insurance business plan examples

Insurance Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Insurance Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Insurance Agency Business Plan

You’ve come to the right place to create your own business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their insurance companies.

Essential Components of a Business Plan For an Insurance Agency

Below we describe what should be included in each section of a business plan for a successful insurance agency and links to a sample of each section:

• Executive Summary – In the Executive Summary, you will provide a high-level overview of your business plan. It should include your agency’s mission statement, as well as information on the products or services you offer, your target market, and your insurance agency’s goals and objectives.
• Company Overview – This section provides an in-depth company description, including information on your insurance agency’s history, ownership structure, and management team.
• Industry Analysis – Also called the Market Analysis, in this section, you will provide an overview of the industry in which your insurance agency will operate. You will discuss trends affecting the insurance industry, as well as your target market’s needs and buying habits.
• Customer Analysis – In this section, you will describe your target market and explain how you intend to reach them. You will also provide information on your customers’ needs and buying habits.
• Competitive Analysis – This section will provide an overview of your competition, including their strengths and weaknesses. It will also discuss your competitive advantage and how you intend to differentiate your insurance agency from the competition.
• Marketing Plan – In this section, you will detail your marketing strategy, including your advertising and promotion plans. You will also discuss your pricing strategy and how you intend to position your insurance agency in the market.
• Operations Plan – This section will provide an overview of your agency’s operations, including your office location, hours of operation, and staff. You will also discuss your business processes and procedures.
• Management Team – In this section, you will provide information on your insurance agency’s management team, including their experience and qualifications.
• Financial Plan – This section will detail your insurance agency’s financial statements, including your profit and loss statement, balance sheet, and cash flow statement. It will also include information on your funding requirements and how you intend to use the funds.

Next Section: Executive Summary >

Insurance Agency Business Plan FAQs

What is an insurance agency business plan.

An insurance agency business plan is a plan to start and/or grow your insurance business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your insurance agency business plan using our Insurance Agency Business Plan Template here .

What Are the Main Types of Insurance Companies?

There are a few types of insurance agencies. Most companies provide life and health insurance for individuals and/or households. There are also agencies that specialize strictly in auto and home insurance. Other agencies focus strictly on businesses and provide a variety of liability insurance products to protect their operations. 

What Are the Main Sources of Revenue and Expenses for an Insurance Agency Business?

The primary source of revenue for insurance agencies are the fees and commissions paid by the client for the insurance products they choose.

The key expenses for an insurance agency business are the cost of purchasing the insurance, licensing, permitting, and payroll for the office staff. Other expenses are the overhead expenses for the business office, utilities, website maintenance, and any marketing or advertising fees. 

How Do You Get Funding for Your Insurance Agency Business Plan?

Insurance agency businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Other options for funding are outside investors, angel investors, and crowdfunding sources. This is true for a business plan for insurance agent or an insurance company business plan.

What are the Steps To Start an Insurance Business?

Starting an insurance business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Insurance Business Plan - The first step in starting a business is to create a detailed insurance business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your insurance business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your insurance business is in compliance with local laws.

3. Register Your Insurance Business - Once you have chosen a legal structure, the next step is to register your insurance business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your insurance business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Insurance Equipment & Supplies - In order to start your insurance business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your insurance business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful insurance business:

• How to Start an Insurance Business

Where Can I Get an Insurance Business Plan PDF?

You can download our free insurance business plan template PDF here . This is a sample insurance business plan template you can use in PDF format.

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Home > Business Plan Templates > Insurance Agency Business Plan Template With Examples

Insurance Agency Business Plan Template With Examples

Apr 7, 2024 | Business Plan Templates

As you navigate through this insurance agency business plan template, remember that the primary goal is to thoroughly represent your business concept, operational plans, and financial projections for your insurance agency.

This template is merely a guide; it’s essential to tailor it to fit your agency’s unique attributes and market positioning, ensuring your ideas and strategic direction are communicated effectively. Because every insurance agency is different in its own way, it is okay to modify this business plan to suit your specific situation better.

Always back up your findings with solid data wherever possible and provide clear, concise explanations. Insurance can be a complex field for many individuals.

Your ability to simplify these complexities into understandable terms will serve you well in your plan and in the agency’s overall operations.

Table of Contents

1. Executive Summary

The executive summary provides a brief, comprehensive synopsis of your insurance agency. While it appears at the beginning of your plan, it is often written last to ensure that it encapsulates all critical points from the rest of the sections.

Introduction and Agency Overview

Start by succinctly introducing your insurance agency—its name, the types of insurance it covers (auto, health, home, life, etc.), and why it stands out in the market.

Example: SecureNow Insurance Agency is a customer-centric firm that provides holistic, efficient, and tailored insurance solutions. Its primary focus is on auto, home, health, and comprehensive business insurance packages.

Mission and Vision Statement

Your mission and vision should communicate the agency’s core principles, strategic goals, and commitment to its clientele.

Example: Our mission is to ensure our clients have peace of mind by offering personalised insurance coverage that adequately caters to their particular needs. Our vision is to be the leading insurance agency known for its exceptional customer service and innovative insurance solutions.

Geographic Area and Accessibility

Detail the area where your insurance agency primarily operates. Discuss where you have a significant market presence and the main demographic in these regions.

Example: SecureNow operates within the tri-state area, serving thousands of individuals, families, and businesses within these regions, offering them convenience and quicker claim processing.

