Comanche
New Member
Hi there,
I am wondering what my options are to work for another agency, but own the book of business?
Right now, I'm a producer for a captive agency, recently got my 2-20 license, and I want to start preparing to open an independent agency. However, I have realized that getting a good number of appointments is difficult. Is it possible to work for another agency, and own my book? What would it look like? Would I be an employee? Or a non-paid "partner", only paid commissions direct from carriers? Would I form my own entity name? Carry my own E&O? Would the declarations have my name/entity name or the agency's name? If in the agency's name, instead of my own would that prevent me from getting direct appointments in the future, since the book is (not yet) in my name? Would I have get a non-producer direct appointment with the carriers my insureds are with, roll the book, and then apply for producers appointment? I don't know much about the appointment process, so maybe my questions don't even make sense.
Any help, including links to more information, is appreciated.
Thank you,
I am wondering what my options are to work for another agency, but own the book of business?
Right now, I'm a producer for a captive agency, recently got my 2-20 license, and I want to start preparing to open an independent agency. However, I have realized that getting a good number of appointments is difficult. Is it possible to work for another agency, and own my book? What would it look like? Would I be an employee? Or a non-paid "partner", only paid commissions direct from carriers? Would I form my own entity name? Carry my own E&O? Would the declarations have my name/entity name or the agency's name? If in the agency's name, instead of my own would that prevent me from getting direct appointments in the future, since the book is (not yet) in my name? Would I have get a non-producer direct appointment with the carriers my insureds are with, roll the book, and then apply for producers appointment? I don't know much about the appointment process, so maybe my questions don't even make sense.
Any help, including links to more information, is appreciated.
Thank you,