Need Advice - Leaving Captive Agent Position To Go Work As A Producer For An Independent Agency...

[J.P.]

Thanks in advance who all who reply. So I'm leaving a position as a captive agent for one of the national carriers to go work for an independent agency. What I'm looking to get is feedback in regards to what is normal as well as what do I need to be aware of when negotiating my contract with the independent agency? A lifelong family friend is partner at this particular agency, so I feel that I have room for negotiation when it comes to my contract and want to be aggressive and ensure I get the most out of this negotiation and don't find myself a year or two down the road feeling that there better options out there. Problem is I've always worked as a captive agent and have no idea what the standard contract is for an independent agency. So what would be standard as well as what are some terms that would be considered demanding a lot, but not unheard of? Any and all advice/opinions are welcome. Thnx

 

[axeman462]

Thanks in advance who all who reply. So I'm leaving a position as a captive agent for one of the national carriers to go work for an independent agency. What I'm looking to get is feedback in regards to what is normal as well as what do I need to be aware of when negotiating my contract with the independent agency? A lifelong family friend is partner at this particular agency, so I feel that I have room for negotiation when it comes to my contract and want to be aggressive and ensure I get the most out of this negotiation and don't find myself a year or two down the road feeling that there better options out there. Problem is I've always worked as a captive agent and have no idea what the standard contract is for an independent agency. So what would be standard as well as what are some terms that would be considered demanding a lot, but not unheard of? Any and all advice/opinions are welcome. Thnx

What are the products?

 

[J.P.]

What are the products?

Personal Lines (Auto,Home,Life, and Health, but probably won't focus much on health) and Commercial Insurance.

 

[Tkipper]

My professional opinion. What are you bringing to the table? When I offer a contract to new agents is more based on what they can do for my agency & their 5, 10 year plan. If their just looking to learn the IA ropes then it's different contract compared to if they want to build a book under mine. Sorry I'm not giving sound advice but need a little more info on your plan of going IA. Feel free to pm if you like to talk more.