I want to start an insurance company, but I need to know what kind of insurance I need to purchase for my own company. I have done research and can't find this. (Please do not tell me how to start one, or anything else besides what insurance I need, if any.)
Do you want to start an insurance company or an insurance agency? There is a difference. I'm guessing you want to start an agency because if you had the millions of dollars needed to start an insurance company you'd have the knowledge already or at least the money to hire someone who knew.
For an agency you'll need E & O insurance. Also, depending on your situation you'll need a business general liability and property coverage. You'll need business auto or at least a business classification on your auto insurance if you have vehicles. If you hire someone you'll need workman's comp and possibly health insurance, disability, etc. for the employees.
What typically happens to the insurance industry during a period of economic recession?
Similar Miles Vickstrom posts:
- About Miles was raised in Anamoose, North Dakota and moved to...
- What types of insurance does an event planner need? I am interested in starting my own business from home...
- Is the auto-insurance claim information shared if I switch the insurance company? Hi! I am with auto-insurance company X right now and...
- Get the Best Quotes From Top Rated Life Insurance Companies Get the Best Quotes from Top Rated Life Insurance Companies...
- Life Insurance Companies It is the promise that every insurance company keeps, to...
Do you want to start an insurance company or an insurance agency? There is a difference. I'm guessing you want to start an agency because if you had the millions of dollars needed to start an insurance company you'd have the knowledge already or at least the money to hire someone who knew.
For an agency you'll need E & O insurance. Also, depending on your situation you'll need a business general liability and property coverage. You'll need business auto or at least a business classification on your auto insurance if you have vehicles. If you hire someone you'll need workman's comp and possibly health insurance, disability, etc. for the employees.
References :
Independent Agent
Like Zarnev says, there's a difference between an agency and a company.
And I think it's pretty safe to say, if you don't know enough about insurance to be able to recommend coverages for YOURSELF, you surely aren't able to go into the business yet.
Types.
Property. Liability. Directors & Officers. Errors & Ommissions. Workers Comp. Commercial Auto. Commercial Umbrella.
If you're referring to REINSURANCE, that's done via treaty, not by "buying a policy".
References :
agent, 21+ years
In addition to what others have already said, it may also depend in part on your locality. If you're in the U.S., I recommend checking with your state to be sure you're meeting any state-specific requirements.
References :