Getting set up for business

I talked with a lot of new agents so I figured it would be nice to go over everything you need to get set up for business.

E&O
If you're a new agent, get E&O before you do anything else. Almost all carriers require it and you don't want to limit yourself to only selling the products of carriers that don't. It can take a few weeks to receive your certificate so apply now, then get everything else set up.


Email
Avoid a free account like Yahoo or Hotmail. It's simply not professional - Gmail would suffice if you have to use a free account. Other then that use your ISP account which should either be your name or your agency's name before the "@" - abcinsurance@comcast.net. If you're using Outlook make sure you have it set up to search for incoming messages often.


Phone
If you're brand new to this biz you'll be living on the phone. I'd suggest a land line with unlimited minutes. If you're using a cell just realize that you'll likely be on the phone at least 3 hours a day or 4,500 minutes a month.

If you're married or living with someone you'll want to discuss having two numbers if you're using a land line. We have two lines in my house - one for business the other personal.

Constant Contact
They have a free trial period and I heavily recommend them. They're fantastic for client newsletters and shooting out reminders to prospects.

Voice mail
One of the 1st things you should do when you get started is set up a professional voice mail greeting. I'm really amazed when I call agents who have been selling for months and get "please leave a message at the tone."

Call Forwarding
When you're out of the office during business hours always forward your calls to your cell. You want prospects and clients to be able to reach you at all times without hitting voice mail unless you're doing a presentation. You can list your business and cell number on your emails to prospects but I guaranteed you most prospects are gonna call your biz number and when they hit voice mail likely hang up. Even if they leave a message then it turns into phone tag.

Data Backup System
Have some type of system to back up your data. Some agents use flash drives, others upload it to file storage sites - I personally puts my spreadsheet and documents on Google. If your computer crashes you do not want to lose your prospect and client information.

For me, if the power goes out for some reason and I have appointments lined up anyone can access my Google spreadsheets - just call a friend and give 'em the password. I can also hit the library and pull up anything I need.

Toll Free Number
If you're just local business you really don't need one. If you're doing state-wide or out-of-state business you should have one. I used Ring Central but there are a lot of toll free services.

Fax
Choose some type of fax services - I use Efax. You'll receive a lot of faxes in this biz and a physical machine is a pain in the ass - paper jams, buying toner, poor quality, etc...

Business Entity
If you're gonna use your name "Pete Smith - Independent Agent" you don't need to do a thing. You'll just file as a sole proprietor for tax purposes and don't need to do anything extra. If you'd like an agency name you'll need to register it with the DOI and register your business with the state. You can still file as a sole proprietor so unless you're hiring people you don't need an EIN.

Website
Get one. In this day and age not having one says "new and broke." A website establishes that you're here to stay and give you credibility. If you're money tight this should be one of the 1st things to save for.

Business Account
Find out what your bank's requirements are and get a business account. When I first went independent all I needed was my state business filings (I had to register my business with the state) and my agency license. You really need to separate business from personal expenses and using your business account for all related expenses makes everything easy to track.

Receipts
It sounds obvious but most people don't do it - keep your receipts. I'd heavily recommend getting your taxes done - especially 1st year - by a CPA who will want to see your expenses. If you plan on deducting miles see the IRS rules - you need to keep a log of your business miles.

Meet with an Accountant
when you're new in this biz everyone's a tax expert. I heavily recommend paying a small consultation fee and sitting down with an experienced CPA who will give you scoop on what you need to do for taxes.

CRM
You'll need one for client and prospect management. I use and recommend YIO - http://yourinsuranceoffice.com