How can I set up my own insurance business?

How can I set up my own insurance business?

I am in Florida and wanted to know if I can just set up my own business if I have my license? Do I have to work with an existing company?Thanks ahead of time!


Well, you have to get your license. Then you have to find a company willing to let you sell their policies. The second one is much, much harder to do than the first - particularly if you're looking to write property coverage in Florida. NO ONE wants new agents, because, well, they don't WANT to write property coverage in Florida!Source(s):agent, 21+ years


Yes, you have to do business with an existing insurer admitted to the state of FL. Now that you are licensed, you just need to get appointed with a company you want to represent and you're ready to roll. Of course, success depends on more than that, but I'm guessing your a vet looking to sell pet insurance, so you probably already know.The Florida Department of Financial Services is a good source for specific questions about doing business in FL.Source(s):


I am going to guess you are a 2-20 based on your comment about Home insurance. It is recommended but not mandated you at least work for an agency for about 1-2 years to get a general idea of how the market and insurance works.Reason is I mentored many licensed agents who were wonderfully book smart but life does not imitate the classroom. Your class work and tests were based on the legal statutes but it is in no manner reflects the functionality of how you interact with policy holders, insurance companies, and how to solve the communication gap between the 2 especially when it comes to questions of endorsements and underwriting requirements.There are specific tricks to the trade that only experience gives you the edge. Unless you have another experienced 2-20 on board with you to guide you through the pitfalls, it will be a true up hill struggle. Creating policies from the get go and not having the skills for when a policy gets into "trouble" may in the end turn your policy holders away and having them seek more experienced agents.Currently, I assisted an agency in overturning a non-renewal after they got 3 denials of the overturn. My experience in how to speak to underwriters and seeing things from their point of view helped them to re-propose a remedy to the non-renewal reason which resulted in the insurance carrier, the insurance agency, and the homeowner in being happy. The agency looked like the hero for going above and beyond the call of duty.As an agent in the State of Florida, because of the many changes in our insurance laws (both auto and home) it has created in very bad answers from insurance companies' customer service reps. Fortunately, my experience honed in on the wrong answer but it makes me tremble how many other agents may have accepted it as gospel and didn't fight for their clients' rights because they simply did not know how and that includes the curent agency I mentor. They get a wrong answer they didn't realize and they will pose question to me after the fact, which I will show them where the rules of both the underwriting manual and state statutes lie to over turn the bad answer.The agency I work for is a captured agency, but it recently has begun brokering out in the last 2 years. I was hired precisely for my expertise in brokered insurance companies since I had no history in the idiosyncracies of one type of insurance company but the experience of 9 home insurance companies, 4 auto insurance companies, 3 mobile home companies, 3 commercial, 2 umbrella companies, etc. that enables me to show the captured agency how to work with independent companies outside its primary captured agency status.If you decide to work on your own, then the State of Florida will require you to be appointed with at least one company of each of your license you are representing in that kind of policy arena. You will need to market yourself to the company of interest and show proof of ability to produce. It is easier to be already appointed via an established agency and then when you strike on your own, history of being a performing Producer Agent will weigh in your favor.As to home insurance, it is very do-able but again you have to know the tricks of the trade to write a good policy with options that can help drive down cost of the premium. I have "stolen" more policies from other agencies because of my ability to help homeowners weigh the options of choice with understanding of the policy to better help them customize the policy to their needs not my needs.Good luck on your new career. If you find you need guidance on future policy issues, my services have always been free in the spirit if helping a fellow agent if my time affords me. many of my help is offered after my business hours to better give you my unidvided attentionI have a 87% success rate in overturning underwriting reason not due to hurricane reduction exposure (the blance is because the insured would not jump the hurdles to meet the guidelines), a 92% success rate in reinstating erroneous cancelled policies, and a 72% success rate of writing home insurance policies I have and same IM IDas to getting a license in other states, that is only if you show you have the need to cross state lines because of umbrellas or multiple car policies needed for the same insured because they have multiple cars in different states. Traditionally the license is only offered to those states your state borders, which is GA, LA, ALSource(s):current State of Florida insurance agent (specialty Homeowner's insurance, I do service other policy types) and current mentor of 2 years to a Pasco/Hillsborough agency as they said no one else would help them as they were perceived as competition. I met them through a mutual class we took and we all became dear friends as they literally opened a fresh agency without any mentors.


You're gonna need to file all the paperwork to create a business. Pay money.Then, you're gonna need to find a couple companies that will let you write for them, Progressive, AIG, etc...Determine what types of coverage you want to write, Commercial, Personal, etc...Then, you'll prolly want to get your license in the states near FL so your business isn't completely depending on FL only. Its easy to do, usually you just have to pay them some cash, as long as you are already licensed in FL.Then, market like crazy!



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