i cant "get my feet wet". i have full time job with schedule which actually allows me to flip cars on a side. i started to look into insuranse business mostly because possibility to work remotely, and second it looks like clean nice industry with grow potential. so timewise it will be pretty hard to work for someone on top of what i have on my plate now.
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Getting Appointed by Progressive?
- Thread starter alagent
- Start date
- 977
Then you don't have the time for this business.
Insurance was a secondary gig when I started. I quickly realized I couldn't break into the biz all alone. The sooner you understand that, the better. I worked remotely under a nationwide agent for two years. I am on my own now and independent, so yes I make more, but there is a lot more to do. I work twice as much/twice as hard as I did before. Find an agent locally to hook up with to get experience. That might not be as difficult as you think. You might just find out you want to keep that arrangement.
Insurance was a secondary gig when I started. I quickly realized I couldn't break into the biz all alone. The sooner you understand that, the better. I worked remotely under a nationwide agent for two years. I am on my own now and independent, so yes I make more, but there is a lot more to do. I work twice as much/twice as hard as I did before. Find an agent locally to hook up with to get experience. That might not be as difficult as you think. You might just find out you want to keep that arrangement.
Then you don't have the time for this business.
Insurance was a secondary gig when I started. I quickly realized I couldn't break into the biz all alone. The sooner you understand that, the better. I worked remotely under a nationwide agent for two years. I am on my own now and independent, so yes I make more, but there is a lot more to do. I work twice as much/twice as hard as I did before. Find an agent locally to hook up with to get experience. That might not be as difficult as you think. You might just find out you want to keep that arrangement.
Can you explain me a couple of things please? If i go work for an agent or broker what position it is considered? on whos license my policies will go? what would be considered a "fair split" of commissions? Do i need my own E&O in this case? i actually took brokers test, can i still work for a captive agent or independent one?
- 977
Some of your questions may be state specific.
You would be seeking a producer position.
I'm assuming you having specifically a broker's license probably means your type of license doesn't require you by law to work under another agent (in Florida, for example, that would be the case. I think they call it 220 vs 440). Doesn't matter captive or independent.
If you took on a producer position, more than likely the book of business would belong to the agent you work with. But you could negotiate some ownership into your contract.
You would be seeking a producer position.
I'm assuming you having specifically a broker's license probably means your type of license doesn't require you by law to work under another agent (in Florida, for example, that would be the case. I think they call it 220 vs 440). Doesn't matter captive or independent.
If you took on a producer position, more than likely the book of business would belong to the agent you work with. But you could negotiate some ownership into your contract.
Got you. Thank you for replies, i really appreciate it.
But what about E&O insurance, do i need one my own then?
Being a producer is like just being employed by an agency, right? like bunch of those girls sitting behind tables. do i even need a license to do that?
i live in Brooklyn NY. I was just thinking to write auto policies for my vehicle buyers "on the spot", making car sale more convenient for customer and for me and earning couple extra bucks on top of that.
And another thing should i apply for individual license or open corporation (brokerage) and go for corporate one? Initially i actually wasnt going to dive into insurance industry.
But what about E&O insurance, do i need one my own then?
Being a producer is like just being employed by an agency, right? like bunch of those girls sitting behind tables. do i even need a license to do that?
i live in Brooklyn NY. I was just thinking to write auto policies for my vehicle buyers "on the spot", making car sale more convenient for customer and for me and earning couple extra bucks on top of that.
And another thing should i apply for individual license or open corporation (brokerage) and go for corporate one? Initially i actually wasnt going to dive into insurance industry.
I'm in Virginia, so details probably differ some, but here is my opinion anyway.
What you want to do sounds reasonable, but its more involved than you think, and probably much more costly. Progressive will require E&O and its expensive, especially when you don't have any experience (if you can get it at all). You can probably buy the E&O that only covers defense costs, which is much cheaper, but if you make a mistake, are sued, and lose, you pay the damages. You are also not thinking about the service work that comes with job, though Progressive is the best for helping.
