Agent Leaving Industry

[JRod]

What kind of clients do you have? Health, Life, P&C? I guess I am wondering why you just don't keep up with the clients you already have for renewal / referral business you can produce on the side?
But definitely keep the license active.

 

[arnguy]

You might can still do this part time. It dont cost a lot to keep your lic active.

I think it doesn't cost a lot to keep your lic active!

 

[AgencyEquity]

Actually life insurance is not the same as P&C. Less service and less request for coverage change ie auto policy. Do not worry so much about E&O insurance when you leave just make sure the company assign the policies to a good agent.

This is actually a very irresponsible statement. While the risk may be lower than P&C, so many thing can happan, you at the very least want a tail to give you defense against being wrongfully acused. For example if someone didn't have life insurance, but then this person and spouse met with you exchange emails, etc etc -- never got the policy, then a death occured some years later, are you going to pay for your own defense of do you want the defense of an insurance company? Do you have $50,000 to defend yourself? Don't be foolish to save $$$, you will be as foolish at the people who had dependents and never bought life insurance.

 

[xrac]

As far as the E and O I think what you need is called a trailer policy. Call the e an o company tell them you are leaving and they can offer coverage for 5 years or so for a percentage of what it would have cost per year?

The only reason I know is because when I bought my agency I got in some discussions regarding the previous owners e and o and my e and o.

That little statement above is worth the price of admmission to this forum. I may never need this but it is nice to know