Indy from Home?

[hello..]

Hello everyone!

I am relatively new to the P&C business and wanted to see if this is possible. Would it be possible to get appointed with some standard companies like prog or geiko without having an official office?

The plan is:

1- write business in a book while working my normal job.

2- a couple years down the road, apply for a business loan to purchase another book and open an office.


Is this something that is possible?

 

[Sales71]

Well if you are going to do P&C as a hobby or not full time I think it will not work. It needs to be a full time job. It's very hard work, sales, service, marketing. I would wait till you can do it % 100.

 

[desiree]

Most carriers will require you have an office space, and most want experience.

 

[AgencyEquity]

Hello everyone!

I am relatively new to the P&C business and wanted to see if this is possible. Would it be possible to get appointed with some standard companies like prog or geiko without having an official office?

The plan is:

1- write business in a book while working my normal job.

2- a couple years down the road, apply for a business loan to purchase another book and open an office.


Is this something that is possible?

Times have changed, you can probably pull this off if you get some sort of virual office, these are ussually offered by executive suite services. Also it makes sense to do this if you are running a commerical agency, if you are running a personal lines agency, it may not make the best sense, unless you are dealing with high networth clients as these clients rarely come to an office. As far as your 2nd question goes, buying a book or an agency is not easy, there is a lot of competition, you really need to focus on growing your business.

Having said that, you also say you are new to the P&C business. While starting out with a direct writer agency like Farmers may make sense to you, starting an independent agency is not for someone who doesn't have experience is a failure waiting to happen. Get yourself some experience, you really need to know what you are doing or you will drown.

I do sense a lack of desire and perhaps wanting to make starting an agency as easy as possible, such as working from home and only wanting to open an ofifce after you purchase a book of business. I could be wrong, but you have more of the traits of an employee, not or a risk taking business owner. I want to see some motivational energy before someone is to start an agency, someone who has confidence, wiling to financially invest in their business and the drive to make it.

 

[xrac]

I doubt that you can pull this off as you have planned.

 

[Guest]

I am an IA and work from home, as do ALOT of IA's.

Progressive and Mercury are 2 carriers who require you to have brick and mortor buildings...

Guess what, I work from home and have both companies....

Why? Cause I am part of SIAA and sometimes requirements are bypassed for us.

Also, Mercury has waived that requirement, so you never know.

Your BIGGEST problem is, that you are new and no IA carriers will appoint you. period

 

[AgencyEquity]

The key if that anyone working from home should have some sort of a legitimate business address, either through an executive suite or having a small office to house your staff members. Not having a legitage business address on a business card or website may not be an issue for many people, but it may raise flags with some people, especially more key accounts that are more sophisticated in making decisions, yet are better long term clients.

 

[Guest]

The key if that anyone working from home should have some sort of a legitimate business address, either through an executive suite or having a small office to house your staff members. Not having a legitage business address on a business card or website may not be an issue for many people, but it may raise flags with some people, especially more key accounts that are more sophisticated in making decisions, yet are better long term clients.

Hey AE, what is a legitage????

I have NO address on my business card, hasnt hurt me at all.

Back to the OP, i read your first post again, and tells me one thing, you are 100% NEW to business and know NOTHING, for the simple fact, you called Prgressive and Geico Standard companies. These are NOT standard companies.

You apparently don't know much at all about insurance, so where will you be trained? Who will Mentor you? Who will tell you what you need to do? What happens when a business owner, such as a Car repair facility calls and wants a quote, do you know what all they need?

You have a long road to go and its extremely rare and anyone can start off as an IA from scratch.

Not being harsh, but you need to go to a captive company to let them train you and teach you, Farmers, State Farm, AMFAM, ETC.

 

[Sales71]

Hello everyone!

I am relatively new to the P&C business and wanted to see if this is possible. Would it be possible to get appointed with some standard companies like prog or geiko without having an official office?

The plan is:

1- write business in a book while working my normal job.

2- a couple years down the road, apply for a business loan to purchase another book and open an office.


Is this something that is possible?

I read a question like yours a few day ago on this Forum. The answer is NO. You will not make it in this business with out full %100 ALL IN commitment.

This is not a part time business and the failure rate is too high. Like RBA said you need to start with a captive company that will invest in training you and some with give you a salary type while you learn. Good Luck

 

[AgencyEquity]

RBA, you are fine, you don't need a legitimate business address, not for the market you serve.