Commission Split

[PCNY]

I was offered a job in NY as a P & C broker for an Independent Agency. I was offered 40% commission of the agency's net commission. So if the Insurance Co pays 13% to the Agency I get 40% of that

I don't understand how this compares to a commission split. I see a lot of post with different split 50/50 80/20. Can someone explain how splits work and what a P & C broker should be paid on commission with no salary, benefits or expenses paid by the agency?

 

[nyc2phi]

Depends what else you are getting...

Are you getting salary, benefits, leads, desk space, ect ?

If none of the above, that is a crap split.

 

[PCNY]

I am getting none of the above - just an email and business cards. What would be an acceptable split in NY

 

[nyc2phi]

50/50 on personal lines and probably higher on commercial.

Think about it why should the house take 60% of the commission when you are doing all the work find the client, selling him, and servicing him? Just becuase he has access to carriers?

I would continue to look around if that is the case. I know for a fact there are brokers in NY especially the city that will give you a much better deal.

 

[jsingh]

50/50 is normal split most brokers offer. but if you bring alot
biz than they make higher for you.

With my old broker I started out with 50/50 as I grew by book he kept rasing it.

I opened my office recently and looking to add brokers. If you want to work with me email me or call me.

 

[PCNY]

Can you provide some brokers in NY or put them in contact with me at [email protected]
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50/50 is normal split most brokers offer. but if you bring alot
biz than they make higher for you.

With my old broker I started out with 50/50 as I grew by book he kept rasing it.

I opened my office recently and looking to add brokers. If you want to work with me email me or call me.

J

You can call me at 516 965-0728

or email [email protected]

Can't find your number here.
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50/50 on personal lines and probably higher on commercial.

Think about it why should the house take 60% of the commission when you are doing all the work find the client, selling him, and servicing him? Just becuase he has access to carriers?

I would continue to look around if that is the case. I know for a fact there are brokers in NY especially the city that will give you a much better deal.

One thing I forgot to mention. He did say he would cover me under his E & O policy

 

[jsingh]

Can you provide some brokers in NY or put them in contact with me at [email protected]
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J

You can call me at 516 965-0728

or email [email protected]

Can't find your number here.
- - - - - - - - - - - - - - - - - -


One thing I forgot to mention. He did say he would cover me under his E & O policy

I left you message and email. Please call or email when you are free. Most agent will cover you under there e o.

 

[ralfgage]

50/50 is normal split most brokers offer. but if you bring alot
biz than they make higher for you.

With my old broker I started out with 50/50 as I grew by book he kept rasing it.

I opened my office recently and looking to add brokers. If you want to work with me email me or call me.

Can you tell me the names of companies you represent and other than NY are you licensed in any other state. Where in NY are you located?