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.
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