Starting New Brokerage, where to Start

apesako

Expert
50
Hi guys im guessing this topic came up alot, but i have a 6 year experience in my field of selling auto, life and business insurance, and i finally decided its time for me to have my own brokerage. How do i get the contracts with auto and life companies, any suggestion for new business starter, i really appreciate it.
 
I'm a new start up as well (about 6 months old) if you call me I will share with you some of my experiences..

I don't think I could include everything in a single post..

Charles G.
916-462-0072
 
I would read through all the threads related to the topic first and than ask any questions that haven't been answered. That is what I did and it saved me lots of time. Why wait for answers when you have resources at your nearest search tab?
 
I replied to this thread but it was deleted.. could a moderator please let me know why it got deleted?

There were several steps that it took to get the company up-and-going, first one is you got to check with the department of insurance and make sure that the name you've chosen is okay.. this process is long and tedious. Then your company is going to need its business entity license number, that as well taken a couple of months..

Create your corporation however it is that you want to set up a LLC or S or C Corp.

Go and get a business checking account.

Once the Department of Insurance has confirmed your name you will need an office space. There are many options for that that won't break the bank. (you just have to look around I.E Ree-gg-uu-ss I spelled it differently because I dont know if the moderators will allow it.)

Create your website and your stationery as well as all of your various forms meaning the pamphlets for information about your company, quotes sheets etc. that process seem to take me quite a long time I did it all myself I'm happy with the way it turned out if you've got a lot of money you can hire it all out but it is very expensive to get done

Figure out which group or cluster you're going to be going with.. Without a book of business it is difficult to get any decent admitted carriers, you will likely be able to get signed up with a couple of carriers although your rates will not be competitive.

At that point you're going to need your errors and omissions insurance, your bond, you will need your back office programs hawksoft, and your rater. I've noticed now having a rater is both good and bad at times they are glitchy and don't always work well with the carriers..

In a few paragraphs I've thrown together what's taken me 18 months to get done.. every so often something pops up that I forgot about but because of what I've learned over the last year and a half I'm able to create it fix it or I've learned where to go to get it..

I hope this helps you out best of luck to you and if you have any questions send me a PM!
 
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