How to Become an Insurance Broker in New Jersey
An insurance broker represents a person, rather than an insurance company. For this reason, a broker will try to find the best insurance rates for the customer. New Jersey insurance brokers have many opportunities to help the citizens of that state. Once you have met all the requirements for acting as an insurance broker, you can begin to set and meet your career goals.
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Instructions
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Obtain at least an Associate’s degree in business, finance or a related field. Insurance agents may not necessarily have to have a college degree. Insurance brokers, on the other hand, need the extra boost that a college degree gives. Therefore, while it is actually best to obtain a Bachelor’s degree, an Associate’s degree is acceptable.
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Take and pass the test to become a licensed insurance broker in the State of New Jersey (see Resources for the link to the New Jersey Department of Banking and Insurance).
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Obtain the Errors and Omissions (E&O) insurance coverage that is necessary to operate as a broker (see Resources below).
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Provide information on that coverage to the agency for which you wish to work as a broker.
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Provide all licenses, permits and tax forms necessary to the agency for which you wish to work as a broker.
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Complete and submit any paperwork that a particular agency may require. This may include a brokerage agreement and/or questionnaires or request for information.
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Tips & Warnings
Go ahead and make copies of any documentation you think you might need before completing any applications, questionnaires or other paperwork. This way, you will have everything together when you submit the forms.
Make sure you are in compliance with all requirements for acting as a broker in the state of New Jersey.
Do not give false information, especially where it concerns your E&O insurance coverage or your licensing information. Legal and civil penalties can result from giving erroneous information.
