What Are the Risk Working a Family Own Agency

touher22

New Member
2
I've been in the insurance industry for 10 years now. I have only been selling p & c for 4 years and most of my business is life insurance. What are the risk working for a insurance agency owner? One of my concern was if I put a lot of business through them and they decided to sell their agency in the future. What will happen to my renewal and my relationship with the carriers I placed my business? Please help
 
You should have your name on the application along with the agency's. Have the life carrier pay you direct and just split the business directly on the app. Might not keep your book, but at least you'll keep your renewals. If they are unwilling to do that, then I'd start looking elsewhere.
 
Will I be able to keep my P & C renewal if they sell their agency or no longer in the business?
 
Why post this up where you're sure to get a bunch of opinions from folks who know nothing about your situation? How about you go to the agency owner and ask for a contract that you're "vested in" after a certain amount of production/time and place an agreed value on your book ? If you bring "value" to the table for the agency owner then there's motivation to reward you for your hard work.
 
I think that is a question you should get consultation from an attorney about and have them look over any of the documents that are offered to you to sign to make sure you understand the pitfalls. Obviously hiring an attorney is expensive, but I work with a company that offers unlimited consultation for personal and business legal issues among other things for a low monthly fee. And you cancel at anytime. If you think that might help you make a decision about what you'd rather do, send me an email for more information.
 
Angelique, stop jimming the forum! We already have our quota of pre-paid legal jimmers.
 
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