Step 1: Laying the Groundwork
How to get started
- Establish a realistic timeline. Starting an agency will take time. How long it takes depends on your situation and how much time you have to work on it. It almost always takes more time than you think it will. Expect at least six months to arrange financing (if necessary) and two weeks to obtain E&O insurance.
- Obtain qualified legal advice. This is necessary if you're in a current relationship that may involve non-compete or other contractual-related issues.
- Get an overview of the independent agency system and an introduction to basic insurance knowledge. If you have operated your own captive agency, you are ahead of the curve (especially if you were able to establish a book of business outside the captive market). You understand how an agency works and are versed in the technical aspects of insurance contracts; however, though there are many similarities between owning a captive agency and owning an independent agency, there may be just as many differences.
Downloads & Links
An Overview of the Independent Agency System - coming soon