How to Start an Independent Insurance Agency
Before deciding to start an independent insurance agency one should know the necessary factors involve in such kind of business. It is also important to know if you have the capability to deal with your prospect clients.
The best thing to do is to know how to start an independent insurance agency.
An independent insurance agency is a great business. This is because of the various benefits that you can take advantage. Some people are hesitant to start this business because they think about the expensive and complicated procedures. Nevertheless, this kind of business can be started by anyone even with just little training and knowledge because you can seek assistance from small insurance providers that are willing to sponsor small agencies.
When starting an independent insurance agency the first thing that you should do is to secure the required licenses from the state you are residing. Obviously, you cannot sell insurance policy without completing the pre-licensing course. It is important to attend and complete this course so that you will gain knowledge on how you will run the business and at the same time know the prevailing insurance laws in the state. However, it is quite difficult and complicated to obtain license if you will sell life insurance as compared to selling home owners and auto insurance. You should also pass the licensing exam given by the state. In addition, you cannot operate your insurance agency without the business license. It is very easy to secure the business license as long as you have the necessary requirements needed by the state or the city.
Moreover, you should also obtain organizational license before selling insurance so that you will get license as LLC. This will protect you from being sued personally that are vital for agents. You will also need surety bond that will serve as guarantor. It is a must to secure surety bond and E&O insurance that will protect your business from errors and omissions. After securing all the pertinent licenses the next thing to pay attention is marketing your services. You should make list of potential leads such as your family, friends and business acquaintances.
In marketing your business you need to have excellent selling capability so that you can convince easily your prospect clients. Make sure to explain to them the importance of having insurance coverage that would suit to any situations. You should keep in mind that the success of your business depends on how you will promote it. That is why you should take extra effort in marketing your business. You need to commit your time in your business if you want to obtain more clients. In like manner, you should also take time to talk with other insurance agents who have been in the business for long time so that you can gain advices.
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