Frugal Legalities!
by Vince Yeck

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The “Financial & Legal” tab is a valuable resource and a major benefit for all OSSN members and is an area that provides much required information pertaining to one's business and legal well-being. As I mentioned, this came in handy as of late when I had a major change in my own personal business structure. Upon review, I was able to break down some areas of concern and forecast several of my future business expenses while comparing the risk potential that could be associated with this type of change. I was satisfied to know that this area existed and provided me with much-needed information.

A large part of this section is quite valuable to agents who are new to this industry, but also to many agents who have worked in this field who might be venturing out as an independent or home-based agent. They will find this information pertinent and important in establishing their potential agency model. If this resembles where you are at, then you should look at the State Travel Laws, E&O Insurance, and IRS Guidelines to begin with. This is an important area, since you must make sure you follow the laws of the state in which your business operates. Not following these laws can potentially cost your business in terms of fines or worse, so it is important to make yourself aware of them. If you are looking to align yourself with a host, then you should continue to read the IC Contract Agreement, Employee Status, and Benefits Services tabs. Knowing the legal topics that are associated with having a host can make your decision making more efficient, such as what the IRS considers an employee versus an independent contractor. The topics covered here will provide you with invaluable information that can point you and your business in the proper direction.

Additionally, the section also covers agency needs that may or may not be needed, as well as the possible opportunities to accent your business with services that are on par with established, flourishing agencies, such as Credit Card Services, Accounting & Database Management Software, and Health Insurance, to name a few. Client databases are the lifeline of a successful agent, and having the proper software to maintain your clients’ interests and marketing programs will pay big dividends in the long run. These additions to your daily operations can be the enhancements your business needs to become more professionally recognized, resulting in an increase in business.

Every agency and/or agent has individual needs and concerns, and the business blueprint that you are considering might not have all the puzzle pieces together yet. This section of the OSSN web site is a great start to building your business and installing a foundation that can lead to growth and prosperity while protecting your clients’ interests and your financial liabilities. But, remember that with any business opportunity comes great responsibility, so it is important that you do your homework, read all you can, and seek legal advice when entering into a business such as this. Becoming knowledgeable is the first and most important step when starting a business, and it definitely should not be taken lightly.

Vince Yeck serves as director of the OSSN Palm Beach (Fla.) Chapter. He may be reached at palmbeach@ossn.com.