Preferred Insurance Agent
Choose Your Agency Name Take the Time to Research Names for Your Agency
Agency Entity Name: This route takes the longest to be approved and issued by the Department of Insurance but is often the best option. Check and make sure that your business name is approved with your State’s Secretary of State Department, Department of Insurance, and the local city, or county municipalities when your entity has been accepted. File your paperwork, including federal and state tax IDs (FEIN#) and get your entity established. Once your state has approved the entity, you can now apply for an agency license with your state’s DOI. Fill out the paperwork online, pay fees, and wait. Once the license has been issued, this name will appear on policy declaration pages and company websites. Example: John Smith Insurance Agency, Inc.
Your insurance companies will use this name as the agent for the policy. This will become your identity as the agent to your customer. Insurance companies will only appoint a licensed entity or individual. In some states, the wait time to get an entity license with the Department of Insurance can take up to 4-8 weeks. Personal Name: As an example, you are already licensed under “John Smith” [replace with your name]. John Smith is what will appear on the policy declarations page and company websites. This is the fastest to begin selling insurance. Personal Name with DBA [Doing Business As]: You would now be “John Smith DBA Smith Insurance Agency.” John Smith DBA Smith Insurance Agency is what will appear on the policy declarations page and company websites.
Steps to Opening an Independent Insurance Agency Successfully
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