How Do You Start a New Insurance Agency?

[boricuany2nc]

Hello, I just signed up for this website, trying to research how to open up a new insurance office for P&C. I have been out of the game for four years but a friend and I want to do this. She is still working in the same place I was, I just have been a stay at home mom for the past 4 yrs. We have the experience and want to open up an agency in Burlington, NC that caters to the hispanic community. There aren't any around here, just offices that have bilingual people. Any advice would be greatly appreciated. I have kept up with all my CE hours and still have my P&C license. Since she is still working in insurance can she use the companies she is appointed with to start? Can she contact them to find out or is that a bad idea since she is still working in an office. Please help!!

 

[bigindy]

First things first. Spend time researching this very forum for the countless other threads that address your question. The insurance business can be fantastic, but lesson number is this:

You will be completely clueless with 75% of the issues you need to address when running a business.

Opening an agency is not just about understanding insurance, getting a few carrier appointments, and getting 250 free business cards from Vista Print. You are going in to business and the details of dealing with the various government agencies, necessary vendors, landlords, etc. is absolutely daunting.

The reality is you need to develop a plan. That plan requires a great deal of research. Forums such as this are great tools and will address many of your questions right away. But YOU need to do the digging. We all have done it and it is unfair to ask such a general question and expect a strong reply.

Please don't misread my response as arrogance. It is the simple reality that being in business requires a considerable amount of planning and effort. Roll up your sleeves and have at it - then come back with questions that relate to bumps in your plan.

 

[Denise509]

Hello, I just signed up for this website, trying to research how to open up a new insurance office for P&C. I have been out of the game for four years but a friend and I want to do this. She is still working in the same place I was, I just have been a stay at home mom for the past 4 yrs. We have the experience and want to open up an agency in Burlington, NC that caters to the hispanic community. There aren't any around here, just offices that have bilingual people. Any advice would be greatly appreciated. I have kept up with all my CE hours and still have my P&C license. Since she is still working in insurance can she use the companies she is appointed with to start? Can she contact them to find out or is that a bad idea since she is still working in an office. Please help!!

Is your friend's license directly appointed with the carriers? Usually the agency or agent/owner is the one with the direct appointments and the producers have access to quote and all that stuff, so I don't think she'll be able to carry them over. I could be wrong though. I think that one (if not the most) important thing is to learn the product you are selling. Get ready to hear things like, "I don't think you'll make it in this economy" or "don't do it, it's too risky". DON'T listen to those people. If local agents find out that you are starting an agency, some of them will be calling you non stop to try to get you to work "with them" (aka for them). If you have the experience/drive to do this, get ready because this road won't be easy

 

[MarketAccess]

Hi
AgentCo is a North Carolina company that helps small to medium sized independent insurance agency's get access to insurance carriers. Our market access program allows you to get setup with the carrier(s), gets your agency name on Dec page, and provides a clear exit strategy for your agency! Once you grow large enough you can exit our program and enter into your own direct appointment with the same carriers we supply. Google agentco and check out more details. Reach out to us and we will glad to discuss further.

Hope we can help!
~Jason