Good luck!! I have been in business for about 8 months and it has been a stuggle to get new markets. I was able to pick up a few personal lines homeowners, flood and umbrella markets through FAIA, which you could access as well if you are a member. I also would recommend checking the FL Dept of Financial Services. They list new companies that have recently obtained licensing with the state. I have found that many of the newer companies are more willing to give you a shot than the long established ones. I also have developed parthership relationships with several agencies in other counties that allow me to access their markets and we split the commission. You want to be careful about setting these agreements up as most agencies want to have ownership rights to accounts that you write through them. Hope this helps a little. Unfortunately I don't have some magic and easy formula to tell you how to get markets. Clusters and forming relationships with other agencies unfortunatley are your best bet since it is pretty difficult to get much on your own. Again good luck!! Let me know how it turns out for you and share if you come across anything good!!
You can always go out an join a group. Thats what I did, its nearly impossible to get appointments, especially commercial ones when your brand new. Especially excess and surplus.(plus you don't know what the hell you are doing) You will have to give them a cut, (typical when apart of a group) thats up to you how you negotiate that on a contract. But right away when you do sign, they usually give you house codes and you can write with right away. Eventually, you would usually get individual sub-producers appt. Also if your trying to get errors and emissions insurance by yourself, good luck without joining a group. Most companies that do E & O, wont insure a new-bie. And if they did, you would probably pay at least 500 dollars a month, for crappy coverage.
Also when you join a group, they usually give a commercial lines rep. This person usually councils you and teaches you how to quote, bind, finance premium, and give you advice in the commercial side. Commercial insurance is very, very hard to understand. Point being, a new-bie would crash and burn on the commercial side if not careful, and with out guidance.
Sorry have not posted enough to send PM. Here is your answer.
Try going to floir.com click on the companies tab(will be near the top going across the page) and new companies.
They will give you a link for 2009 and 2010 and it will then pull up a spread sheet showing the new companies.
Are you looking to do personal or commercial OR both? For homeowners you can try Sawgrass Mutual, Avatar Insurance, and Universal Property and Casualty. These were all relatively easy for me to get. What county are you in? I ask because I have an agency partner who is looking to expand and he may be able to give you access to some personal and commercial markets with a commission split. He has a generous commission plan but you have to negotiate!! He is looking to expand outside of Collier County. He may be a worthwhile outlet for you and a good source of information since he has been in business for quite awhile. Hope this helps you!
I just partnered up with an agent from another part of the state. I am giving some of my commission up but they service the policy. I can own my book after 10 years and they can get any appointment I want.
Curious FL P&C broker who did you partner with if yo don't mind sharing? I am always looking to add more agencies with markets to my growing group of broker partners. Please send me a message here or email my primary email at melissa @ avaloninsuranceservices.com (there are no spaces I just have to type this way since I have not posted enough and it won't let me type and email or weblink)
In response to your message here are your answers!
1) Yes, just use your estimated revenue for ALL business you anticipate to write in your first year
2)Annual dues are based on everything you anticipate to write whether it be through FAIA markets or other markets
3) E&O will be expensive. Try Rockwood or Agency Marketing Services in St. Pete. You are probably looking at about $3,500 for the first year if you don't have any prior insurance experience. I paid $2,500 as a new agency however I had 15 years of experience with other agencies.
4)After you sign up with FAIA they will assign you a membership number. You will need this before you can apply to get signed up with the companies through FAIA. Once you get your membership number you can print down agency appointment forms from their website and send them back in to your marketing rep for that area. Make sure you fill the forms out completely. You miss one blank and they will send it back to you!! After they get the forms it takes about 3 weeks and you are ready to roll!!
Before you do much of anything else, though you will need to get your E&O coverage. You won't be able to get appointments without it.
In response to your message here are your answers!
1) Yes, just use your estimated revenue for ALL business you anticipate to write in your first year
2)Annual dues are based on everything you anticipate to write whether it be through FAIA markets or other markets
3) E&O will be expensive. Try Rockwood or Agency Marketing Services in St. Pete. You are probably looking at about $3,500 for the first year if you don't have any prior insurance experience. I paid $2,500 as a new agency however I had 15 years of experience with other agencies.
4)After you sign up with FAIA they will assign you a membership number. You will need this before you can apply to get signed up with the companies through FAIA. Once you get your membership number you can print down agency appointment forms from their website and send them back in to your marketing rep for that area. Make sure you fill the forms out completely. You miss one blank and they will send it back to you!! After they get the forms it takes about 3 weeks and you are ready to roll!!
Before you do much of anything else, though you will need to get your E&O coverage. You won't be able to get appointments without it.
Right now i'm making a resume and a business plan to get an E&O price from faia. i'll try rockwood and agency marketing too.By the way do all of them require a resume cause i'm not very good at it lol.
To the above, yes, most will want to see it from a new agency. With regard to your PM here are the steps:
1) Get your 220 license
2) Register your business name with the state (sunbiz.org is the website if memory serves me correctly) and get Fed tax ID
3) Apply to the state to get your agency number
4) Get any applicable business permits from your county or city if they require it
5) Get E&O Coverage
6) Apply to companies to get appointments
For the most part you need to complete one step before starting another. For example, until you get your Fed Id # you can't get an agency license # from the state. When I went through this the entire process took me about 3 months before I could start writing new policies. I did not have to get a Fed Id #, though because I am a sole proprietor so I just use my SS#.
With regard to E&O you will set up the policy in the business name and then you will list yourself as the agent. Then both you and the agency are covered.
If you need anything else let me know!!
