Gots to agree w/Chumps on this one. Great synopsis.
My 2 cents:
Pros also include benefits, company 401k contribution, coop advertising
Cons - noncompete clause, you don't own the business
The PCS's used to get paid on a point basis, not premium. Good if you write alot of preferred(low premium) business, bad if you have a lot of high premium cases.
Great point on the benefits. Medical/Dental 401k and pension are provided. Also everybody's favorite prepaid legal.
I never had any luck with the coop advertising but they do offer it.
The compensation program is changing soon to percent of premium, but the point program still counts for qualification and reimbursements.