Hello,
I am partnering with an established Indy agency in my area. He is offering me 50/50 split with no overhead but I am responsible for my own marketing costs. However, he has yet to produce a contract outlining this. He also says I will own my own BOB, but I can only sell it off to someone willing to keep it with the cluster/principal?? He also does not want to add me to the insurance carrier sites as an additional producer so everything will go under him and he said that the E&O he has will cover all business written. Shouldn't I get a copy of this policy and I would think that I need to be named on the policy since I will receive a 1099 from the managing cluster/principal. I could see if I was an employee of his agency, but since I am considered more of a partner with him I think I need to be named on the policy...any help or advice would be great!
Thanks so much
I am partnering with an established Indy agency in my area. He is offering me 50/50 split with no overhead but I am responsible for my own marketing costs. However, he has yet to produce a contract outlining this. He also says I will own my own BOB, but I can only sell it off to someone willing to keep it with the cluster/principal?? He also does not want to add me to the insurance carrier sites as an additional producer so everything will go under him and he said that the E&O he has will cover all business written. Shouldn't I get a copy of this policy and I would think that I need to be named on the policy since I will receive a 1099 from the managing cluster/principal. I could see if I was an employee of his agency, but since I am considered more of a partner with him I think I need to be named on the policy...any help or advice would be great!
Thanks so much