vindem
Expert
- 33
Thinking about opening an agency in New Jersey, how do i get different companies to write my polices. What do they want from me as an agency owner? Do these companies offer any training for their products?
Learning How to Open an Insurance Agency
- Thread starter vindem
- Start date
Re: Learning How to Open an Agency
you wont get any companies that will let you write thru them. join a cluster or your local wholesaler/mga. (Although, i think there is only 2 clusters i would only join, one wants experience, one wants A LOT of money)
Most of them will want 100k to stay appointed. 99% wants you to have a book of business, and a good loss ratio.
My wholesaler doesnt offer training but they tell me what i did wrong on the app and tell me how to do it.
you wont get any companies that will let you write thru them. join a cluster or your local wholesaler/mga. (Although, i think there is only 2 clusters i would only join, one wants experience, one wants A LOT of money)
Most of them will want 100k to stay appointed. 99% wants you to have a book of business, and a good loss ratio.
My wholesaler doesnt offer training but they tell me what i did wrong on the app and tell me how to do it.
- Thread starter
- #3
vindem
Expert
- 33
Re: Learning How to Open an Agency
Cant respond to private messages. I need to have sent out 20 posts before i can...
Cant respond to private messages. I need to have sent out 20 posts before i can...
- 114
Re: Learning How to Open an Agency
They will want your soul.
JK! Try calling all of the non standard companies first (Progressive, Daryland, ect.) if you have a good business plan they will usually appoint you. The preferred companies want to see an existing book of business or they will tell you to call them back in six months to see how much premium you've written. Don't be afraid to approach them and get ready to be rejected by many of them and accepted by some....
They will want your soul.
JK! Try calling all of the non standard companies first (Progressive, Daryland, ect.) if you have a good business plan they will usually appoint you. The preferred companies want to see an existing book of business or they will tell you to call them back in six months to see how much premium you've written. Don't be afraid to approach them and get ready to be rejected by many of them and accepted by some....
rickyponting
New Member
- 5
Re: Learning How to Open an Agency
Before initiating an agency you will have to decide what kind of agency you need If you want to start an agency in partnership the requirements are different. However if you want to initiate Inc you will get more tax rebate. If you are the sole proprietor of the company your taxation amount will be more.
Before initiating an agency you will have to decide what kind of agency you need If you want to start an agency in partnership the requirements are different. However if you want to initiate Inc you will get more tax rebate. If you are the sole proprietor of the company your taxation amount will be more.
- Thread starter
- #7
vindem
Expert
- 33
Re: Learning How to Open an Agency
will these companies talk to me if i dont have E&O insurance? I was on progressive's site and was looking at the form to fill out for them and they wanted the policy info for E&O. Should I get this first or maybe call them direct and will they speak to me?
will these companies talk to me if i dont have E&O insurance? I was on progressive's site and was looking at the form to fill out for them and they wanted the policy info for E&O. Should I get this first or maybe call them direct and will they speak to me?
- 409
Re: Learning How to Open an Agency
Ya, you will need E&O insurance before you can do much of anything.
Ya, you will need E&O insurance before you can do much of anything.
G
Guest
Guest
Re: Learning How to Open an Agency
When you say agency do you mean with multiple agents? If so that is a bit more involved. You have to have communication skills, contracting knowledge, admin capabilities, lead generation, support and training, to name a few.
When you say agency do you mean with multiple agents? If so that is a bit more involved. You have to have communication skills, contracting knowledge, admin capabilities, lead generation, support and training, to name a few.
- 114
Re: Learning How to Open an Agency
Yes, you will need e&o before everything. All of the carriers require that you have it before appointing you, some of them require that you send them all of your paperwork first (like Progressive) then they process it, then decide if they can/will appoint you. I got mine through e&o for less, you may wanna check them out and see if the coverage it offers is right for you. Are you going to have any employees?
Yes, you will need e&o before everything. All of the carriers require that you have it before appointing you, some of them require that you send them all of your paperwork first (like Progressive) then they process it, then decide if they can/will appoint you. I got mine through e&o for less, you may wanna check them out and see if the coverage it offers is right for you. Are you going to have any employees?
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