Type of Insurance Services Offered

Briefly describe the kind of insurance services you provide.

Example: SecureNow offers a multitude of comprehensive insurance products – auto insurance for various vehicle classes, home insurance covering homeowners and rentals, health insurance with personalised plans, and business insurance covering liability, worker’s compensation, and commercial property.

Key Goals and Objectives

Outline your key short-term and long-term goals. These should be SMART (Specific, Measurable, Achievable, Realistic, Time-bound) goals.

Example: Our primary goal for the next year is to grow our customer base by 25% and increase our policy renewal rate to 85%. Over the next five years, we aim to expand into two additional states and to be rated among the top 5 most trusted insurance agencies in our operating regions.

2. Services Overview

This section offers an in-depth understanding of your insurance agency’s offerings, their relevance, and their potential impact on your customers’ lives.

Service Definition and Themes

Describe in detail the insurance products and services your agency provides. Explain the guiding principles for each type of insurance policy.

Example: SecureNow Insurance Agency provides a range of insurance services, each framed to offer our customers maximum protection and peace of mind. They encompass Auto Insurance, accommodating a range of vehicles and drivers; Home Insurance, offering comprehensive coverage for homeowners and renters; Health Insurance, aligning with varying needs and budgets; and Business Insurance, offering tailored solutions from liability to commercial asset protection.

Range of Insurance Services

List and highlight the main features of the services under each insurance type.

Example: Our Auto Insurance includes liability coverage, collision, comprehensive, and personalised bundles. Our Home Insurance provides coverage for the structure, personal belongings, liability, and additional living expenses. Health Insurance varies from basic coverage options to more comprehensive plans, including specific disease policies. Business Insurance delivers solutions for property damage, worker’s compensation, liability protections, and more.

Target Customer Analysis

Detail who benefits most from your policies, indicating how they are targeted and why they are the principal focus of your services.

Example: Our target customers range from young drivers seeking auto insurance, homeowners and renters needing property protection, individuals and families requiring health coverage, and large and small businesses seeking to mitigate their operational risks. Our focus remains on these groups as they represent a broad segment of the population most in need of reliable, affordable, and customizable insurance solutions.

3. Agency History and Organisation

This section provides a historical background of your insurance agency and insight into its organisational structure.

Legal Status and Structure

Specify your agency’s legal status—is it a limited liability company (LLC) , a partnership , a corporation, or a sole proprietorship ? Discuss why the particular business structure was chosen.

Example: SecureNow operates as a Limited Liability Company (LLC), chosen for its protective attributes and flexibility. This structure offers protection against personal liability and provides operational and management flexibilities akin to a partnership.

Owners and Management Team

Briefly introduce your agency’s owners and management, outlining their experience and contributions.

Example: SecureNow is owned and managed by John Doe and Jane Smith. John, a seasoned insurance professional with over 20 years in the industry, manages strategic decisions and partnerships. With an extensive background in customer service and operations, Jane oversees day-to-day operations, ensuring top-notch customer service and smooth agency functioning.

Key Milestones

Highlight key milestones in your agency’s history to demonstrate growth and impact over time.

Example: SecureNow was established in 2010 as a two-person firm, initially only offering auto insurance. In 2012, we expanded our services to include home insurance, followed by health insurance in 2015. We introduced our comprehensive business insurance solutions in 2018. Today, we serve over 10,000 clients across the tri-state area, thanks to our continuously expanding product portfolio and customer-centric approach.

4. Business Model

This section will depict how your agency operates, generates revenue, and strives towards financial sustainability.

Primary Revenue Sources

Describe your insurance agency’s main sources of income; this could include commissions, contingency bonuses, and fee-based services.

Example: SecureNow’s primary revenue stream comes from commissions on each policy sold and renewed. We also earn contingency bonuses based on reaching certain targets set by the insurance carriers and fee-based income from consulting services for complex business insurance needs.

Planned Partnerships and Collaborations

Consider any partnerships or collaborations you intend to establish, including partnerships with other businesses, insurance carriers, and influential organisations.

Example: SecureNow is looking to form partnerships with major auto retailers and real estate agencies to provide insurance services to their customers, broadening our customer reach. We are also planning to collaborate with niche insurance carriers, expanding our range of specialised insurance products.

Special Projects

If any special initiatives are planned that can boost agency income or offer significant benefits to your agency, explain them here.

Example: One of our major upcoming initiatives is the launch of a comprehensive mobile app aimed at streamlining claim processes, making it easier for customers to buy, manage, and claim insurance. This app will not only help in customer retention but, with features like refer-a-friend, it will also help attract new customers .

5. Market Analysis

This section offers a deep dive into the market in which your insurance agency operates, including existing market needs, target demographics, and competitive environment.

Current Market Needs

Describe the insurance-related needs currently observed in your market. Use data and real examples to illustrate these needs.

Example: The tri-state area where we operate has a high concentration of small businesses (over 200,000), representing a significant demand for reliable business insurance solutions. Additionally, with an average of 5 million registered vehicles and a high homeownership rate, there is a substantial need for auto and home insurance packages.

Target Market Analysis

Detail the demographic, socioeconomic, and other relevant characteristics of the customers your agency aims to serve.

Example: Our target market encompasses small business owners in need of robust business insurance, drivers requiring comprehensive, affordable auto insurance, homeowners and renters seeking varying degrees of home insurance, and individuals/families at different life stages seeking health coverage. Our customer base is diverse and spans demographics, posing unique insurance needs, which we aim to cover comprehensively.

