Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $9.99/month after trial. Cancel anytime.

    Starting An Independent Insurance Agency Made Easy
    Starting An Independent Insurance Agency Made Easy
    Starting An Independent Insurance Agency Made Easy
    Ebook180 pages1 hour

    Starting An Independent Insurance Agency Made Easy

    By Gloria B Cooper

    ()

    Read preview

    About this ebook

    This Book is about starting an independent property and casualty, life and health insurance agency from the beginning to the end.

    LanguageEnglish
    PublisherGloria B Cooper
    Release dateJun 24, 2022
    ISBN9798215881262
    Starting An Independent Insurance Agency Made Easy

    Related to Starting An Independent Insurance Agency Made Easy

    Related ebooks

    Business For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      The Ins and Outs of Buying Long-Term Care Insurance

      Mar 9, 2018

      I often suggest long-term care insurance to my clients, and I almost always hear this objection: "It's too expensive." Yes, long-term care insurance is not cheap, but medical insurance and Medicare typically do not cover that particular type of care

      2 min read

    • Article

      Whole Life Insurance: It's a Swiss Army Knife for Financial Planning

      May 1, 2020

      The stock market may be jittery right now, but my whole life cash value continues to chug along. In my 20 years of providing financial advice, I have found whole life insurance to be one of the most important, yet overlooked financial planning tools

      6 min read

    • Article

      Millennials, What Will It Take for You to Buy Life Insurance?

      Jul 30, 2021

      Start-ups are going to ridiculous lengths to rebrand an industry in desperate need of some younger customers.

      6 min read

    • Article

      Services

      Jul 18, 2023

      Dry Cleaning & Laundry Services Dry cleaning STARTUP COST $703.5K-$1.5M  TOTAL UNITS (Franchised / Co.-Owned) 212/14 Dumpster Rentals Construction dumpsters with attached portable restrooms STARTUP COST $646.2K-$748.3K  TOTAL UNITS (Franchised / Co.-

      1 min read

    • Article

      Take The Heat Out Of Energy Bills

      Apr 5, 2023

      Now that we're well into autumn, it's time to start thinking about energy costs before you get that dreaded mid-winter bill. Both electricity and gas prices have gone up (except in the ACT due to longterm renewable energy contracts). And global suppl

      2 min read

    • Article

      7 Ways to Utilize Your Life Insurance Policy’s Cash Value

      Apr 23, 2021

      Permanent life insurance policies—like universal, variable and whole life—offer more than a death benefit. Some include cash value, which is a pool of money you can use while still alive.  If you’ve had a policy for years, the cash value could be con

      1 min read

    • Article

      Financial Services in the New Age

      Mar 22, 2024

      Nearly every sector we know of is undergoing deep-rooted change thanks to rapid technological developments. The banking and financial services industry is no exception. In these changing times, where the use of Generative AI (Gen AI) is becoming wide

      2 min read

    • Article

      Update Estate Plans in Light of New Tax Law

      Apr 28, 2018

      The new tax law has led some seniors to assume that they can delete estate planning from their to-do lists. But that is a dangerous assumption. Yes, the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person-

      4 min read

    • Article

      Create Content On the Go

      Mar 7, 2023

      Create Content On the Go
      2 min read

    • Article

      What is Umbrella Insurance and Do I Need It?

      Oct 30, 2020

      Homeowners insurance, car insurance, health insurance, life and disability insurance … if you already have all these policies in place as part of a strategic protection plan for yourself and your assets, you might find it hard to believe that there c

      4 min read

    • Article

      How David Beats Out Goliath

      Jul 18, 2023

      How David Beats Out Goliath
      2 min read

    • Article

      Land More Sales by Eliminating Your Prospect’s Risk

      Aug 17, 2021

      If you are in the business of selling—whether its goods or services-nothing can more potently affect your sales than mastering the art and science of Risk Reversal. Risk Reversal is making it hard for the potential or current client to say “no” by ta

      2 min read

    • Article

      Anywhere Real Estate

      Aug 16, 2022

      Anywhere Real Estate
      2 min read

    • Article

      What’s a DST? The Lowdown for Real Estate Investors

      May 22, 2022

      DSTs are unique real estate investment vehicles that allow a group of individual investors to purchase fractional interests in large commercial real estate assets that typically would be well beyond their financial reach as solo investors. DST invest

      3 min read

    • Article

      3 Ways Annuities Can Help Boomers Reduce Retirement Risk

      Aug 19, 2019

      As 10,000 Baby Boomers a day leave the workforce behind, only 28% believe they are doing -- or have done -- a good job preparing for retirement. What's more, only 25% believe they will have enough money to live in retirement, according to the Insured

      5 min read

    • Article

      Time To Question That Blind Faith

      Mar 31, 2022

      As far as investments go Kiwis have worshipped at the altar of the property gods for a while now. And for the bulk of us, who have started our investment journey in the last 30 years, it’s no wonder. But with all the headwinds facing the market at th

