Advice on Opening Agency in NY

CraigB331

New Member
7
I'm going to try and keep this short. I have about 6 years in the insurance industry. One full year of managing an agency on my own while the owner was taking care of other things. P&C and L&H licensed in NY. I'm 26, I think opening an agency now is a good career choice.

I spoke with a Smart Choice rep (30/70 commission split) about starting with them as a cluster. What I don't like is that it takes away from the 'neighborhood agent' feel. People need me for the initial sale, but that is it. From what I was told I can't service their policies for them, take payments, or even get them ID cards. I want to stay Independent for now because I don't have a lump sum of cash to become a captive with a large company. Before I go throwing all of my eggs in one basket I am seeking advice. Anyone's experience with one cluster vs another.

I've looked up potential locations, costs such as rent, furniture, wifi/fax/phone, utilities.
Any help/advice is appreciated. Thank you
Craig
 
It takes much more cash to start an independent agency...that is if you want to be successful. You aren't going to be able to just open "Craigs Insurance" and have people come on in for quotes. With a captive, at least you have a backing, and someone helping with the marketing side of things.

Weigh all of your options before you jump into anything. If Cash on hand is an issue...either way you go is going to be a tough start for most
 
Start up capital is definitely an issue. I have about 10k to make this take off. I plan on doing some other work on the side at night for a friend who owns a maintenance company until I get the ball rolling.
 
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