Competitive Analysis

Assess other insurance agencies operating in the same space, explore their approach, and underscore how your services differentiate.

Example: While other agencies in the region primarily deal with one or two types of insurance, SecureNow sets itself apart by providing a comprehensive roster of insurance services – auto, home, health, and business. Coupled with our personalised approach and excellent customer service, we offer a one-stop solution for varied insurance needs.

Positioning and Strategy

Explain how your agency is positioned to cater to market needs, target demographics, and competitive landscape. Detail your strategy to meet these needs.

Example: SecureNow positions itself as a full-service insurance agency, offering a wide range of products that cater to diverse customer segments under one roof. Our strategy involves educating our customers about their insurance needs and providing them with personalised solutions. We leverage our strong relationships with various insurance carriers to offer competitive rates and comprehensive coverage.

6. Marketing and Acquisition Strategy

This section outlines how you plan to attract new clients to your insurance agency, generate awareness about your range of services, and retain existing customers.

Marketing Strategy

Outline your approach to increase visibility and generate leads.

Example: SecureNow’s marketing strategy leverages both online and offline channels. We use Search Engine Optimization (SEO) and paid search advertising to increase our online visibility on popular search engines. Simultaneously, we utilise direct mail campaigns, local radio advertisements, and community events to broaden our reach within the local community.

Acquisition Plan

Describe your plan to acquire new customers. This plan may incorporate strategies like referral incentives, partnerships with other businesses, and lead-generation methods.

Example: We focus on customer referrals, offering incentives for every successful referral. SecureNow also plans to collaborate with local automobile dealerships and real estate agencies, providing insurance services to their customers to garner new clients.

Community Engagement and Outreach

Discuss your initiatives to engage with the community beyond the provision of insurance services.

Example: SecureNow regularly holds free insurance education seminars and financial planning workshops for the local community. We sponsor local events and sports teams, contributing to our brand visibility and showcasing our commitment to the community.

7. Operations

This section will cover how your insurance agency functions on a day-to-day basis, detailing staff recruitment, technology needs, and the agency’s operational structure.

Team Recruitment and Roles

Define how you plan to staff your insurance agency—the roles required, standards for each position, hiring plans, and recruitment strategies.

Example: SecureNow intends to recruit a mix of experienced professionals and new talent for roles including Insurance Agents, Customer Service Representatives, and Claims Handlers. We will also employ digital marketing experts to oversee our online presence and a strong management team to lead the agency. We aim to recruit from local colleges and also via online job portals to find individuals passionate about the insurance sector.

Office Structure and Management

Discuss the composition and function of your office. What roles do your employees play, and how are tasks divided among them?

Example: Our office operates with a hierarchy of Management, Sales, Customer Service, and Claims. While the management team oversees agency operations and strategic partnerships, the sales team focuses on acquiring new business and maintaining relationships with existing customers. The customer service team handles customer queries and escalations, and the claims team oversees the smooth processing of insurance claims.

Technology Requirements

Discuss the technology you need for smooth operation. This might include CRM for client management, digital tools for online marketing, or efficient hardware/software for everyday tasks.

Example: SecureNow utilises a CRM system to manage our client database, policy renewals, and marketing campaign data. We also employ digital tools like Google Analytics for online marketing efforts and use secure data servers to store sensitive data.

Office Space Requirements

Outline your requirements in terms of physical location. Do you need office spaces, meeting rooms, or parking lots?

Example: SecureNow currently operates from a commercial office building with spaces allocated for customer interactions, staff operations, and a meeting room. As a part of our five-year plan, we aim to open two more branch offices within the tri-state area.

8. Sales Strategy and Customer Retention

This section covers how your insurance agency plans to sell its services to potential customers and retain current clients.

Sales Tactics

Outline your strategy to sell insurance policies.

Example: SecureNow’s sales approach is primarily consultative, focusing on understanding customer needs and providing tailored insurance solutions. Our sales team is well-trained to communicate the benefits of our policies effectively and clarify any potential questions or doubts.

Website and Social Media

Discuss your agency’s online presence and how it would be used for customer communication and selling policies.

Example: SecureNow maintains an intuitive website where customers can learn about various insurance products, get quotes, and contact us for further assistance. We also run social media profiles on major platforms, sharing information on insurance basics, updates about our services, and customer success stories.

Customer Engagement and Retention

Explain how you plan to retain customers and enhance their satisfaction.

Example: SecureNow emphasises customer retention through personalised service, timely claim settlements, and regular communication. Our devoted customer service team efficiently handles policy inquiries and claim requests. We also run a loyalty rewards program that offers discounts on policy renewals and additional services for long-term customers.

9. Financial Projections

This section focuses on your agency’s financial aspects, detailing how funds will be generated and utilised.

Current/Projected Budget

Detail out whether you’re presenting your current budget or projecting a budget for the next financial year, including income and expenses.

Example: SecureNow’s projected income for the upcoming financial year is $1 million, taking into account commissions, fee-based incomes, and other sources. Operating expenses (office rent, staff salaries, marketing spending) are expected to amount to around $650,000, with profit expected to stand at $350,000 post-tax.

Proposed Financing

Discuss your proposed financing options, such as loans, investors, etc.

Example : At the moment, SecureNow operates on revenue earned through commissions and fee-based services. However, we are considering inviting investors for future expansion plans and exploring low-interest business loan options for immediate cash flow support.

