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Independent Insurance Agents & Brokers of Arizona
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Thursday, 04/24/2014email print

 

How to become a new entrant to the independent agency system


Starting and running an independent property/casualty insurance agency is not for everyone, but if you've gotten this far, here are nine general aspects you'll want to consider.

1. Develop a business plan and form an agency
Nearly every successful agency started with a clear vision and sound business plan. Besides knowing what you want and how you intend to accomplish it, a business plan is essential for solid company relationships especially for a new agency with no track record.
2. Choice of Entity Selection in Arizona
The following section is a description of the various types of business entities available for a new agency. The determination of what entity you utilize in the formation of your new agency is one of the most important decisions you must make. The decision can have significant impact on ownership and taxation in future years.
3. Get a license to sell insurance
A number of minimum prerequisites must be met prior to acquiring a license including qualifying exams, meeting legal requirements and structuring the business among others.
4. Find multiple markets
For additional information on any company with which you plan to do business, the Arizona Department of Insurance will provide you with general company information, contact information, types of insurance the company writes, company history, financial information and complaint ratio.
5. Determine your product lines
Deciding the product lines you'll want to handle will depend in part on your expertise, company appointment and marketplace. A broad range of products and services is available to meet just about any prospective agent’s expertise and appetite from general personal and commercial lines to far more exotic lines of insurance. Selection here will depend also on your company appointment(s) and a host of other factors.
6. Errors and omissions insurance for your agency (E&O)
More than a policy, this is a program involving insurance as well as support for loss control. IIABAZ offers professional liability coverage designed by insurance agents for insurance agents through Westport, the nation's largest and most reliable provider of insurance products for agents, also with Fireman's Fund the second largest market for insurance agent E&O.
7. Free Sneak Preview of the VU!
Technical policy and coverage resources with the Virtual University Research Library including; Expert Services, Online Courses, Free Newsletter, and even more!
8. Locate training resources
Agency success is dependent on the expertise of your staff and its ability to address customer needs. This expertise is largely the result of proper training requiring both time and money. And while there is a long learning curve in the property/casualty business, you should be able locate a quick-start program from among numerous training resources including those offered by IIABAZ.
9. Join the Independent Insurance Agents of and Brokers of Arizona
IIABAZ offers a broad array of services, products and support important for new agencies. Discover the wide-ranging host of products, services, and business and technical support offered by IIABAZ.
A Helpful Resource
Including; Hiring employees – pre-employment testing, Arizona Department of Insurance, E-Verify, IRS Tax ID #, State withholdings (Arizona Department of Revenue), and don’t forget that you will need workers compensation for staff (or yourself).
Business Plan Basics
Choice of Entity Selection in Arizona
Sample Business Plan

Independent Insurance Agents and Brokers of Arizona, Inc.
e-mail: info@iiabaz.com
333 East Flower Street  -  Phoenix, Arizona 85012
Phone: 602-956-1851   Toll: 800-627-3356   Fax: 602-468-1392

Holiday Schedule
We will be closed on the following dates:
May 26, 2014 - Memorial Day
July 4, 2014 - Independence Day
September 1, 2014 - Labor Day
November 27-28, 2014 - Thanksgiving Holiday
December 25-26, 2014 - Christmas Holiday
December 31, 2014 - New Year's Eve

This publication is intended to provide accurate and authoritative information on the subject matter covered and is distributed
with the understanding that neither Independent Insurance Agents and Brokers of Arizona, nor any contributing author or publisher
is rendering legal, accounting, or other professional services and assume no liability whatsoever in connection with its use.

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