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The Independent Adjuster Podcast (IA Path)
Ready to stop gambling with your career and start winning?
The Independent Adjuster Podcast is where Pathfinders like you find clarity, take action, and escape the traditional grind of the adjuster industry.
Host Chris Stanley redefines success with the EXP Free Path, teaching you how to think differently, act boldly, and claim your future without waiting for luck or experience. It’s time to build a career that works for you, one episode at a time.
The Independent Adjuster Podcast (IA Path)
IA Playbook Pt 8 - Step 3: Set Up Your Business (Audiobook)
Starting a business as an independent adjuster involves practical steps that lead to empowerment and independence. From obtaining your EIN to getting the right insurance, each action taken brings you closer to establishing a professional identity.
• Emphasis on transforming dreams into action
• Steps to obtain EIN for business identity
• Importance of creating your company structure
• Necessity of opening a dedicated business bank account
• Role of insurance in protecting your business
Step three set up your business. Setting up your business is the moment you stop dreaming and you actually start building. This step transforms you from someone considering a career as an independent adjuster to someone actively creating it. With each task you complete, you're taking control of your future and proving the old ways are wrong. It's not just about paperwork, but about taking a stand for your vision and your independence. Let's break it down into simple, empowering steps.
Speaker 1:Obtain your EIN. Your EIN is your business's social security number. It's a must. The good news Getting your EIN is straightforward, free and fast. Visit irsgov or search. Obtain EIN. To complete the online application, you'll need to decide on a business name, but don't overthink it. Stanley Claims LLC works just as well as something more creative, and you can always file a DBA later if you want to operate under a different name. This small step gives your business its official identity, putting you on the map with both the IRS and your clients.
Speaker 1:Create your company. Your LLC or S-Corp is what makes your business official and protects you legally. Setting up an LLC or S-Corp ask your accountant which is right for you is simple and doesn't take long. Services like LegalZoom or InkFile can handle the filing for you, or you could search file an LLC in your state for DIY instructions. You'll need your EIN, business name and some basic details about your company. Keep in mind that new laws may require additional verification, so double check with your state to stay compliant. By forming an LLC, you're taking a big step towards being a legitimate professional independent adjuster. Note the only reason I suggest LLC at first is because it's easy and fast. But talk to an accountant. I'm not a CPA or offering financial advice here. Just the easiest, quickest path Open a business bank account.
Speaker 1:Keeping your business and personal finances separate is non-negotiable. With your EIN and business entity in place, you can now open a dedicated business bank account. This keeps your finances clean, simplifies tax filings and helps you manage your income responsibly. Don't mix personal and business funds. Set aside money for taxes and keep your business expenses organized. Many banks offer opening bank accounts online now, which is convenient if local branches aren't ideal for your lifestyle, like me. A business bank account is more than a formality, though. It's a commitment to treating your business like it's the real deal.
Speaker 1:Obtain proper insurance. Insurance protects you, your business and your future. Start by calling your auto insurance provider to increase your coverage limits, because you'll need higher limits for subcontracting work. Many companies require policies like $100,000 to $300,000 in liability coverage. Additionally, errors and omissions, also known as E&O insurance and general liability insurance, are something you should consider, and specific IA firms will actually require it. E&o protects you against mistakes from your work, while general liability covers any physical damages you cause. These policies ensure you're protected no matter what challenges arise. Insurance isn't just a safety net, though. It's peace of mind for you as you grow your business. Step three is where the dream starts to take shape. From securing your EIN to obtaining insurance, you're laying the foundation for a professional, successful business. Each task moves you closer to independence and success, proving that the traditional path of hope and pray and wait is the only way You're building something real, something lasting and something that's truly yours. With your business set up, you're ready to move forward on the eXp free roadmap with confidence. You are officially a business owner.