Key Financial Assumptions and Justifications

Detail underlying assumptions in your financial plan, justifying why these assumptions have been made.

Example: Our projected revenue assumes a 15% increase in new policies and a 90% customer renewal rate based on the previous year’s growth. We believe this is achievable given our aggressive marketing plan and the introduction of new insurance products. We have also accounted for a 5% contingency fund in our budget to cover unexpected expenses.

10. Appendices

This section includes any additional documents or supporting material related to your agency’s business plan.

Organisational Chart

Include a visual representation of your insurance agency’s structure.

Example: An organisational chart highlighting the hierarchy from management to sales, customer service, and the claims department will make the agency structure clearer to stakeholders.

Resumes of Key Staff

Attach resumes or brief bios of key members of your management and staff to assure potential investors, partners, or even customers of their qualifications and expertise.

Example: We have included the resume of our Agency Manager, who has extensive insurance sector experience and has led SecureNow to become one of the most preferred insurance agencies in the area.

Detailed Budget

Provide a detailed budget if your financial plan references an annual budget with a breakdown of income and expenditures.

Example: An exhaustive breakdown of our annual budget shows our judicious allocation of resources, justifying operational expenses and projected revenues.

Related Market Research

Include any market research or customer data analysis that supports your business plan and gives weight to the strategies presented.

Example: Data from a Recent Customer Survey indicates high satisfaction levels with our services, validating our customer-centric approach. Similarly, results from a Market Analysis show a steady demand for comprehensive and personalised insurance solutions in our operating area, supporting our expansion plans.

Wrapping Up Our Insurance Agency Business Plan Template

Remember, an effective business plan doubles as a roadmap for your agency and an instrument of engagement for potential investors, partners, and high-ranking personnel you may seek to attract to your organisation.

Taking the time to complete this process will help you better understand your market, operational, and financial goals, which will help you navigate your insurance agency to success. Good luck!

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How To Write an Insurance Agency Business Plan + Template

Creating a business plan is essential for any business, but it can be especially helpful for insurance agencies that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every insurance agency owner should include in their business plan.

Download the Ultimate Insurance Business Plan Template

What is an Insurance Agency Business Plan?

An insurance agency business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write an Insurance Agency Business Plan?

An insurance agency business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Insurance Agency Business Plan

The following are the key components of a successful insurance agency business plan:

Executive Summary

The executive summary of an insurance agency business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your insurance agency
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your insurance agency business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your insurance agency firm, mention this.

You will also include information about your chosen insurance agency business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of an insurance agency business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the insurance agency industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, customers of an insurance agency may include individuals, families and small businesses.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or insurance agency services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your insurance agency may have:

• In-depth knowledge of the insurance industry
• Broad product offering
• Customer focus and commitment to service
• Well-trained and experienced team
• Proven track record

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. 
• Or, you may promote your insurance agency via a mix of all the channels listed.  

Operations Plan

This part of your insurance agency business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for an insurance agency include reaching $X in sales. Other examples include signing up a certain number of customers, expanding to a new location, or launching a new product or service.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific insurance industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Insurance Agency

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : All of the things you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Insurance Agency

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

• Cash Flow From Operations
• Cash Flow From Investments
• Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup insurance agency .

Sample Cash Flow Statement for a Startup Insurance Agency

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your insurance agency . It not only outlines your business vision, but also provides a step-by-step process of how you are going to accomplish it. All in all, a business plan is a key to the success of any business.  

Finish Your Insurance Agency Business Plan in 1 Day!

Business Plan Template for Insurance Agents

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

Running a successful insurance agency requires careful planning and strategic decision-making. Whether you're a seasoned insurance agent or just starting out, having a solid business plan is essential for achieving your goals and staying ahead of the competition. That's where ClickUp's Business Plan Template for Insurance Agents comes in.

With this template, you can:

• Define your agency's mission, vision, and objectives to guide your day-to-day operations.
• Develop effective marketing strategies to attract and retain clients in a competitive market.
• Create a detailed financial plan, including revenue projections and expense management, to drive profitability.

Don't let the complexities of the insurance industry hold you back. Take advantage of ClickUp's Business Plan Template for Insurance Agents and set your agency up for lasting success. Get started today!

Business Plan Template for Insurance Agents Benefits

When insurance agents use the Business Plan Template, they can enjoy a range of benefits to help them succeed in the competitive insurance industry:

• Clearly define their business goals and strategies to stay focused and aligned with their vision
• Develop a comprehensive financial plan to attract investors and secure loans for business expansion
• Identify target markets and develop effective marketing strategies to reach potential clients
• Analyze industry trends and competition to stay ahead of the game and make informed business decisions
• Track and measure progress towards business goals to ensure continuous growth and success in the insurance industry.

Main Elements of Insurance Agents Business Plan Template

ClickUp's Business Plan Template for Insurance Agents is the perfect tool to help insurance agents or agencies outline their goals, strategies, and financial projections to grow their business in the competitive insurance industry. Here are the main elements of this template:

• Custom Statuses: Track the progress of your business plan with statuses such as Complete, In Progress, Needs Revision, and To Do, ensuring that every task is accounted for and easily managed.
• Custom Fields: Use custom fields like Reference, Approved, and Section to add important details and information to each task or section of your business plan, keeping everything organized and easily accessible.
• Custom Views: Access five different views, including Topics, Status, Timeline, Business Plan, and Getting Started Guide, to visualize your business plan in various ways, ensuring that you have a comprehensive and holistic view of your goals and strategies.

