New Independent Agency Setup

[Gamma]

Members - I just got my P&C and L&H producer license and want to take a dip in starting up my own IA, so looking for guidance from my fellow friends on how to get my agency up and running. I approached a lawyer and he gave me a quote of $25,000 to setup LLC and register business license in all 50 states. I believe it is bit inflated price and should be straightforward if I do it myself.

I would appreciate if there is a guide that walks me through step by step on setting up own independent agency firm and also is there a association/member broker with whom I can register my firm and i will get immediate access to all carriers under their umbrella, and start writing some business and get commission shared with them. Since I am new to this business so I doubt if there are any carriers who would allow me to work with them directly, best to work under big broker/association and build some credibility and business.

I am based in NJ. Thanks again for your advice

 

[Mike007]

Before you go out and conquer the world, worry about capturing your neighborhood first. Learn how to swing a sword first before going off to war.

1) What is your background? Your experience?
2) Do you have any sales and marketing experience?
3) Do you have any capital and if so, what is the ballpoint?
4) What is your business plan?
5) Who is your mentor? Your trainer?

Don't even worry about LLC-ing anything. Let's see if you can get off the starting line.

 

[InsuranceGuy29]

Before you go out and conquer the world, worry about capturing your neighborhood first. Learn how to swing a sword first before going off to war.

Most definitely concur. There should be more than enough business just in your state to get going. I would start small, and then work your way up. That should help keep costs to a minimum.

 

[marindependent]

I agree with the previous posters: Woooahhhh - slow down and work your block before you take over the world.
Many people get into this industry and find its far more ..emmm... difficult or annoying than they had imagined.
The value of being an LLC or Corporation in most insurance transactions is muted due to the professional responsibility involved.
I could understand in your situation why you may want to quickly get neighboring state licenses, but for now I would hold off on North Dakota.

BTW - what is your business plan? What specialty are you planning on working? How will you get leads? Have you ever been in sales? Do you have any experience making 100 phone calls per day? What backend technologies are you going to use?

Best of Luck