How Much Does it Cost to Run an Insurance Agency?
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- Опубліковано 12 вер 2024
- Need more help? Check out: chriscostantin...
I make videos like these because I wish I had answers to this before I launched my agency. I had to learn everything on the fly and some stuff the hard way. I hope this helps!
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I think I found your channel at the right time! I'm looking to start my agency and man, your channel is like a college course on starting a small successful business the right way. Keep making these video man! Thank you so much for the help.
That is great timing! I'm glad you got some value out of it. Let me know if there's anything specifically I can help out with so I can make more videos that can help others out too. Thanks for the comment!
20 years as an insurance agent. Starting the process of becoming an owner. Glad I found your channel.
I hope it helps Monika!
I’m getting ready to start my own independent agency and you are so helpful here!
Happy to help Kratia! Good luck 👍🏻
Hey Chris... I really appreciate the content. Just like @hugoLopez just said, I found your videos at the right time. My wife and I are going to step out on faith 2021 to do our on thing. We are currently captive agents and we want the freedom and we are willing to work hard. Thanks again!
Katrail Harris you guys will crush it! Just believe in the vision and work your ass off and it will become reality 👍🏻
Katrail Harris going live in 2 minutes! I can answer any questions you have!
Thank you for this simplified and to the point explanation
Izz Alderwish it’s my pleasure Izz. I’m happy you got some value from it!
Thanks for sharing! How much do you pay for E&O and other required insurance for the biz?
E&O is about $600-800 annually and GL is about the same. Total roughly $1200
Thank you so much for the info. Love your videos very informative and straight to the point. What state are you at ? I am looking forward in opening my own buissness.
Hi Cindy, sorry for the late response! I'm in CA. I appreciate the positive feedback and let me know if you ever need help getting going. Feel free to email me at Chris@adelfiainsurance.com
@@christheinsuranceguy thank you, you are awesome!
You need to find the right aggregator company to get you started. Like you said, it's almost impossible to start on your own. There are a lot of ways to cut corners even more if you have experience in the industry already and know what avenues to take. A few thousand bucks can get you going, you just have to make sure you're producing enough in the first few months to swallow the low costs and after that you'll be good to go.
David Eagin definitely agree with you on this. If there’s any way of getting direct appointments right from the start, I would recommend trying that for at least a few months. It’s just really tough getting an appointment with a big name early on..unless you have some connections!
Chris The Insurance Guy
Which alliance/cluster can get you direct access? faster/turnkey.
I’m with SIAA and they have been great
Great video!
What if your credit is not good, is it still possible to start up your own agency?
Hello, good question! Your credit shouldn't matter but if you have filed for bankruptcy before it might hurt your chances in getting appointments. Also, it will be difficult to get lines of credit when you're scaling the business.
I thought you mentioned in another video E&O insurance and surety bond are also required. Can you explain about this please.
Hey Saloman, sorry for the late response. You do need E&O for sure. Depending on which state you're in, you might need a bond as well. These are just standard requirements from carriers prior to getting an appointment.
That was great... Can trading Company take insurance for risk of loss??
vansh parmar hey Vansh, not sure exactly what your question is. Can you elaborate?
@@christheinsuranceguy like any stock/forex/crypto trading company which have risk of loosing profits or gaining liabilities take insurance policy against it?
vansh parmar that’s a great question. I personally have not heard of any insurance company that is willing to insure an investment in a stock or forex investment. I believe the underwriting would be too complicated and too high risk for insurance carriers. I hope that answers your question!
Are you still with siaa?
I am. They’ve been great!
At what point in the process did you join SIAA? Before or after your obtained the physical location?
Felicia Berry I joined SIAA first and then got myself an office roughly within a month.
What companies are you appointed with now
How many clients do you need to start an agency?
Jovan Dulay great question Jovan. My first month in business I probably had 5 clients and only made like $500-600 in commissions. The beauty of insurance is the renewals. Patience and persistence is the key.
Chris The Insurance Guy wow that’s insane! Would you be open to having a chat on my podcast? Shoot me an email at jovan@marquisunderwriting.com if you are up for it 🔥 I can provide some more information as well.