New Agent Start Up Cluster or Local GA in NYC

Nov 3, 2015

  1. bluesuit
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    bluesuit Expert

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    I'm a new agent, my father whom is a CPA, has a book of clients that i can reach out to do the business with.

    My question is, should i join a cluster such as smart choice, insurance noodle , superior access , or get contracts with a local GA as a sub producer.

    i do want binding authority and direct appointments in the future, any recommendations?

    and for E&0, can i just get one e&o that covers my entity and personal license, or do i need two policies? should i bother to get license under an entity?

    any advise would be greatly appreciated.
     
  2. RicFlairII
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    RicFlairII Expert

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    I would try Sup. Access or something similar until you see how its
    going.

    SmartChoice wants immediate production, and that may result in
    pressure you dont want while you are learning. Plus, it is hard to
    leave them due to their non-compete.

    Also, the E&O could be a problem, since you dont have any experience.
    Be prepared for high premiums.

    Good luck
     
  3. nyc2phi
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    nyc2phi Guru

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    Do you have any experience in the P&C field?
     
    nyc2phi, Nov 4, 2015
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  4. bluesuit
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    bluesuit Expert

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    so is it better that i join a local GA? they told me i am free to leave anytime, but i am a sub agent under them, not sure how i may get my direct appointment later down the road?

    i checked on the e&o for less, is about 800 a year, is that something different?

    thanks


     
  5. bluesuit
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    bluesuit Expert

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    i have some experience, but limited.

     
  6. nyc2phi
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    nyc2phi Guru

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    NYC is a tough market..

    Are you going to be focused on commercial or personal. If you are going to be doing personal in NYC I would say don't get into the business unless you are going captive with State Farm or nationwide (if they are still even offering appointments in NYC).

    Commercial you'll need to line up wholesalers. Morstan is a big one every broker uses but filling out acord apps will be like learning Chinese if you've never done it before.

    Your best bet in my opinion is get a job at an established agency that has contracts in place currently. Ask if they would be willing to train you.
     
    Last edited: Nov 4, 2015
    nyc2phi, Nov 4, 2015
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  7. indienoise
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    indienoise Guru

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    E&O for less is what I've currently got, and yes it's about 800 a year, though I'll be changing to something else when my first year is up. The retention is high ($10k), and you can't add any AI so you won't be able to join a cluster or anything - you'll only be able to go through wholesalers for markets you can't get an appointment.
    If your experience is limited, you may want to think about working at an agency.
     
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