New Independent Agent Needs Advice!

[newguy99]

Hello All,
I have been reading these forum's for a while and am glad to finally post and contribute.

I am a licensed life agent in almost every state (reside in California) and looking to go from captive to independent. I just have some questions if someone could please help I would really appreciate it.
1. Is the first step to buy E & O?
2. Then find an IMO.
3. Register with the city for a business license.
4. Set up business phone and fax.
5. Set up a business bank account.
6. Register with the city for a business license.
7. Then can start selling?

What about naming your company. Do you have to go by "John Smith Insurance agent to start? That don't sound professional compared to SelectQuote, etc. Any suggestions? When you call for the initial call, what do you say? (i.e. "John Smith Insurance Agent, no I'm not affiliated with any agency/company, just me"?
Any advice on how that works for you experience agents?

If you do a DBA don't you have to change your license or pay more in CA as well as every other state?
Is just being an independent agent with E & O coverage enough to protect against liability compared to an LLC? Again the LLC would require A LOT more money I believe to start, correct for every state?

If you could please let help me out or let me know any other things I should know switching to and independent life agent in CA I would greatly appreciate it!
Thanks

 

[WinoBlues]

What are you going to sell?

Most of that is a do later if ever. Except E&O of course.

Hello All,
I have been reading these forum's for a while and am glad to finally post and contribute.

I am a licensed life agent in almost every state (reside in California) and looking to go from captive to independent. I just have some questions if someone could please help I would really appreciate it.
1. Is the first step to buy E & O?
2. Then find an IMO.
3. Register with the city for a business license.
4. Set up business phone and fax.
5. Set up a business bank account.
6. Register with the city for a business license.
7. Then can start selling?

What about naming your company. Do you have to go by "John Smith Insurance agent to start? That don't sound professional compared to SelectQuote, etc. Any suggestions? When you call for the initial call, what do you say? (i.e. "John Smith Insurance Agent, no I'm not affiliated with any agency/company, just me"?
Any advice on how that works for you experience agents?

If you do a DBA don't you have to change your license or pay more in CA as well as every other state?
Is just being an independent agent with E & O coverage enough to protect against liability compared to an LLC? Again the LLC would require A LOT more money I believe to start, correct for every state?

If you could please let help me out or let me know any other things I should know switching to and independent life agent in CA I would greatly appreciate it!
Thanks

 

[Josh]

What type of insurance are you planning on selling? What's your marketing plan?

-You probably don't need a business account (but most banks will give you one for free, so you might as well).
-You don't need to have an agency name. If people ask you can say you're an independent agent and you work with... (whatever companies).
-You probably want to narrow down what you're going to be selling first and then pick an IMO/GA.
-Depending on what you're selling, E&O is going to be a piece of cake.

 

[newguy99]

Thanks for the reply's so far. I'm selling Life term/ul.

 

[WinoBlues]

Thanks for the reply's so far. I'm selling Life term/ul.

Business cell, something like ring Central, laptop and a multi function printer. And get to it.

 

[GreenSky]

I recently went from a 5-speed to an automatic. Moving into new technology.

Rick

 

[rousemark]

I recently went from a 5-speed to an automatic. Moving into new technology.

Rick

Yeah, but you have been doing this for some time.. You didn't try to go to an automatic from the get-go..

 

[Flyairman]

I agree with above -

You need E&O immediately and you obviously have to get an IMO, FMO, MGA etc. in order to have a contract with the carrier.

Best of luck to you!

On a side note - captive agents don't need an E&O Policy? Sorry for my ignorance on the subject, I've never been captive.

 

[SWM]

I would highly suggest starting with a Client Managment System as well. It is so much easier if you add to it as you grow vs trying to add hundreds of clients 5 yrs down the road.