I currently work for Progressive. I am licensed in every state with the exception of Hawaii, and Mass. I routinely handle calls for Auto, Boat, Motorcycle, Travel Trailer, Mobile Home, Motor Home, and Snowmobile policies. I take 70-100 calls a night from both customers, and independent agents. I am looking to leave Progressive, and start my own agency. Any suggestions as to where to start?
I am a licensed P/C Agent looking to start my own agency
- Thread starter benbec5
- Start date
- 105
Becoming an Independent Agent
I left a captive agency March 21, 2007 and went independent. You need to first visit with the reps of the insurance companies, to make sure they would give you a contract.
If you are not sure how to do this/who to contact, stop in and visit with several independent agencies in your area and explain what you are doing. They will likely tell you the names/phone #'s of different reps, which companies are more competitive, and a little about each company.
Begin working on a business plan. This is how you would begin in business, who you would contact, and your overall plan of success.
Once you are sure to get some contracts, you need to form a company, likely an LLC, and get it registered as a corporation. You then register your business with the department of insurance.
Then you get a $1 million E & O policy. I used Westport Insurance but there others.
With all that (if I have not forgotten something), you contact the reps and begin the process of signing up.
I am not sure if you can go completely on your own without a book of business. You work for Progressive but it doesn't sound like you own your book.
If this is the case, you may have to work for another independent agency for a couple of years before splitting off on your own. There are agencies willing to do this. Try to negotiate as fair as deal as possible when it comes to the commission split. Tell them you may end up staying with them if all goes well, which you might do. The cost of opening an office can be expensive.
Last piece of advice: I did not do alot of my leg work until after I left my job. Bad decision. Keep your day job and do as much as possible before you leave. You want as little down time as possible after you quit Progressive. Finally, do you have some money saved? You need six months of income in the bank. Refinance a home, or whatever to ensure you have some extra money until the commissions begin rolling in.
Good Luck.
Arizona Auto Insurance / Scottsdale Insurance
I left a captive agency March 21, 2007 and went independent. You need to first visit with the reps of the insurance companies, to make sure they would give you a contract.
If you are not sure how to do this/who to contact, stop in and visit with several independent agencies in your area and explain what you are doing. They will likely tell you the names/phone #'s of different reps, which companies are more competitive, and a little about each company.
Begin working on a business plan. This is how you would begin in business, who you would contact, and your overall plan of success.
Once you are sure to get some contracts, you need to form a company, likely an LLC, and get it registered as a corporation. You then register your business with the department of insurance.
Then you get a $1 million E & O policy. I used Westport Insurance but there others.
With all that (if I have not forgotten something), you contact the reps and begin the process of signing up.
I am not sure if you can go completely on your own without a book of business. You work for Progressive but it doesn't sound like you own your book.
If this is the case, you may have to work for another independent agency for a couple of years before splitting off on your own. There are agencies willing to do this. Try to negotiate as fair as deal as possible when it comes to the commission split. Tell them you may end up staying with them if all goes well, which you might do. The cost of opening an office can be expensive.
Last piece of advice: I did not do alot of my leg work until after I left my job. Bad decision. Keep your day job and do as much as possible before you leave. You want as little down time as possible after you quit Progressive. Finally, do you have some money saved? You need six months of income in the bank. Refinance a home, or whatever to ensure you have some extra money until the commissions begin rolling in.
Good Luck.
Arizona Auto Insurance / Scottsdale Insurance
rajshah808
New Member
- 3
I know this is late, but I think I have the perfect solution for you. Get in touch with me at [email protected].
Do you consider 5 1/2 years as late? The OP has not made another post in that time!!!!!!!!!!!
Last edited:
rajshah808
New Member
- 3
yes well if he still needs help
I think someone might need help.
G
Guest
Guest
Actually, I think my wife considers this early.
BIG RED IS BACK
Super Genius
- 174
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