How To Use Business Plan Template for Insurance Agents

If you're an insurance agent looking to create a comprehensive business plan, you're in the right place. Follow these steps to effectively use the Business Plan Template for Insurance Agents in ClickUp:

1. Define your target market and goals

Start by identifying your target market. Who are your ideal clients? What types of insurance products do you specialize in? Understanding your target market will help you tailor your business plan to meet their specific needs.

Use the Goals feature in ClickUp to set measurable objectives for your business, such as acquiring a certain number of new clients or increasing revenue by a specific percentage.

2. Assess your competition

Research and analyze your competition to determine their strengths, weaknesses, and strategies. This information will help you identify opportunities and develop a competitive advantage in the insurance market.

Use the Table view in ClickUp to create a table with columns for each competitor, including information such as their target market, product offerings, and marketing tactics.

3. Develop your marketing and sales strategy

Outline your marketing and sales strategies to attract and retain clients. Determine the most effective channels to reach your target market and create a budget for your marketing efforts. Consider utilizing digital marketing techniques, networking events, and partnerships with other businesses.

Use the Board view in ClickUp to create different columns for each stage of your marketing and sales funnel, such as lead generation, prospecting, and closing deals.

4. Monitor and adjust your business plan

Regularly review your business plan and make adjustments as needed. Track your progress against your goals and make updates to your strategies based on market changes or new opportunities. Stay flexible and open to new ideas to ensure your business plan remains relevant and effective.

Use the Automations feature in ClickUp to set up reminders and notifications to review and update your business plan on a regular basis.

Get Started with ClickUp’s Business Plan Template for Insurance Agents

Insurance agents can use the Business Plan Template for Insurance Agents to create a comprehensive plan for their insurance agency's growth and success.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

• Use the Topics View to outline the different sections of your business plan, such as executive summary, market analysis, marketing strategies, financial projections, etc.
• The Status View will help you keep track of the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
• Utilize the Timeline View to set deadlines and milestones for each section of your business plan, ensuring that you stay on track.
• The Business Plan View provides a comprehensive overview of your entire plan, allowing you to easily navigate and review each section.
• Use the Getting Started Guide View to access helpful resources and tips on how to effectively complete each section of your business plan.
• Customize the template by adding custom fields like Reference, Approved, and Section to provide additional context and organization to your business plan.
• Update statuses and custom fields as you work on each section, keeping your team and stakeholders informed of progress.
• Monitor and analyze your business plan to ensure that it aligns with your goals and objectives, and make any necessary revisions for maximum effectiveness.
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Launch Your New Insurance Agency With This Business Plan Template

Whether you're a brand new agent or one with several decades of experience, the idea of opening a new insurance agency probably seems daunting—where do you start?

One of the first things you’ll need to do is come up with a business plan for your insurance agency. After all, you can walk into a bank or a potential investor’s office looking for funding, but you won’t get very far unless you have a robust insurance agency business plan that proves you’re on the right track toward turning a profit in the near future.

Follow the steps below when building out your insurance business plan to maximize your chances of securing funding and getting your new agency off to a strong start.

7 Steps To Build Your Insurance Agency Business Plan

1. develop your executive and business summaries..

In business plan terms, the executive summary is the driving force behind your other decisions. It should explain why you’re starting your agency. The business summary is similar, but it should narrow down your “why” into a list of “hows.”

Ask yourself:

• Why do you want to open an agency?
• What types of insurance do you wish to sell?
• What do you hope to accomplish?
• What return on investment do you expect to receive?
• How are you going to generate demand and ensure supply for your service?

Jot your answers down so you can refer back to them as you move forward.

2. Decide whether you want to be a captive agent or an independent agent.

Many large agencies, such as Allstate and Farmers, work with captive agents who can only sell insurance for that specific provider. Independent agents, on the other hand, can sell insurance for multiple providers, but they get locked out of working with the big-name captive carriers who only work with captive agents. (Read more about captive agents here and get a seasoned agent’s POV on both types of agents here. )

Before you can nail down the details of the rest of your business plan, you’ll have to make a choice between these two options.

3. Do a market analysis.

Though it might seem like a tedious process, conducting a thorough market analysis is crucial to your success. Analyzing your local market—including the backgrounds, shopping behaviors, and preferences of your target customers—gives you the insights you’ll need to attract these folks to your business.

Your market analysis will look a little different depending on whether you prefer to be a captive or an independent agent. The state you live in is another factor that will affect your analysis—in fact, it may even influence your decision to be captive or independent.

Take a close look at the demographics of your region.

• How many homeowners live in your state?
• What’s the average insurance premium per home?
• How many people live in each home, on average?
• How many drivers live in your state?
• How many vehicles does the average household own?
• Do you live in an area with an aging population ?
• How many families live in your region?
• What insurance carriers do locals in your state gravitate toward?
• In your area, what might be some successful strategies for retaining clients (rather than just acquiring them)?

These questions are all important, but pay particular attention to the last one. If you open an agency without a plan for client retention, you’re going to struggle. And, unfortunately, this is one of the most overlooked aspects of an insurance agency business plan.

4. Identify where you’ll find your first clients.

It’s one thing to know there are X number of potential clients living in your state, but it’s quite another to have a plan that will help you reach out to those folks and land your first policy sales.

