What is proper split when working for a vigour insurance broker? He is offering me 50/50 split is that carnival?
Answers:
I would hold to consider the following in determining if this split be do:
1. Are they providing you next to an department near phone/fax/email/internet access?
2. Are they providing services to your clients?
3. Are they providing you near lead?
4. Are they picking up the tab for your marketing?
5. Are they reimbursing you for expenses?
If the answer is yes, later it is more than open-minded. These things cost money and your business will grow faster working for a broker than working alone - if they provide you next to these things.
Good luck.
Yes, that's open-minded. Most of the time it's 50/50, or sometimes 55 spanking new, 45 renewal.
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"Fair" will depend on what else is he throwing in? E&O, bureau space, telephone, clerical give a hand, other expenses? Also, what more or less prospecting and marketing; any other benefits? Health insurance? If he's helping beside that, afterwards yeah impartially standard agreement. If he's not helping near getting fresh clients, afterwards what are you getting out of the do business except a smaller paycheck?
Also, construct sure you read your agency agreement and read between the lines the renewal commision split. Save yourself heartache down the road. Good luck.