Starting an Insurance Agency
You may have seen other’s or heard that insurance can be a profession someone can go about making a means for themselves. Becoming a independent insurance agent and starting an agency can be an extremely tough but lucrative opportunity.
Insurance Broker Resources explores in this article just exactly what it takes to start an insurance agency.
Insurance Licensing – You need to pass whatever exam in the state that you live in first. Life, Accident, Health, Property, Casualty & other exams depending on the insurance that you want to specialize in.
Filing an LLC – File an llc in your state with an address on file. Using a P.O. Box can be a easy business address. Once you file the LLC in your given state remember to file your FEIN with the federal government to register for tax information.
Getting Insurances – You have come to the right place, it is not legally mandatory to get E&O insurance to start a business but once you start making money not only to majorly protect yourself but also if you wanted to work with legitimate places, they will require certificates of insurance to even work with them. Whether you are a business or looking to purchase, Insurance Broker Resources can help you out.
If you are a new broker looking to get onboarded to become an insurance agent Insurance Broker Resources can sell you your insurance policy and give you your rightful commissions once you become active.
Experience – It is recommended that you get tons of experience in sales before just starting an agency. Experience selling insurance as an agent first is recommended because insurance carriers will not onboard directly if you do not have previous experience or flow of revenue with them or other carriers.
If you are just starting out Insurance Broker Resources is a great insurance brokerage to gain experience as an agent to start your own business.
Getting Contracted Through State – Remember when you took your licensing? NIPR Website is where you go to register your business as a brokerage and as a agent. Also check NIPR website about renewing licenses or check license status.
Getting Contracted Through Carrier – Earlier we explained that experience was good to have in order to be able to get sales. You need a consistent book in order to get a direct contract through a carrier. Once you have enough experience handling claims, dealing with clients and signing people up for polices you should be able to reach out to a carrier and get your first direct contract!
Other requirements of starting an agency:
Time, Resources and Patience – It can take a lot of time establishing an insurance agency. From the delay in time that it takes to just communicate to get onboarded, to all of the paperwork, licensing, insurance and much more not to mention other business operations. It can take a lot of resources and time.
Sometimes getting a direct contract can be tough, especially in difficult markets. Insurance Broker Resources gives some of the highest commissions in the industry coupled with knowledge and sales support. With no bullshit and no non-competes see why insurance agents & brokers choose to stay with Insurance Broker Resources for their insurance needs.