Insurance Agent Independent Contractor
Agents and independent contractors sell products or provide services within different legal boundaries.
Insurance agent independent contractor. If they are independent contractors each sales agent would also need to provide the agency with an e o policy. Ways to purchase insurance. Employees are hired by the company to perform a specific type of work. These agents must have an active life health insurance producer license in their resident state and two additional states.
There are a couple things to go over before we get into the checklist. Get a professional to help you. They are also paid salaried or hourly and are subject to overtime laws. An employee will typically receive training for their positions at your agency and you or a supervisor manage them.
The decision is of great importance for the insurance industry because it provides a clear roadmap on how to classify insurance agents. Each worker type brings different insurance concerns. It s best to avoid this situation. Insurance sales agents make around 61 000 annually on average according to july 2009 data from the bureau of labor statistics.
If you fail to classify an independent contractor properly the irs and state tax and labor authorities may attempt to collect what you failed to pay plus penalties. What is an employee. Is your insurance agent an independent contractor. This role is an independent contractor agent opportunity providing virtual services to a liveops client.
Agents are employees while independent contractors are self employed. The captive agent works for only one insurance provider and is paid by that company. Co a california appellate court addressed the issue in favor of the insurance company holding that a nonexclusive insurance agent was an independent contractor. Mutual of omaha ins.
For example in insurance both agents and independent contractors are licensed to sell insurance. If they are independent they are not covered by the agency s policy right. Independent agents have more freedom to offer plans that better fit their clients than do other types of agents. The reality of an independent contractor relationship is based on the facts of the relationship.
What are the insurance implications of hiring an employee vs. What makes them independent contractors the agent asks. Understand what counts as a deduction. 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.
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. It s tax season again and we ve put together a full tax deductions checklist specifically for independent insurance agents.
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