Insurance Agent Independent Contractor
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Insurance agent independent contractor. Agents are employees while independent contractors are self employed. These agents must have an active life health insurance producer license in their resident state and two additional states. What is an employee. Ways to purchase insurance.
It s tax season again and we ve put together a full tax deductions checklist specifically for independent insurance agents. Employees are hired by the company to perform a specific type of work. Working from home as an independent insurance agent gives you the flexibility to set your own hours to accommodate clients and a comfortable atmosphere in which to work. What are the insurance implications of hiring an employee vs.
Independent agents have more freedom to offer plans that better fit their clients than do other types of agents. Buying directly online or on the phone you will deal with the insurance provider. They are also paid salaried or hourly and are subject to overtime laws. Get a professional to help you.
The captive agent works for only one insurance provider and is paid by that company. Is your insurance agent an independent contractor. There are a couple things to go over before we get into the checklist. For example in insurance both agents and independent contractors are licensed to sell insurance.
If they are independent contractors each sales agent would also need to provide the agency with an e o policy. The decision is of great importance for the insurance industry because it provides a clear roadmap on how to classify insurance agents. If they are independent they are not covered by the agency s policy right. It s best to avoid this situation.
I pay them using a 1099 ok so most readers know that the reality of an independent contractor is not dependent on how the person is being paid even if they are paid in mustard. Agents and independent contractors sell products or provide services within different legal boundaries. Co a california appellate court addressed the issue in favor of the insurance company holding that a nonexclusive insurance agent was an independent contractor. Understand what counts as a deduction.
This difference affects how services are performed. The reality of an independent contractor relationship is based on the facts of the relationship. Each worker type brings different insurance concerns. This role is an independent contractor agent opportunity providing virtual services to a liveops client.
Insurance sales agents make around 61 000 annually on average according to july 2009 data from the bureau of labor statistics. What makes them independent contractors the agent asks.
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