How to start an insurance agency: Step-by-step

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MALE VOICEOVER: Thinking about starting your own insurance company? Whether you're launching a local agency, or dreaming big, it's more possible than you think, even as a small business owner.

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First choose your business model. You have a couple of options.

An insurance agency, where you sell policies from other carriers, has low startup costs.

A managing general agent, or MGA, comes with more authority and more complexity.

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When it comes to budget, an independent agency might cost between $5,000 and $50,000 to get off the ground. While MGAs can run upwards of $100,000.

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After determining your business model, you'll need to legally register your business and get licensed through your state's insurance department.

You may also have to meet continuing education requirements, reinsurance agreements, and more.

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Focusing on a niche can help your insurance business to stand out.

Whether it's small business coverage, life insurance, or pet policies, find your specialty and deliver better than anyone else.

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But you can't forget to protect your own business too.

Most insurance businesses need several policies, including errors and omissions insurance, general liability, cyber insurance, commercial property coverage, and workers compensation insurance.

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[video: Under above header, three bullet points display the text: "Errors and omissions (E&O)"; "General liability"; "Cyber liability"; "Commercial property"; "Workers' compensation"]

Starting an insurance company can be incredibly profitable. With recurring revenue, smart marketing, and great customer service, a small agency can grow fast and scale over time.

And when you're ready to protect your business, we're here to help.

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We make it easy for small business owners to find the right, most affordable coverage.

Get free quotes for your insurance business with Insureon today.

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Click the link to get started.

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