Tweet

Home-based Business: Insurance Broker

Guest post by: Charles Godbout

Article Overview: If you consider having your own insurance brokerage for your home-based business, your income is higher, compared when you choose to become a ‘captive’ insurance agent.

Home-based Business: Insurance Broker

If you consider having your own insurance brokerage for your home-based business, your income is higher, compared when you choose to become a ‘captive' insurance agent.

An insurance agent is an exclusive salesperson of a certain company. He may be salary-based or commission-based. But being an insurance broker means you have a connection with unlimited number of insurance providers, and you can sell any insurance policy from any insurance company to business owners and private citizens.

Once you have your clients, you should determine their needs or know the specific coverage they are looking for, and find the best policies that they may consider. Your income comes from the commission you will get from insurance providers upon selling an insurance policy.

Many entrepreneurs, especially those who love the thrill of marketing find being an insurance broker a profitable home business. They dictate the amount of income they would like to have in day, week or month.

Being an insurance broker means you should have a license. You can find a training program to help you prepare for the licensure examination or you can study on your own, if you have resources.

The training program can be self-paced or can be completed in 40 hours of classroom time. The insurance companies can also help you in providing the necessary training. After all, they will also benefit once you have your license and start with your home-based business.

Once you have earned your license, you may now start communicating with several insurance carriers in your country or local state and make an agreement with them. Normally, the commission you will get from them is fixed according to the sales you make.

It is significant that you study the underlying policy of an insurance contract as well as the possible riders so you would know which policy fits a certain individual or organization.

Depending on your choice, you can focus on one niche, two or several. Niches can be healthcare insurance, home insurance, car insurance or life insurance. Many insurance brokers who do home business prefer to sell different types of insurance coverage.

For setting up your office, a room from your house may be a good place for a start. Once your home-based business grows and expand, you may choose to transfer to a bigger space.

The local Secretary of State can help you decide whether it is necessary for you to secure business permits to operate a business at home. Often, they have zoning laws that you need to follow.

But since, the nature of your home business is not food, the policy may not be strict on you. Still, you need to know the rules. Your home office does not necessarily be big and impressive similar to other business or corporate offices.

What you need are one or two good sets of personal computers, office table and chair, and couch for your clients waiting at the reception area. You may choose to hire an insurance agent who can entertain prospective clients and answer questions about insurance, or you may run a one-man show.

Related Articles
  Homebased Business Opportunities
  Things To Consider When Purchasing Insurance For Your Small Business
  Insurance Programs and You
  Brokers, why use them?
  Do You Need Dental Insurance?
  Minor offenses and your premiums
  UK Business Finance - Do I Need To Insure My Equipment?
  Building Bares All - Property Insurance
  New Home Insurance
  Luxury Boat Sales - Everyone Will Always Benefit Using An Knowledgeable Brokerage
  Home-based Business Opportunities For Everyone
  Car Insurance - Gap Insurance
  FRANCHISE BROKERS vs FRANCHISING CONSULTANTS
  Who Should You Purchase Your Insurance From?
  Why Should I Use a Business Broker to Buy a Business?
  Group Insurance Benefits – Get Expert Advice to Avoid the Traps
  High Risk Automobile Insurance
  Choosing a Broker
  Travel Insurance - for when you least expect it!
  Equipment Suppliers - Can You Offer Finance Options To Your Customers?

Article Tags: home business, homebased business, insurance broker
Referred by: http://jaykubassek.com



Related Forum Posts
New Small Business Topic - Hello everyone, I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section? Here's a list of what we currently have: Angel Investors Branding Bank Loans Business Coaching Business Plan Franchises (New) Insurance Legal Marketing Public Relations Sales Small Biz Loans Venture Capital
Re: Insurance for Home Based Business? - hi there I'm a newbie here.I can get good information regarding the Insurance for Home based business and more. It's really safe to have Insurance for a home based business. Thanks a lot for discussing some important issues here and i feel really happy to be a part of this.
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
zipcar saves Gas cost - The gas prices haven't affected me in anyway. I use the Transit system and ZipCar. I love Zipcar 'cos it has Gas and Insurance included in the prices and they haven't raised that for a couple of years now.
Magnetic Ads - Biz Idea - Attn Young Entrepreneurs looking for a Business Idea. This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers. Note: this idea is rough but will help get the idea-momentum going. Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers) Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car. An example of a Magnetic Ad: Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15 You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets. So your basically managing two sides: 1. Company's that want to advertise 2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad. Happy Money Making!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

3 Health Insurance Misconceptions

Are You An Accidental Consultant?

Working Across Borders

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.