Need Some Guidence

Discussion in 'P&C Insurance Forum' started by HDR, Aug 22, 2017.

  1. HDR
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    HDR New Member

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    I just received my Florida P&C license. My goal is to have my own agency but I thought I should work for an Indy for a couple years to gain experience first. My understanding is it is difficult to get appointments without experience.

    I have a friend that is a one man Indy shop. He has been very supportive and helpful with me getting my license. I have thought about approaching him and seeing if I could work for him and we create an agreement that would allow me to retain the bob I create. Obviously compensating him on every policy I write.

    Since he is a one man shop I would be willing to pay for the expenses he would incur by bringing me into his business.

    What things should I consider as well as ask him with an arrangement like this?

    Thank you in advance for any assistance you can provide.
     
  2. adjusterjack
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    adjusterjack Guru

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    In the abstract there may be hundreds of things to consider.

    I suggest you ask him if he wants to invite you into his business.

    Then find out what HE wants.

    Then come back to this thread and discuss those points and how you feel about them.

    Make sense?
     
  3. HDR
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    HDR New Member

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    Will do AdjusterJack....thx
     
  4. PhilL
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    PhilL Guru

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    Solid advice from adjusterjack. It is always proper to know what the other party has in mind before laying-out all of your cards. Don't give away too much too soon. Have an initial discussion with him and look for other agencies at the same time. Most are looking for good agents who can sell.

    Also, you are wise to consider working for an established agency, although this Gentleman sounds like a one-man operation. Too many newly licensed P&C agents try to jump into the fire by wanting to open their own agencies, without experience. Some can do it but most struggle. You are wise to try to work for an established agency. All the best to you!
     
  5. HDR
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    HDR New Member

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    Thank you PhilL I will do that! :-)

    ----------

    PhilL do you think looking into a P&C Aggregator or Cluster Alliance would be beneficial to do?
     
  6. shawnmwalker
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    shawnmwalker Guru

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    Phil is spot on in his advise 100% of the time. Check the man out!
     
  7. PhilL
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    PhilL Guru

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    HDR, Re: "PhilL do you think looking into a P&C Aggregator or Cluster Alliance would be beneficial to do?"
    I just sent you a private message.
     
  8. Arnage150
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    Arnage150 Guru

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    I wouldn't work for a one man shop. He probably has limited carriers, which means you close less.
    Fine a medium sized shop and get a job. Just make sure you own your book.
     
  9. JWP
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    I'd be surprised if he found a medium sized independent that would let him keep his book. What would that agency gain?
     
  10. Arnage150
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    Arnage150 Guru

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    Usually they will work out a multiplier of the book for a buy out if you want to leave. Most people that leave can't bring their whole book (as they can't get appointed by all carriers). So the agency still wins. I've seen large agencies ask brokers 2X commission on any clients/books they want to take. As long as its negotiated in the contract prior to employment and everyone is on the same page. No issues.
     
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