      2 min read

    • Article

      Qualified Opportunity Zone Investing 101

      Nov 18, 2021

      In Congress, political discourse took a temporary break from feuding when both sides supported creating significant tax incentives for Qualified Opportunity Zone (QOZ) investing — as part of the 2017 Tax Cut and Jobs Act. The Act was co-authored by S

      6 min read

    • Article

      Life In The Fast Lane

      Dec 3, 2020

      Life In The Fast Lane
      4 min read

    • Article

      The Best Of The Best

      Jul 18, 2023

      The Best Of The Best
      1 min read

    • Article

      What a Beneficiary Controlled Trust Can Do to Protect Your Legacy After You Are Gone

      Sep 13, 2021

      Many estate planners believe that their job is done when the beneficiaries avoid probate and receive their inheritance. However, when beneficiaries receive their inheritance in their name outright, that needlessly exposes the legacy you leave to the

      4 min read

    • Article

      Consider Your Trustee Carefully: It Makes a Difference

      Oct 14, 2019

      You've made it to a place in your estate planning where it's been determined that setting up a trust will help accomplish the many goals you have for your family. You've done extensive research and worked with your adviser to select the type of tr

      2 min read

    • Article

      Grow Your Remote Business

      Jun 30, 2020

      Grow Your Remote Business
      4 min read

    • Article

      Build The Perfect Portfolio

      Mar 31, 2021

      Build The Perfect Portfolio
      5 min read

    Related categories

    Reviews for Starting An Independent Insurance Agency Made Easy

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Starting An Independent Insurance Agency Made Easy - Gloria B Cooper

      Starting An Independent Insurance Agency Made Easy:

      ––––––––

      By

      Gloria B. Cooper

      Copyright© 2022. Gloria B. Cooper. All Rights Reserved.

      No part of this work covered by the copyright herein may be reproduced or used in any form or by any means—graphic, electronic or mechanical without the prior written permission of the publisher. Any request for photocopying, recording, taping, or information storage and retrieval systems of any part of this book shall be directed in writing to the author.

      This publication contains the opinions and ideas of its author(s) and is designed to provide useful advice in regard to the subject matter covered.

      Contents

      Dedication

      Acknowledgments

      Chapter 1: Understanding Insurance

      What is Insurance, and How does it Work?

      Insurance Endorsement

      Insurance Liability

      Credit-Based Insurance Score

      Depreciation in Insurance Claims

      Non-Compete & Non-Piracy Agreements

      Insurance Indemnification

      Chapter 2: Types of Insurances

      Chapter 3: The Essentials

      Self-Belief

      Market Research

      Data Collection Techniques

      Business Roadmap

      Start-Up Costs

      Knowledge and Experience in the Industry

      Work Ethic: Hard Work, Commitment, Persistence

      Persistence

      Hard Work

      Commitment

      Leadership

      Self-Managing Skills

      Communication Skills

      Team-building Skills

      Learning Agility

      Managing Conflict Resolutions

      Chapter 4: Agency Types

      Types of Business Structures

      Corporation

      S Corporation

      Limited Liability Company (LLC)

      Partnership

      General Partnerships

      Limited Partnerships

      Sole Proprietorships

      Chapter 5: Registration

      Registering the Agency

      Selecting a State

      Registering Corporation, LLC, or Limited Partnership

      Registering Fictitious Business Name

      Get Tax ID

      Requirement of Obtaining an ID

      Federal Tax IDs

      State Tax IDs

      Register Agency with Your State

      Tax Permit

      Income Taxes

      Employment Taxes

      Get Business Licenses and Permits

      Business Operating Licenses

      Doing Business as License

      Planning Permits

      Building Occupation Permits

      Fire Department Permits

      Tax Regulations

      Health Licenses

      Purchase Insurance

      Assessment of Risks

      Licensed Agent

      Research More

      Long-Term View

      License through the Department of Insurance

      Chapter 6: Staffing

      Exempt vs. Non-Exempt Employees

      At-Will Employment

      Employee and Contractor

      IRS/FICA/FUTA

      Methods of Recruiting

      Managing Employees

      Employment Records

      Chapter 7: Marketing

      Unique Selling Proposition

      Target Market

      Message to the Customers

      Media to Deliver the Message

      Marketing Strategies for Insurance Agencies

      Chapter 8: Financials

      Dividing Profits

      Operating Expenses

      Chapter 9: Partnership

      Creating and Leveraging Joint Ventures and Partnerships

      Importance of Joint Venture

      Factors Affecting Partnerships

      A Successful Joint Venture

      Conclusion

      About the Author

      Dedication

      To my precious husband, Jesse J Cooper, and our children Jessica Slaton, Ashley Rogers, Jeston J Cooper, and Winston Cooper

      Acknowledgments

      Please, read my thank yous. No work is ever the product or service of one person.  First, I thank God for giving me the courage and wisdom to accomplish my goals.  I am grateful that my husband, Jesse J Cooper, supported me during the time of writing this book. He listens to me every day about writing this book. I am thankful to my sons: Jeston J Cooper and Winston R. Cooper, for giving me insights and mentoring me all the way to the finish line. They kept me focused.

