As we've seen many times before, Control is essential to launch + sustain a business.
I had a relative recently launch an independent insurance agency after many months of setbacks and expenses. They failed and retook the insurance exam multiple times until they passed, went through incorporation and securing a virtual address, opened a bank account, filed a trademark, registered their personal and business license, purchased a domain and website theme and liability insurance.
Then came time for them to set up appointments with insurance clusters/alliances in order to have a working relationship with carriers and sell their services.
They got rejected by all of them.
Why?
The state department of insurance had been denying all carriers (insurance providers) requests for rate increases. Carriers couldn't increase rates, but were paying out more in claims. In other words, carriers were losing money on new business. They were all running a really high loss ratio due to loss payouts increasing and not being able to raise rates to offset that loss, therefore were not accepting new business applications. All new applications are on indefinite moratorium.
This guy spent 5 months and $3000+ just to be denied the opportunity to even start his business.
Don't be this guy.
Control is everything. Make sure no single entity can deny you the ability to operate; and if possible, have multiple points of failure where you can pivot if something does happen.
I had a relative recently launch an independent insurance agency after many months of setbacks and expenses. They failed and retook the insurance exam multiple times until they passed, went through incorporation and securing a virtual address, opened a bank account, filed a trademark, registered their personal and business license, purchased a domain and website theme and liability insurance.
Then came time for them to set up appointments with insurance clusters/alliances in order to have a working relationship with carriers and sell their services.
They got rejected by all of them.
Why?
The state department of insurance had been denying all carriers (insurance providers) requests for rate increases. Carriers couldn't increase rates, but were paying out more in claims. In other words, carriers were losing money on new business. They were all running a really high loss ratio due to loss payouts increasing and not being able to raise rates to offset that loss, therefore were not accepting new business applications. All new applications are on indefinite moratorium.
This guy spent 5 months and $3000+ just to be denied the opportunity to even start his business.
Don't be this guy.
Control is everything. Make sure no single entity can deny you the ability to operate; and if possible, have multiple points of failure where you can pivot if something does happen.
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