MyGenericName123
Expert
- 41
Current studying for a P&C broker’s license, was going to get brought on underneath a licensee who is currently doing very well in the business. I have concerns that I will actually be building his book of business because I am a solicitor and ultimately the policy is going to be written under his Omissions and Errors insurance etc.
In the contract there’s a standard three year do not compete clause, and also stipulates that if I want to branch off from underneath him, I can not go straight to the agency that he is working for and ask to be employed by them.
I’ll be working on a 1099 basis part time because I am not in the position where I can quit my full time job. I’m being told that when I call up a carrier, I am to give his name, not mine. As already pointed out it will go under his O&E Insurance
The main reason I want to get into insurance brokering is that I’d like to build something of my own, and with the way this arrangement is set up, I am not sure I have much ability to move the business even after the three years. Afterall, its not in my name.
Am I building my own business or am I essentially a salesmen for someone? I don’t know how easy it is for personal (I'll start out with personal and maybe do commercial once trained) P&C brokers to carry business elsewhere, and this is further complicated by the fact that the policies themselves will be in his name.
Can anyone clear any of this up for me? If not, point me in the direction of where I can learn more about this? Furthermore, can I protect myself in anyway?
In the contract there’s a standard three year do not compete clause, and also stipulates that if I want to branch off from underneath him, I can not go straight to the agency that he is working for and ask to be employed by them.
I’ll be working on a 1099 basis part time because I am not in the position where I can quit my full time job. I’m being told that when I call up a carrier, I am to give his name, not mine. As already pointed out it will go under his O&E Insurance
The main reason I want to get into insurance brokering is that I’d like to build something of my own, and with the way this arrangement is set up, I am not sure I have much ability to move the business even after the three years. Afterall, its not in my name.
Am I building my own business or am I essentially a salesmen for someone? I don’t know how easy it is for personal (I'll start out with personal and maybe do commercial once trained) P&C brokers to carry business elsewhere, and this is further complicated by the fact that the policies themselves will be in his name.
Can anyone clear any of this up for me? If not, point me in the direction of where I can learn more about this? Furthermore, can I protect myself in anyway?