Owning an Independent Insurance Agency
When you are considering your own business an independent insurance agency is a great business that provides you with many benefits. Many people never think about becoming an insurance agent because they feel that the procedure might be complicated and expensive. The truth is about anyone can start their own agency with little to know formal training. There are many small insurance providers who will sponsor small agencies. You need to make sure that you are licensed properly through the state you reside, make up a business plan and then contact providers that will permit you to sell their policy.
In most states you are required to take a test in order to get your license as an agent before a license will be issued. You can go to the Secretary of State Office and get training manual that will help you before you take your test. It is very easy to get a license as an agent who sells auto owners and home owners insurance but rather difficult to be licensed to sell life insurance. Many of the companies that you plan on using in your agency will provide you with training materials and a book of business.
The book of business is usually from a previous agent or an agent that lives a distance from where you are and since you are closer the client may want to change. Never assume that because you have inherited a book of business that everyone will become your client. You will need to obtain your own clients or book of business as it is referred too. When you do obtain a license to sell insurance you should also consider getting your organizational license making sure that you are licensed as LLC so that you will not be sued personally. This is vital for many agents because the client may decide to sue you or your business as well as the carrier that is providing them the insurance.
Next you will need a surety bond which basically a guarantor that you will be taking care of business to your customers. The surety bond is very inexpensive and a must for any agency. Then you will need an E & O insurance which protects you from any errors and omission that you might have performed that caused a significant loss to your clients. After you have acquired all the necessary agreements and insurance then you are ready to start your agency with the carrier(s) that have approved you to sell their premiums.
Find small business credit cards for your next business and more of Tom's work all at http://www.FINDbizcards.com
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
In most states you are required to take a test in order to get your license as an agent before a license will be issued. You can go to the Secretary of State Office and get training manual that will help you before you take your test. It is very easy to get a license as an agent who sells auto owners and home owners insurance but rather difficult to be licensed to sell life insurance. Many of the companies that you plan on using in your agency will provide you with training materials and a book of business.
The book of business is usually from a previous agent or an agent that lives a distance from where you are and since you are closer the client may want to change. Never assume that because you have inherited a book of business that everyone will become your client. You will need to obtain your own clients or book of business as it is referred too. When you do obtain a license to sell insurance you should also consider getting your organizational license making sure that you are licensed as LLC so that you will not be sued personally. This is vital for many agents because the client may decide to sue you or your business as well as the carrier that is providing them the insurance.
Next you will need a surety bond which basically a guarantor that you will be taking care of business to your customers. The surety bond is very inexpensive and a must for any agency. Then you will need an E & O insurance which protects you from any errors and omission that you might have performed that caused a significant loss to your clients. After you have acquired all the necessary agreements and insurance then you are ready to start your agency with the carrier(s) that have approved you to sell their premiums.
Find small business credit cards for your next business and more of Tom's work all at http://www.FINDbizcards.com
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
Labels: Independent Insurance Agency
When you are considering your own business an independent insurance agency is a great business that provides you with many benefits. Many people never think about becoming an insurance agent because they feel that the procedure might be complicated and expensive. The truth is about anyone can start their own agency with little to know formal training. There are many small insurance providers who will sponsor small agencies. You need to make sure that you are licensed properly through the state you reside, make up a business plan and then contact providers that will permit you to sell their policy.
In most states you are required to take a test in order to get your license as an agent before a license will be issued. You can go to the Secretary of State Office and get training manual that will help you before you take your test. It is very easy to get a license as an agent who sells auto owners and home owners insurance but rather difficult to be licensed to sell life insurance. Many of the companies that you plan on using in your agency will provide you with training materials and a book of business.
The book of business is usually from a previous agent or an agent that lives a distance from where you are and since you are closer the client may want to change. Never assume that because you have inherited a book of business that everyone will become your client. You will need to obtain your own clients or book of business as it is referred too. When you do obtain a license to sell insurance you should also consider getting your organizational license making sure that you are licensed as LLC so that you will not be sued personally. This is vital for many agents because the client may decide to sue you or your business as well as the carrier that is providing them the insurance.
Next you will need a surety bond which basically a guarantor that you will be taking care of business to your customers. The surety bond is very inexpensive and a must for any agency. Then you will need an E & O insurance which protects you from any errors and omission that you might have performed that caused a significant loss to your clients. After you have acquired all the necessary agreements and insurance then you are ready to start your agency with the carrier(s) that have approved you to sell their premiums.
Find small business credit cards for your next business and more of Tom's work all at http://www.FINDbizcards.com
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
In most states you are required to take a test in order to get your license as an agent before a license will be issued. You can go to the Secretary of State Office and get training manual that will help you before you take your test. It is very easy to get a license as an agent who sells auto owners and home owners insurance but rather difficult to be licensed to sell life insurance. Many of the companies that you plan on using in your agency will provide you with training materials and a book of business.
The book of business is usually from a previous agent or an agent that lives a distance from where you are and since you are closer the client may want to change. Never assume that because you have inherited a book of business that everyone will become your client. You will need to obtain your own clients or book of business as it is referred too. When you do obtain a license to sell insurance you should also consider getting your organizational license making sure that you are licensed as LLC so that you will not be sued personally. This is vital for many agents because the client may decide to sue you or your business as well as the carrier that is providing them the insurance.
Next you will need a surety bond which basically a guarantor that you will be taking care of business to your customers. The surety bond is very inexpensive and a must for any agency. Then you will need an E & O insurance which protects you from any errors and omission that you might have performed that caused a significant loss to your clients. After you have acquired all the necessary agreements and insurance then you are ready to start your agency with the carrier(s) that have approved you to sell their premiums.
Find small business credit cards for your next business and more of Tom's work all at http://www.FINDbizcards.com
Article Source: http://EzineArticles.com/?expert=Tom_Tessin
Labels: Independent Insurance Agency
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