FAQ

What do i need to start an insurance agency

5 minutes of reading

Starting an agency from scratch is possible, but can be very challenging. Owning an agency gives you the ability to be your own boss, have the satisfaction of helping people protect their securities and investments, as well as providing you with good earning potential for many years to come.

make your plan to succeed

There are many things you’ll need to consider when starting an agency from scratch, from a business plan to financing and investing in education. Small Business Administration can help you understand if being an entrepreneur is right for you, questions to ask, steps to start a business, data development, and more.

investment capital research

You’ll need start-up capital to cover things like office space, equipment and furniture, e&o insurance, and marketing. And don’t forget you have to pay yourself. the big i” has an affiliated bank, insurbanc, that specializes in helping independent agencies with business financing and cash management.

obtain an insurance license and comply with state regulations

In all states, you must be licensed to sell insurance. You will be required to take a certain number of training hours and sit for a licensing exam. In most states, you’ll need a license for each type of insurance you want to sell. pre-licensing, licensing and continuing education are state specific. choose and contact your local state association with a big i for help understanding this critical aspect of running an insurance operation. Rules on the sale of insurance and consumer protection information are available through the National Association of Insurance Commissioners.

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how to access insurance companies

after you are licensed, you will need to have access to insurance companies to have insurance products to sell. To get an appointment to sell insurance with many companies, you’ll need a marketing plan, some sales background, and a solid business plan. Research your anticipated customer base and learn which companies will serve them best. the big “i” can help with access to personal lines markets through our new agency eagle agency program.

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