Question by Matthew G: What’s the best way to purchase an insurance agency?
Where can I find information or advice on how to properly purchase an insurance agency?
Faye, I was interested in on advice for purchasing an existing non independent agency.
Best answer:
Answer by Faye H
Do you mean an existing one? You offer the owner of it a price for his agency. I guess he sort of has to want to sell it first though.
If you’re talking about opening your own agency, the first thing you need to do is get licensed by whatever state you’re living in. Then you get agency agreements with insurance companies. You can either get an agreement with a company like State Farm where the only policies you sell are that companies. Or, you get companies like Hartford, Travelers, etc. to appoint you as an agent and you then can sell their policies.
It doesn’t sound like you have a lot of experience in insurance though so your chances of getting an appointment with little or no experience are not good. You probably should consider working under another agent for a few years, build a reputation and make contacts with some insurance companies. You’ll have a much better time having your own agency then. No one is going to appoint you as an agent for their company and turn you loose on your own if they think you don’t know what you’re doing.
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