Some investors will require a list of leads before they’ll even consider funding your agency. Even if it’s not a requirement, it’s always a good idea to have a pipeline ready to go. This is where getting set-up for purchasing warm leads from EverQuote can put you in a great position for success.

Plus, tackling this step before you even open your doors will help you better understand the costs you’ll incur—and therefore how much startup funding you will need.

You might also consider other options, such as placing ads in local newspapers, going to networking events, investing in digital marketing, sponsoring local Little League teams, or asking for referrals.

5. Create a financial plan.

Many new agencies fail because their owners overlooked something critical during startup. Do your best to look at your financial plans from every angle:

• Where will you find leads, and how much will they cost?
• What is your advertising budget?
• Does this budget line up with the going rates of local newspapers, billboards, or online ads?
• Do you plan to have 1099 employees or W2 employees selling insurance for your agency?
• How will you decide on a commission and benefits structure for these employees?
• What retention and loss ratios (for clients and employees) do you expect based on the numbers of other agencies in your area?
• How will you handle the delay between policy renewals and income hitting your bank account?
• If there are X amount of people shopping for insurance in your area, what percentage of those people are in a niche you can serve?
• From that percentage of potential clients, how many do you think you can successfully land?
• If you sell policies to these customers, how much will you earn from their premiums?
• How do your projected profits compare to your expected advertising costs, the cost to buy leads, office rent, and other expenses?

Take detailed notes of your calculations, and try to run the numbers a few different ways to obtain a conservative outcome, a likely outcome, and a “best case scenario.”

6. Draw up a formal business plan using a proven format.

Your notes will be incredibly valuable as you move forward, but you’ll need a way to present them clearly and concisely in a way that looks attractive to investors.

Loan officers and investors don’t want to read long-form essays detailing your business background and your ideas for the future. Keep your format simple and straightforward, with clear sections that answer the questions investors will want to know.

We recommend a format similar to the following:

Executive Summary Overall mission Primary objectives Keys to success Financial plans Profit forecast for at least three years Business Summary Business overview Summary of startup costs Funding you’ll require Company executives/ownership Services Services you provide Market Analysis Overall business analysis Details of your competition Buying patterns of your competition Your planned buying patterns Market segmentation and analysis Target market strategies Include details for each market segment Strategy Your competitive edge Marketing strategy Sales strategy Yearly sales projections Key milestones Management Your plan for finding staff Financial Plan Funding you have accepted Funding you will need Detailed startup costs Calculations for your break-even point Projected profit Yearly profit Gross and net yearly profit Anticipated losses, if any Cash flow patterns Plans for balance sheet Calculations of important business ratios

7. Revise and adjust your plan over time.

You may not secure funding for your agency immediately. Even if you do, you’ll likely find that your real world numbers don’t match up exactly with your calculated projections. Plus, carriers frequently change their underwriting policies, and the economy itself is always in a state of flux.

Keep your business plan current by updating the information anytime circumstances change.

Start your journey with a full lead pipeline from EverQuote.

One of the scariest parts about starting a new agency is not being certain where and when you’ll be able to start making sales.

Skip the fear and the unknown and go right to making sales with warm real-time leads from EverQuote. Whether you’re still trying to find startup funding or your doors are already open, you can always boost your business and maximize your chances of a steady income by working with EverQuote.

Connect with us today.

Topics: Featured , Insurance Agency Growth

About the Author Chris Durling, VP of P&C Sales

Chris Durling is a visionary leader in P&C insurance sales and distribution, with over 10 years of experience in the industry.

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Insurance Agency Business Plan Template

Unlock the potential of your insurance agency with our comprehensive Insurance Agency Business Plan template. Whether you're starting a new agency or looking to enhance your existing one, this free template provides the tools and guidance you need to develop a compelling and strategic plan. From market analysis to financial projections, our template equips you with the essential components for success in the insurance industry. Download now and embark on a journey to insurance agency excellence!

Download the template today!

In today's world, insurance plays a crucial role in providing individuals and businesses with financial security and peace of mind. As an insurance agency, it's essential to have a clear plan in place to navigate the competitive landscape and effectively serve your clients. That's why we're thrilled to offer our free Insurance Agency Business Plan template, designed to streamline and enhance your business planning process.

Features of the Insurance Agency Business Plan Template

Our Insurance Agency Business Plan template includes key features to help you build a solid plan:

• Market Analysis - Understand the insurance market, identify target segments, and analyze industry trends to position your agency strategically. Our template provides a structured approach to conducting market analysis specific to the insurance industry.
• Service Offerings - Define your insurance products and specialties to differentiate your agency and attract the right clients. Our template offers guidance on identifying your service offerings, showcasing your expertise, and tailoring solutions to meet client needs.
• Financial Projections - Estimate your revenue streams, expenses, and profitability with our comprehensive financial projections section. This helps you make informed decisions, set realistic goals, and ensure the financial sustainability of your insurance agency.
• Marketing Strategy - Develop an effective marketing plan that reaches your target audience, builds brand awareness, and generates leads. Our template assists you in creating a comprehensive marketing strategy, including online marketing, networking, partnerships, and referral programs.

