Forming Independent Agency - Need Insight Into The Process

[patch36]

I think you are going to find, your dad is right.

 

[Mr. Blaze]

I know a P & C agent (not the sharpest BTW) who contracted with carriers & started his own agency after working for another with little capital....so it can be done.

Im a captive agent that is fed up with my company and Im seriously considering the move to indy. 10 yrs exp tells me if I can build agency when I was green with no contacts I can certainly do it again. However this time since I have the means and know how I will pursue purchasing an existing agency.

 

[superdave45040]

After one year I closed my Allstate agency in Ohio to go independent (scratch).

Option 1: I can get a direct appointment with Erie and go exclusive with them. The benefit is 25% comm. year 1 and 20% year two plus an interest free loan that does not have to be paid back for 3 years.

Option 2: I can get direce appointments with Erie, Grange & Progressive and use somebody like Insurance Noodle.

Insights into the pro's & con's appreciated.

 

[howez]

New Jersey Insurance Law

Hello,

I am currently looking to sell insurance as a single person but I do not have a license. Does anyone know where I can find the laws regarding this issue ( and general laws).

Thanks,

Howe

 

[souldeux]

NJDOBI Insurance Licensing and Education

I'd start here - each state is slightly different, but the basics are the same. Pre-licensing course, exam, appointments with carriers, depression, shared leads, elation, new car, fun times.

 

[bcbroker]

Alright. Thank you. Finally someone who offers more than a four word response.

Can anyone provide me with a starting point on the contracting process? I cannot seem to find any resources regarding this vital step in forming a new agency.

The state is Indiana in case that helps.

Form the agency in the State of CA. Where non compete clauses in employment contracts are not honored.

 

[TiredAgent]

One easy way is to buy an agency, but that's a lot of upfront $$. The co appointments and accounts are there and with your father's track record he may be able to convinence the co to continue the appointment with the agency.

If you want to really start from scratch try using a "wholesaler" or "aggregator" like Superior Access to build up your agency's book. If you do good after a few years you may be able to go and get your own appointment with the same carriers. Just make sure the agreement with the wholesaler says YOU OWN YOUR BUSINESS.

 

[JNJ]

I am an independent agent (Health & Life) trying to build an agency. Does anyone have any forms for the new agent to sign to protect my agency? Thought of having the new agents start hitting the streets to drum up business and when they find a lead, they bring it to me to close. Running all the leads thru my license and 1099 them at the end of the year. This way I would know they would just not walk away once they are trained and if they do, the clients they bring on would be under the agency.

If there is a better way of doing this, please...I am all ears. I will make sure they get their E&O of course, but I want to make them understand the business before going elsewhere with all my resources.

Thanks!

 

[padthaiforlunch]

dr00t, you should start your own agency, start selling and get your dad to migrate after you have several years built up.

 

[ChaplainBradley]

I'm closing in on being 60 years old, worked for my Uncle for over 30 years, then started my own business in sales grew the business and sold it when 911 happen the Uncle I worked for was my Uncle Sam, USMC after some health issues where reviewed the Corps said stay on the bench, so I studied and became a hospital chaplain. With budget cuts hospitals are dropping their chaplains. I want to work say another 5-7 years and would like to replace my 401k that is like many people a 000k. I have applied for my Kansas Licenses Life & Health. Have been offered jobs with companies that seem to be on the sht list, SHC, Family Heritage, and NAA I don't want a 9-5, I want to work at my own pace. What say You'll? Thanks in advance, Brad