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Is buying an insurance brokerage a good business opportunity?

Mar 10, 2008 by samikesd | Posted in Insurance

Q: Where does match an insurance brokerage rank amongst the many business opportunities out there?

A: The replication depends upon the opportunity presented to you. In addition to the total cost and and how the pay off would be structured there are lots of other considerations.

Here are a few things to call to mind a consider about:

How long has the brokerage been in business?
What is the reputation in the community?
Is the brokerage a life insurance agency?
Or is the brokerage primarily land & casualty?
What insurance companies does the brokerage represent?
How many customers does the brokerage have?
How long will the owners prevention to help with the transition?
Are there any employees? Will they stay on?
Are there any large accounts that might be lost due to the trade in ownership?
Is the brokerage profitable?

Errors and Omissions insurance for a new brokerage?

Jul 22, 2007 by davidw5748 | Posted in Insurance

Q: My unruly is pretty simple, and yet is turning out to be surprisingly difficult to solve. I am turning to all of you for your common sense and help.

I am planning to start an independent insurance brokerage in California. In order to do that, I need to be appointed, and in request to be appointed, I need E & O.
There is of course no shortage of E & O companies in California. What I am having an amazing amount of difficulty in, is finding one that will insure a NEW brokerage, that doesn't have 1 year as an established business. I comprehend there must be one out there, or there would never be any new agencies in the state.
Can anybody tell me what company to shop with? And maybe some insurance companies in this confirm, that appoint agencies with less than 1 year established?
Really, any information at all that you can give me will help - there are surprisingly few resources online to familiarize someone how to start a brokerage.
And please don't answer with "Don't start a brokerage."
To clarify, I am asking if anyone can send me a element to an insurance carrier that will provide E&O for a startup brokerage.
And "sheetal y", the link you sent me to was a living insurance company. They do not provide E&O, thus that link was useless to me. Thank you anyway.
Come on folks, ease me out!

A: Have you been working a eat one's heart out time in insurance? Have you been licensed for a few years at least? If yes, submit your resume to the agent looking for E&O for you - see if that will inform appropriate. If the answer is no to these things, you may have a difficult time getting E&O. Have you tried a surplus lines carter? If you have been licensed & working in an agency, you have a working relationship with some companies & they may be able to aid you or send you in the right direction. Or, another route, see if you can get appointed with a direct writer.

how do i open an insurance brokerage?

Mar 04, 2009 by Eddie M | Posted in Insurance

Q: Ive been working for an insurance agent for about a year and ive tried to grasp as much info from the company. Unfortunately they are not cooperative when it comes to sharing concern tips. I have the contact info from various insurance companies that i can sell their products. I am currently looking for an support space. But do i need any requirements other than my insurance broker's license? Oh and if FSC Rater is the best program to shop insurance products? Please help.
What i need to know is how to open a local auto insurance brokerage? how do i go about it? Any proprietorship license other than P&C?

A: Depending on what form you are in and their specific requirements, you will probably at least need your P & C license as an agent & a separate P & C document as a broker if you want to write excess or surplus markets (this license also large requires a bond). You will also need a Certificate of Occupancy for your office expanse and in some states they also require that you obtain a Basic Business License and that you obtain a allege tax registration number for use in filing Property Taxes, Annual Reports, etc. You will also emergency to obtain a Federal Identification Number to be able to open a bank account (and depending on the affirm requirements you might have to open two bank accounts--one for Premium/Escrow funds where you keep clients monies and the half a mo one for your operating funds), report unemployment tax, pay Federal withholding taxes, etc.

The most effective requirement will be for you to obtain the appointments or contracts from the insurance companies so that you are able to market and furnish their products. Without a good company to give you a contract, it will be very difficult if not impossible to be successful. Having the contacts as you formal is great but you what you really need are the contracts! In order to obtain the contracts, I propose that you start on a Business Plan including a Marketing Plan, Mission Expression, SWOT analysis, etc. Once you have this done you can approach your contacts and go through the steps necessary to convince them that you scantiness an appointment and will be able to successfully and profitably market and sell their policies.

Also FYI starting a "scuff" agency is not easy. Be prepared for 60 to 70 hour profession weeks, cold calling, etc.

I hope this helps. Good Luck!

The Insurance Broker

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