Working at two different brokerages

[Uncle John]

I currently work at one of the top 3 insurance brokerages as a W2 and was curious if it is possible to work at another brokerage as a sales rep? My job renews my license in all 50 states, so i am not sure if they can see me working for another agency or vice versa. I am just curious because I know in real estate one agency picks up your license and it is impossible to work for a second one because of this, but I don't think insurance agencies pick up your license like they do in real estate. Anyone have any experience doing this?

 

[Tahoe Ray]

Are you leaving the w2 job or are you going to try to do both?

 

[Uncle John]

Are you leaving the w2 job or are you going to try to do both?

Trying to do both, just curious how one could find out as it doesn't seem like insurance agencies pick up your license.

 

[DHK]

For most states, they can easily see which companies you are currently appointed with by checking your license with the state DOI site.

 

[Tahoe Ray]

Trying to do both, just curious how one could find out as it doesn't seem like insurance agencies pick up your license.

They don't. But as DHK said, they can see your appointments. If you're working as a wholesale sales rep, only getting 1099'd, and set up in a ghost hierarchy (so you're not truly a wholesaler, just getting paid on the business you bring in), there really isn't a way for them to tell.

BUT, this is super shady and you'd be likely be fired if your w2 employer found out. You may also be sued if you're soliciting business from your current agents/clients and directing it elsewhere.

You'd be shocked how small this business is. People know each other. One comment about a "new sales rep who's killing it" at a NAILBA conference from one principal to the other is all it would take.

Tread lightly.

 

[Uncle John]

They don't. But as DHK said, they can see your appointments. If you're working as a wholesale sales rep, only getting 1099'd, and set up in a ghost hierarchy (so you're not truly a wholesaler, just getting paid on the business you bring in), there really isn't a way for them to tell.

BUT, this is super shady and you'd be likely be fired if your w2 employer found out. You may also be sued if you're soliciting business from your current agents/clients and directing it elsewhere.

You'd be shocked how small this business is. People know each other. One comment about a "new sales rep who's killing it" at a NAILBA conference from one principal to the other is all it would take.

Tread lightly.

Thanks for the tip

 

[LeeV]

Thanks for the tip

Thanks for the tip? That is what you are taking away from in this discussion?

 

[marindependent]

I currently work at one of the top 3 insurance brokerages as a W2 and was curious if it is possible to work at another brokerage as a sales rep?

What type of insurance are we talking about?
What does your contract say?

For everyone - how does the E&O work on something like this?

 

[DHK]

For everyone - how does the E&O work on something like this?

For business done in a W-2 capacity, the agency one works for should be paying for the E&O for the entire agency.

For business done as an independent, you'd need to purchase separate E&O for that business.

 

[marindependent]

For business done in a W-2 capacity, the agency one works for should be paying for the E&O for the entire agency.

For business done as an independent, you'd need to purchase separate E&O for that business