Benefits of Using Our Template

Utilizing our Insurance Agency Business Plan template provides several advantages:

• Provides a Professional Structure : Our template provides a professional structure for your business plan, ensuring that all essential components are covered. It helps you organize your ideas, goals, and strategies in a clear and concise manner, making your plan more impactful and professional.
• Guides Decision Making : A well-crafted business plan acts as a guide for decision-making in your insurance agency. It helps you make informed choices about target markets, service offerings, pricing, and marketing strategies. With our template, you can effectively analyze different scenarios and make strategic decisions that align with your agency's goals.
• Demonstrates Financial Viability: The financial projections section of our template helps you estimate your agency's revenue streams, expenses, and profitability. This information is crucial for understanding the financial viability of your business and setting realistic goals. It also serves as a valuable tool for attracting investors or securing financing.
• Attracts Stakeholders: A comprehensive and well-presented business plan instills confidence in potential stakeholders, such as clients, partners, and investors. It showcases your agency's professionalism, expertise, and commitment to providing excellent service. With our template, you can create a compelling narrative that attracts and engages stakeholders.

Insurance Agency Business Plan  Frequently Asked Questions

Q: why do i need an insurance agency business plan.

A: An insurance agency business plan is crucial for outlining your agency's goals, strategies, and financial projections. It serves as a roadmap for your agency's success, helping you stay focused and make informed decisions. Additionally, a well-crafted business plan is often required by lenders, investors, and partners to assess the viability of your agency and its potential for growth.

Q: How can an insurance agency business plan help attract clients?

A: A well-crafted business plan demonstrates your agency's expertise, unique value proposition, and commitment to providing exceptional service. It outlines your target market, identifies their insurance needs, and showcases how your agency can meet those needs effectively. Sharing your business plan with potential clients helps build trust and confidence in your agency's capabilities, increasing the likelihood of attracting and retaining clients.

Q: How can an Insurance Agency Business Plan help secure funding?

A: By developing a comprehensive Insurance Agency Business Plan, you can significantly enhance your chances of securing funding for your venture. The business plan serves as a roadmap, showcasing your understanding of the insurance industry, your proposed business model, and your strategies for profitability. It provides potential investors or lenders with the necessary information to evaluate the viability and potential return on investment of your insurance agency. Additionally, to simplify the process, consider utilizing a Financial Projection Template that can help you create accurate and professional financial forecasts.

We Know a Good Business Plan When we See One

Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.

Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.

Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.

Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.

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Crafting an Effective Insurance Agency Business Plan

If you're an independent insurance agent, you know that success doesn't happen by chance. It requires strategic planning and a clear roadmap for the future. That's where an insurance agency business plan comes into play. 

In this guide, we'll explore what a business plan is, why it's essential, and how to create one tailored to your home insurance agency.

At a glance:

• Crafting a well-defined insurance agency business plan provides strategic direction and goal-setting for success.
• A comprehensive business plan allows for adaptability in an ever-evolving industry.
• Defining your brand, researching funding options, and staying compliant with regulations, are the ingredients that can transform your business plan into an effective tool for growth.

Benefits of having a business plan

Having a solid roadmap is like holding a compass in a dense forest. It not only guides you on how to become a successful insurance agency, but also ensures you stay on course.

Strategic direction

So let’s continue that analogy: you’re on a road trip without a map, compass, or GPS. You might eventually reach your destination, but it would be a long and uncertain journey. Similarly, running an insurance agency without a business plan is like traveling without a guide. A well-crafted plan provides a clear path and helps you stay focused on your goals.

Goal setting

Setting realistic and achievable goals is vital for any business. Your insurance agency business plan acts as a compass, allowing you to establish clear objectives. Whether you want to increase your client base, revenue, or expand your services, a business plan helps you chart the course.

Investor confidence

If you find yourself in a place to seek external funding, whether from investors or lenders, a comprehensive business plan is a must. It demonstrates that you've thought through your business strategy, increasing your chances of securing financial support.

Adaptability

The insurance industry is never stagnant, and as such adaptability is key. A business plan isn't set in stone; it's a living document that can be adjusted as circumstances change. If done correctly, it allows you to stay flexible and make informed decisions as market trends shift.

Key components of an insurance agency business plan

Your business plan is the document that transforms your vision into a tangible reality, ensuring your journey as an independent insurance agent is not only successful but prosperous too. 

Let’s explore the key components of an effective business plan, including the executive summary, company overview and more. 

Executive summary

The executive summary serves as the elevator pitch for your entire business plan. It's designed to capture the reader's attention and give them a quick, compelling overview of your insurance agency. You'll want to concisely highlight your agency's mission, vision, and goals. Think of it as distilling your agency's essence into a few powerful sentences. It's an invitation for the reader to learn more about your agency's journey.

Company overview

The company overview is your opportunity to introduce your insurance agency in detail. It's where you set the stage for the rest of your business plan. In this section, you’ll want to dive into the history of your agency, including its founding story, location(s), and size. You should also describe every type of insurance product you offer and provide a snapshot of what makes your agency unique.

Industry analysis

The industry analysis puts your industry knowledge to good use. It's all about understanding the broader insurance market, including its trends, challenges, and opportunities. In this section, you'll research and present data and insights into the insurance industry. Discuss market trends, regulatory changes, and any challenges that could impact your independent agency. Identifying opportunities within the industry allows you to position your agency effectively to take advantage of them.

Customer analysis

Understanding your target market is essential for tailoring your services and marketing efforts effectively. Create detailed buyer personas that encompass their needs, preferences, and pain points. This information is the foundation for developing products and services that resonate with your audience.

