Compensation Disclosure - How We Get Paid:
Our compensation may include one or more of the following depending on our business relationship with the insurance carrier:
Commission Payments: Carriers pay us commission based on a percentage of the policy premium. The amount of commission varies depending on policy type, state location of risk, and other factors.
Additional Commission Payments: Carriers may pay us additional commission for attainment of certain goals we set with them, including:
- Profitability, which is determined by comparing losses and expenses to premium
- Volume, which is the amount of premium written with the carrier
- Growth and Retention, which is measured by comparing our current premium volume and number policies to the same numbers from a past year
- Annual Plan Performance, which is measured according to performance standards determined by the carrier and us
Expense Reimbursement: Carriers may reimburse us for certain marketing and other expenses incurred for placing business with them.
Entertainment and Other Things of Value: Carriers might entertain us or provide us with other things of value, including travel.
Business Production Incentive Programs: Carriers may award our employees with additional compensation (cash or contest prizes) for certain activities or tasks, such as placing specific types of policies with them or inputting data through one of their technology systems.
Please contact us if you have additional questions.