Business Insurance Ny
How A Lady Stumpled Upon A $100000 A Year Business Working On Sundays
After buying their first home, Debra Cohen and her husband faced the unenviable chore of finding reliable home improvement contractors. Fed up with blindly picking names from the Yellow Pages and waiting for contractors who didn’t show up, it occurred to Cohen that if she and her husband were having trouble finding contractors, other homeowners in their community must be facing a similar predicament. This bleak reality sparked the creation of a unique service that has since expanded into a profitable cottage industry across the U.S. and internationally.
After extensive conversations with lawyers, business consultants, contractors and insurance agents, Cohen, 38, started Hewlett, New York-based Home Remedies of NY Inc. from her home in February 1997. This stay-at-home mom used a $5,000 loan, a computer and a refurbished fax machine to launch her part-time business. Right away, the response from homeowners was tremendous, and after three months in business, she repaid her loan. Her gross earnings in the first year were almost $30,000.
Today, Home Remedies is a contractor referral service that matches home-owners with reliable home-repair workers. The appeal to customers is that the company takes on the time-consuming task of locating and screening qualified contractors, checking to make sure they’re adequately insured and licensed, and serving as a liaison between the contractor and the homeowner throughout the course of a job. Home Remedies provides a win-win situation for both parties: Services are provided free of charge to the homeowner, and contractors represented by Home Remedies only pay a commission for any work they secure.
At first, Cohen worked approximately 15 hours to 20 hours per week; she now works about 30 hours per week. Last year, sales for Home Remedies exceeded $100,000. Cohen earns additional income by selling manuals and packages on how to get started in the referral business.
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Do I need a license to sell medical malpractice insurance in NY or the US? I am a US citizen.?
I am considering starting my own insurance business selling medical malpractice insurance, but I need to know if I can just “jump in” and do it or if I need some sort of license to begin.
You need to be licensed by the Department of Insurance of each State in which you wish to sell insurance. The process of becoming licensed involves taking an approved pre-licensing course, a state exam, an application process to and through the State Department of Insurance, and a very detailed background investigation.
The website of your State Department of Insurance is likely to have a section devoted to insurance “producer” licensing, and that will be your best starting point.
Note that you must also be “appointed” by the insurer(s) whose insurance you wish to sell. Proper state licensure will be a prerequisite to appointment