spent building your own agency. There is a lot of money in this industry for independent agents that know how to make things happen. Are you stepping over dollars to pick up a shiny looking dime?

 

[Markthebroker]

Wow, Jeremyadam makes a really good point.

 

[johndf]

Unless he is just funding the project and his partners are doing all the work so he is not taking any time away from insurance