Work as independent contractor? And Florida license question

[pandcagentmainly]

I'm doing a feasibility study on upgrading my Florida insurance license from 440 to 220 and working as an independent contractor for a captive agent or insurance broker. What the odds are of getting hired by a captive agent as an independent contractor? Does my insurance license have to be in a company name to be hired as an independent contractor and will I need my own E&O insurance? Thanks!

 

[adjusterjack]

will I need my own E&O insurance?

Yes, you will. It's your face that will be sitting in front of your customer and it's your name that will appear first on any lawsuit papers. You don't sell anything to anybody under any circumstances without your name on an E&O policy, regardless of what kind of business entity you think will protect your assets.

Understand that being "hired" as an independent contractor doesn't mean that you are an independent contractor. To qualify as an independent contract you have to fit into the rules provided by the IRS.

Independent Contractor Defined | Internal Revenue Service (irs.gov)

Know those rules and make sure you really are an independent contractor and not being illegally misclassified, which could be a very costly mistake.

As for the odds of getting hired, well, I'm Jackie the Adjuster, not Jimmie the Greek.

 

[pandcagentmainly]

Thank you for that really good answer!

 

[adjusterjack]

Happy to help.