If you are thinking about becoming an independent insurance agent or if you have already embarked on this exciting career, you know that the day to day life of an insurance agent can be interesting and varied.
Most people are familiar with insurance agents who work with only one private insurance company, but an independent agent has much more control over his or her day to day schedule as a result of being able to handle policies offered by many different companies. Ultimately, independent insurance agents are able to work for themselves.
If you currently have a Medigap plan F or considering getting one, you should be aware of a new law that went into effect in April of 2015. Some of the provisions in this law can be complex and confusing, but the one that is most important for all individuals to understand is known as section 401. This section of the law now requires that the federal government will no longer allow any eligible beneficiaries to get a Medigap policy that covers the deductible for part B. This has major implications for those individuals who might have wanted to opt in to Plan F in the future.
Part of building a business is understanding your risks and knowing how to prepare for them effectively. In fact, as an insurance agent this is likely the bulk of your job working with individual clients.
As a business owner, you also need to consider how errors and omissions insurance can help to protect you and your agency, if you have one, against a loss in the event that you or a member of your staff makes an omission or an error. This can involve mistakes that you believe to be relatively simple but the consequences of making these mistakes without errors and omissions insurance can be catastrophic. Small mistakes like missing a waiver of coverage or miscommunicating with your client could lead to serious claims.