Going Indy - Should I File for Fictitious Business Name?

[Alhambra]

I'm brand new, freshly licensed by a giant company, that I quit on last week, and going Indy sarting today. I"m signing up with 5 to 7 companies.

Question is if I should be using a smart sounding business name, and file for a fictitious business name, or should I use my individual name and call my business "my own name Agency"?

If I used a FBN, what procedure would I need to take to register it with the insurance department in my state of CA?

How can I have the fewest appointments with the largest capabilities?

Example Broker Alliance let's me deal with most of the major players, but, I won't be direct with the carrier.

I like to do life, annuity, FE, LTC, Health, and business insurance such as WC and group benefits.

Any suggestions to my brain storming?

 

[AtlantaLife&Health]

I think you ar speaking of getting a DBA (doing business as) which you can do at your county office, but I believe you will need to file for an LLC or an Inc. with the state which is more money. I don't think a DBA is recognized by insurance departments. You will need to show paperwork to your state, Articles of Organization or Incorporation. DBA's are like 10 bucks and can be used to get a bank account. It would be held as Your Name, dba Joe Schmoe Insurance Agency while with an LLC or Inc, it would simply be held in the company name.

 

[Frank Stastny]

Example Broker Alliance let's me deal with most of the major players, but, I won't be direct with the carrier.

/quote]

Are you sure you want to start this way? It sounds like you will be assigning your commissions to them. Typically you will not get the best commission schedules and if you leave, since you will not be the agent of record, you will most likely walk away with nothing.

I don't think I would ever enter into an agreement like that, however, you may have given this a lot of thought and decided it is in your best interest.

 

[Alhambra]

Example Broker Alliance let's me deal with most of the major players, but, I won't be direct with the carrier.

/quote]

Are you sure you want to start this way? It sounds like you will be assigning your commissions to them. Typically you will not get the best commission schedules and if you leave, since you will not be the agent of record, you will most likely walk away with nothing.

I don't think I would ever enter into an agreement like that, however, you may have given this a lot of thought and decided it is in your best interest.

I also becoming appointed by other direct insurers such as Good Neighbors Life, as well. Broker Alliance is a gateway to almost every insurer in the industry. Perhaps they may eventually prove useful.

 

[moonlightandmargaritas]

One of the more common reasons I've seen for new agent failure over the years is a pre-occupation with relative minutiae. Spending precious time worrying about organization, process and systems issues takes away from THE most important issue: prospecting for, and finding clients.

All of your time and effort should be spent on this. You can figure the other crap out later. If you don't, you won't last long, and all the rest of it will be moot anyway.

Keep the horse in front of the cart.

 

[Alhambra]

Yeah, dba is what I meant. I did however check with my state of CA insurance department, and they do allow usage of dba's filed by individual licensee; of course, subject to their prior approval.

I think you ar speaking of getting a DBA (doing business as) which you can do at your county office, but I believe you will need to file for an LLC or an Inc. with the state which is more money. I don't think a DBA is recognized by insurance departments. You will need to show paperwork to your state, Articles of Organization or Incorporation. DBA's are like 10 bucks and can be used to get a bank account. It would be held as Your Name, dba Joe Schmoe Insurance Agency while with an LLC or Inc, it would simply be held in the company name.

 

[Frank Stastny]

I also becoming appointed by other direct insurers such as Good Neighbors Life, as well. Broker Alliance is a gateway to almost every insurer in the industry. Perhaps they may eventually prove useful.

You as an independent agent have the same access that they do.
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One of the more common reasons I've seen for new agent failure over the years is a pre-occupation with relative minutiae. Spending precious time worrying about organization, process and systems issues takes away from THE most important issue: prospecting for, and finding clients.

All of your time and effort should be spent on this. You can figure the other crap out later. If you don't, you won't last long, and all the rest of it will be moot anyway.

Keep the horse in front of the cart.

Spot on. I am still just "Frank Stastny". It is who I am that enables me to write apps, not some "official" sounding name of an "agency".

Isn't that commonly referred to as "over thinking it"?