EventsCo2020
New Member
- 1
Hello, I am an event coordinator and I would like to get into insurance sales as well mostly to sell to my clients for their weddings and events. What license is needed for this? Would it be property and casualty?
What license do I need for Event Insurance Sales?
- Thread starter EventsCo2020
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- 2,301
P & C. Markel is a good place to start for specialty events. Policies are about $250 for the event depending on size of event and alcohol. does seem like a lot of studying to make an extra $25 on the event. Make sure you also look into E & O insurance for yourself because any blame is going to be pointed at you. I think you would be better to bird dog the insurance sales to someone already in the industry and get a referral fee from the agency. Roll the cost into your proposal.
- 5,503
Once again I am in agreement with Fed up. I may add that you will have a hard time making any significant money with small one off non renewing special event policies.
- 2,301
The event insurance I picked up for my daughter's wedding through Markel was $175.00 for a $1M liability policy. My commission on that was not very high, maybe $25.00. Roll the cost into your proposals. The coverage included the venue for the rehearsal dinner and the venue for the wedding and reception. It was an easy 175 to spend. Really think you need to partner up with an agent who can provide the coverage for you so that you can concentrate on the event itself and not the extra $25 unless you want my share for the referral which I would be happy to give
- 2,387
With respect. If your sole goal is to make a commission check for the events you are planning I struggle to see how this will turn a profit.
As fed up stated a "$25" on time commission will not get you far.
On the other hand if you wanted to start a specialized insurance agency for wedding planners you might make some money.
People tend to think that insurance agents get paid for doing nothing, but the reality is far from it. We are constantly exposed to new and complicated risks that require a lot of research and follow up with the clients. Event insurance can often be like this. And with events they are generally one time policies and that is a real problem for most insurance agencies.
As as already has been stated, I would find a good partner and not spend time getting a license, studying 24 hours ever other year for CE, not spending money on E&O and GL insurance, and Mostly not taking on sometimes complex risks that a new insurance agent might not be able to understand.
As fed up stated a "$25" on time commission will not get you far.
On the other hand if you wanted to start a specialized insurance agency for wedding planners you might make some money.
People tend to think that insurance agents get paid for doing nothing, but the reality is far from it. We are constantly exposed to new and complicated risks that require a lot of research and follow up with the clients. Event insurance can often be like this. And with events they are generally one time policies and that is a real problem for most insurance agencies.
As as already has been stated, I would find a good partner and not spend time getting a license, studying 24 hours ever other year for CE, not spending money on E&O and GL insurance, and Mostly not taking on sometimes complex risks that a new insurance agent might not be able to understand.
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