      I thank my mentor Matt Harvey, who help me achieve my goals by encouraging and helping me to do my best. I thank Barbie Ward Graham for being my best friend and always giving me a word of encouragement.

      I acknowledge my parents, Robert Lewis and Shirley Nelson Beasley, and brother, Daron Lewis Beasley, who believed in me when no one else did. Even though they have passed away, I can remember their inspiring words and the motivation they instilled in me.

      Thanks, everyone. I love you.

      Chapter 1: Understanding Insurance

      Financial stability is a tool that allows us to live life without having to worry about financial assistance during times of crisis, natural disasters, or accidents that are possibly inevitable. By having financial stability, you will have extra finances at your disposal at all times, but the question to ask is:

      How can we ensure financial stability during such times?

      The answer is rather simple and quite convenient once we establish a sound understanding of the term insurance.

      What is Insurance, and How does it Work?

      If we course through the history of insurance, we come to know that in ancient times, the very first insurance instances were recorded during the period when Babylonian and Chinese traders used to conduct business. The practice of insurance came into existence when merchants decided to limit the loss of goods so that merchants may not suffer losses.

      It was around 600 B.C. that the Greeks and Romans decided to add different variations to insurance. They were the first ones to form insurance pertaining to life and health. Since their society was shaped by benevolence, insurance provided care for the families of the deceased. In modern times, it plays a significant role when it comes to financial stability, recovery, and establishment.

      The word insurance means protection against financial predicaments or losses. It is utilized to hedge against the peril of uncertain and contingent losses. It is a contract, and it is defined through a policy wherein individuals or entities receive financial protection against losses from their insurers or insurance firms. The insurance company decides to take the risk, and it ensures affordability for individuals and entities that are insured.

      However, there are multiple insurances available for individuals and entities, but the most common surfacing issue is which one to pick and why? Truth be told, there are no complexities involved once you are familiar with the standard procedure. If you are an individual or a business, you will be able to find an insurance firm that is willing to insure you or your business, but it all comes with a price.

      Individuals and businesses usually resort to policies that insure health, property, and life. It has been recorded that every individual within the United States has at least one of the aforesaid insurance policies to their name. However, when it comes to insurance related to autos, the state has a law that needs to be abided by in order to avail of the insurance.

      When we talk about businesses, there are distinctive policies that insure against different types of risks. Every entrepreneur knows that operating a business inevitably demands managing risks. There is no denying that a business will inevitably face financial loss, one way or the other. For instance, if you have a restaurant, you will require a policy that covers damage that mainly results from cooking. So, if your kitchen got caught in an accident involving a deep-fryer, your insurance company would provide finance for the damages. If you are an auto-dealer, your insurance will cover damages that have occurred during test drives or any other ways that involve an automobile. Simply put, if your vehicle is damaged in any way, the insurance company is either going to pay for the repairs, or if it is totaled, it will replace the automobile.

      There are three essential components involved in any kind of insurance, and they are 1) Premium, 2) Policy limit, and 3) Deductible.

      1: Premium

      A premium is a price that the insured pays to avail of insurance coverage. It is usually expressed as a monthly fee and is quite similar to how one pays a monthly fee for a specific service. It is determined by the insurer or insurance company based on their clients’ risk profile, and this may involve creditworthiness.

      Creditworthiness refers to the extent to which a business is considered worthy or suitable to receive financial credit, and it is based on the reliability of the business and its history of paying it back in the past. For instance, if you are the owner of several automobiles and you have a long history that involves road accidents and reckless driving, you are likely to pay more than the person who has been maintaining a decent driving record. However, this is not always the case because there are insurers out there that charge the same for the same policies.

      2: Policy Limit

      The policy limit is the coverage limit that how much the insurer will pay to cover the loss. You can set maximums that may be set according to the per-period ratio.

      Usually, insurances with higher limits come with higher premiums, i.e., the higher the premium, the more financial coverage the insured will receive from the insurer.

      3: Deductible

      A deductible is a specific amount that the insured needs to pay before the insurer pays for the filed claim. Deductibles restrict small and inconsequential claims. They mainly rely on and are applicable as per policy or as per claim depending on the insurer and the policy type that the insured has as a business or as an individual.

      Policies that have a high deductible rate are usually less expensive since the out-of-pocket expenditure, which is high, results in people claiming less. The reason people with higher out-of-pocket expenses tend to file fewer claims is that they do not want to pay a hefty sum of money or any money at all. They just want the insurers to bear the entire cost rather than spending money out of their own pocket.

      These are just a few components of insurance. There are many more components involved that you need to understand before you take steps to start your own insurance agency.

      Insurance Endorsement

      An insurance endorsement, also known as an insurance rider, is an amendment that applies to an existing policy contract that amends the terms

      Enjoying the preview?
      Page 1 of 1