You can build your agency from scratch with little or no help, and if anyone tells you that you can’t they are just plain wrong. Although… It will take years to develop your agency workflows, find the right software, and obtain carrier appointments (or keep them).
Growing a successful insurance agency is hard enough,
so maybe it would be wise to have a little help.
There are many organizations like ours that provide access to carriers, though it can be somewhat of a challenging read through their contracts. The fine print is often overlooked until it’s too late- What happens if it doesn’t work out? Be wary of things like…
- Appointment restrictions if you decide to leave
- Weak (50% or less) or non-existent profit sharing
- No-share in overrides
- Your agency is owned by a parent agency
- Exit fees or buyout requirements
- Vested ownership
These often hidden pitfalls and misunderstandings can devastate your bottom line if you aren’t careful.