You don't have an insurance license yet, correct? I'm not sure about NY license testing and requirements, but Virginia's test is sort of difficult, i.e you have to study laws and policy details. I've seen a lot of people fail. I guess if you just need to study auto laws it might not be bad. NY license to sell auto insurance only or maybe just personal lines?
Your best bet is to work on getting a license and then try to work out a commission only deal with an independent agent, so you can sell when it coincides with your primary job. He or she can teach you what you need to know before branching out on your own. If I did it, knowing your lack of experience, and my paranoia of being sued, I would probably offer you a new business commission between 50 - 65%, always open to negotiation as you learn.
Good luck.
----------
Oh, if you work for another agent, his or her E&O can cover you, but that is a risk to the existing agent because of your lack of experience. Just keep it in mind and be willing to take care of business the way he or she wants.
What you want to do sounds reasonable, but its more involved than you think, and probably much more costly. Progressive will require E&O and its expensive, especially when you don't have any experience (if you can get it at all). You can probably buy the E&O that only covers defense costs, which is much cheaper, but if you make a mistake, are sued, and lose, you pay the damages. You are also not thinking about the service work that comes with job, though Progressive is the best for helping.
You don't have an insurance license yet, correct? I'm not sure about NY license testing and requirements, but Virginia's test is sort of difficult, i.e you have to study laws and policy details. I've seen a lot of people fail. I guess if you just need to study auto laws it might not be bad. NY license to sell auto insurance only or maybe just personal lines?
Your best bet is to work on getting a license and then try to work out a commission only deal with an independent agent, so you can sell when it coincides with your primary job. He or she can teach you what you need to know before branching out on your own. If I did it, knowing your lack of experience, and my paranoia of being sued, I would probably offer you a new business commission between 50 - 65%, always open to negotiation as you learn.
Good luck.
----------
Oh, if you work for another agent, his or her E&O can cover you, but that is a risk to the existing agent because of your lack of experience. Just keep it in mind and be willing to take care of business the way he or she wants.
araceli6273
New Member
- 4
When getting appointed does the insurance company provide a software to start selling auto insurance
dahonored1
Expert
- 86
Got you. Thank you for replies, i really appreciate it.
But what about E&O insurance, do i need one my own then?
Being a producer is like just being employed by an agency, right? like bunch of those girls sitting behind tables. do i even need a license to do that?
i live in Brooklyn NY. I was just thinking to write auto policies for my vehicle buyers "on the spot", making car sale more convenient for customer and for me and earning couple extra bucks on top of that.
And another thing should i apply for individual license or open corporation (brokerage) and go for corporate one? Initially i actually wasnt going to dive into insurance industry.
Where are you located in Brooklyn? Car insurance, especially in NY is a pain to do..ask NY2Phil.
RobGarcia93
New Member
- 8
Got you. Thank you for replies, i really appreciate it.
But what about E&O insurance, do i need one my own then?
Being a producer is like just being employed by an agency, right? like bunch of those girls sitting behind tables. do i even need a license to do that?
i live in Brooklyn NY. I was just thinking to write auto policies for my vehicle buyers "on the spot", making car sale more convenient for customer and for me and earning couple extra bucks on top of that.
And another thing should i apply for individual license or open corporation (brokerage) and go for corporate one? Initially i actually wasnt going to dive into insurance industry.
Hey Usfootman, i'm in the same boat you were in back in 2016. I work at my families car dealership as a sales rep and was thinking about selling auto insurance to my clients as well. I currently just got my P&C license and that's about it. How did getting appointed to different carriers go and how long did it take? I have tons of experience in sales but none with insurance. Any tips? Thanks!
Samuel Lamar
New Member
- 4
I use superior access rightnow. Waiting for progressive to give me an appointment Direct. Then I will be using them and also superior access for multiple markets. How long does it usually take to get an appointment with progressive?
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