How to Start an Independent Agency.
Going Independent Doesn’t Mean Doing it Alone.
What you Need to Know.
Making Your Plan To Succeed
Launching an agency from scratch takes planning. From building a business plan to securing financing and continuing your education.
The Small Business Administration is a great place to start. It offers tools to help you decide if entrepreneurship is right for you, outline your next steps, and access key data and resources
The Small Business Administration is a great place to start. It offers tools to help you decide if entrepreneurship is right for you, outline your next steps, and access key data and resources
Investigating Investment Capital
To begin with, you’ll need startup capital to cover essentials like office space, equipment, furniture, E&O insurance, and marketing—and don’t forget to budget for your own paycheck.
The Big “I” can help through its affiliated bank, InsurBanc, which specializes in business financing and cash management for independent agencies.
The Big “I” can help through its affiliated bank, InsurBanc, which specializes in business financing and cash management for independent agencies.
Getting an Insurance License and Complying with State Regulations
To sell insurance, you must be licensed, which involves taking a series of exams. Most states require a separate license for each type of insurance you plan to offer. However, requirements vary by state.
Your local Big “I” state association can help you navigate these important steps. For detailed information on insurance regulations and consumer protections, visit the National Association of Insurance Commissioners (NAIC).
Your local Big “I” state association can help you navigate these important steps. For detailed information on insurance regulations and consumer protections, visit the National Association of Insurance Commissioners (NAIC).
How to Access Insurance Companies
Once you’re licensed, you’ll need appointments with insurance companies so that you have products to sell. To get appointed, you’ll often need a marketing plan, sales experience and a strong business plan.
Starting an agency from scratch is a challenge, but you don’t have to do it alone. The Big “I” can help through our Big “I” Alliance initiative, which offers Big “I” members access to markets.
Starting an agency from scratch is a challenge, but you don’t have to do it alone. The Big “I” can help through our Big “I” Alliance initiative, which offers Big “I” members access to markets.
Develop Your Management Skills
To successfully launch and run an insurance agency, you’ll need to excel in sales, marketing and administrative management. In the early stages, you’ll wear many hats. From business strategist to customer service rep.
Adaptability, organization, and a strong work ethic are key to building a solid foundation for long-term success.
Adaptability, organization, and a strong work ethic are key to building a solid foundation for long-term success.
Monthly Reading To Stay On Trend
To succeed, independent agents must stay up to date with industry trends—and Independent Agent magazine is here to help.
Each month, the magazine delivers timely insights on the topics that matter most to the independent agency system. From best practices and agency operations to hiring, training, sales, marketing, and perpetuation planning, you’ll find practical content you can use to strengthen your agency and stay ahead of what’s next.
Each month, the magazine delivers timely insights on the topics that matter most to the independent agency system. From best practices and agency operations to hiring, training, sales, marketing, and perpetuation planning, you’ll find practical content you can use to strengthen your agency and stay ahead of what’s next.
Building Your Technical Knowledge
To provide your customers with the right information, you need a deep understanding of various policies, forms, and coverages—and the ability to manage their risks effectively. Ongoing learning and training are essential for every agency to stay sharp and informed.
The Big “I” Virtual University has the answers. Exclusive to Big “I” members, it offers a comprehensive, searchable online resource library and a variety of webinars to help you build your expertise
The Big “I” Virtual University has the answers. Exclusive to Big “I” members, it offers a comprehensive, searchable online resource library and a variety of webinars to help you build your expertise
Get E&O Coverage
Errors & omissions insurance is essential for every insurance agent. It protects you from the financial risks associated with mistakes, oversights, or negligence that could occur while providing professional services. Even the most experienced agents can face claims related to missed coverage, incorrect advice, or paperwork errors.
The Big “I” offers one of the best E&O insurance programs in the country and supports agents with an extensive library of resources aimed at preventing errors before they happen.
The Big “I” offers one of the best E&O insurance programs in the country and supports agents with an extensive library of resources aimed at preventing errors before they happen.
Join Your Local Big “I” State Association.
Tap into your local state association for support, education and tools for agency ownership.
Embrace your independence
Resources to Empower Your Future
Big “I” State Association Resources.
The following states have more information on starting an agency.
Other resources include:
- The Right Start Series: A toolkit to grow and gain your business appointments.. Register for the four-part on-demand series to help owners grow their business and gain carrier appointments.
- InsurBanc: Share your agency goals and benefit from financing and web resources. InsurBanc understands independent agents.
- Benefits of the Big “I”: Join a Big “I” association and access resources and community.