Competitive analysis

Knowing your competition is about gaining insights into their strengths and weaknesses. When performing your market analysis, or market research, be sure to look at factors like their market share, marketing strategy, pricing models, and customer service practices. Understanding how you stack up against the competition will help you develop a winning strategy that sets your agency apart.

Marketing plan

Your marketing plan is the strategic playbook for how you'll attract and retain clients. Specify your marketing channels, both online and offline; outline your budget and set measurable goals. Whether it's through digital advertising, content marketing, or print advertising, your marketing plan should maximize your independent insurance agency's reach and impact.

Operations plan

The operations plan is the behind-the-scenes blueprint for how your independent agency runs day-to-day. Detail your team structure, office setup, and technology requirements. It's about ensuring smooth workflow and efficient service delivery. This section gives a clear picture of how your agency operates on a daily basis.

Management team

Your management team is the engine that drives your agency. Introduce the key members of your management team and highlight their expertise. Explain how their skills and experiences contribute to the agency's success. 

Financial plan

The financial plan is the heart of your business plan. It's where you demonstrate that your agency is not just a vision but a financially viable venture. For any enterprise, including insurance agencies, it’s important to provide detailed financial projections in your business plan, including income statements, balance sheets, and cash flow statements. Set clear financial goals and explain how you intend to achieve them.

Tips for creating an effective insurance agency business plan

Creating an insurance agency business plan is akin to crafting that roadmap we talked about earlier. But here's the twist—this isn't just any road; it's twisting and on an ever-changing landscape. To navigate it successfully, you need more than just directions; you need insider tips and tricks.

Define your brand

Your brand is more than just a logo; it's who you are. Define your brand identity, including your mission statement, core values, and unique selling proposition. A strong brand will set you apart in a crowded market.

Research funding options

If you need capital to start or expand your agency, explore different funding options, which could include personal savings, loans, or investors. Your business plan should outline your funding needs and how you intend to secure the necessary capital.

Apply for licenses

Ensure that you comply with all regulatory requirements in your area. This includes obtaining the necessary licenses and insurance policies to operate legally. Failing to do so could jeopardize your agency's success.

Set goals and establish metrics

Your business plan should include specific, measurable, and time-bound goals. Track key performance indicators to measure your progress and adjust your strategy accordingly. Regularly reviewing and updating your plan keeps you on the path to success.

A strategic roadmap for success

For an independent insurance agency, a well-crafted business plan is not simply a document; it's a dynamic tool that provides strategic direction, fosters adaptability, and instills investor confidence. By defining your brand, understanding your market, and detailing your operational and financial strategies, your insurance agency business plan becomes the compass guiding you through the complexities of the industry. 

With clear goals, a solid management team, and a proactive approach to change, your agency can navigate the insurance industry effectively, ensuring not only agency survival but also sustainable growth

About the Author

Alyssa Little | Senior Content Strategist

Alyssa is the Senior Content Strategist at Openly, collaborating with industry thought leaders to provide insightful and informative content in the home insurance space. With over 15 years experience in content marketing strategy, copywriting, and editing, Alyssa has refined her expertise through her work at such companies as Gartner, Nike, and Trupanion. Alyssa holds a BA in History from the University of Puget Sound and an MA in Museum Studies from Newcastle University.

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Crafting a Winning Business Plan for Your Insurance Agency

Deanna deBara

Whether you have experience as a captive insurance agent or you’re an independent agent looking to branch away from working for others,  starting an insurance agency  might make sense as your next career move.

And now’s as good a time as any to start. In fact, broker and agency revenue  increased by 1.5% over the past five years —with growth expected to continue as the economy improves.

But with this growth and opportunity comes competition. The insurance industry is continuing to evolve, which means different companies—like those that use  insurtech  to blend insurance with technological innovations—are entering the fray and  competing for market share .

To give your new agency the edge over its competition and make sure your company is viable, you need a plan—an insurance agency business plan. Let’s look at why you need this document, what it should include, and other things to consider before you present your plan and launch your agency.

What Is a Business Plan—and Why Do You Need One?

A business plan is a document that outlines your approach to starting and running your agency. This document serves as a roadmap to follow at each stage of business growth, from your initial planning stages to achieving your  long-term goals . 

It can include information about how to structure and fund your agency, financial projections and goals, and guidance for how to run the agency as it evolves and grows.

There are a number of reasons you should consider creating a plan for your insurance agency, including:

• Help your agency succeed: About  20% of startups  fail within their first year. Though creating a business plan doesn’t guarantee your business will succeed, business owners who write out formal plans are  16% more likely to succeed  than entrepreneurs who wing it without one. Why? Planning helps you lay a solid foundation for your business, giving you a step-by-step guide for how to reach your goals.
• Secure funding: Many lenders require you to provide a plan for your business if you apply for a business loan or investment. The reason? A plan can reveal how viable your business is—including if you (and your leadership) are qualified to run a successful agency, what your  financial forecast  is for hitting different milestones, and what your overall objectives are for achieving success. In other words, lenders and investors want to know the likelihood of you paying off your debt and earning a profit—and, if so, how soon you’ll hit both milestones. A business plan helps them get a better idea of that likelihood—information they can use to determine if they want to lend to or invest in your business.
• Inform your decisions over time: A business plan for an insurance agency is a roadmap that defines your goals and objectives—as well as how to achieve them. But as your business grows, it’s easy to lose track of your long-term plans. Being able to refer to a document that details your plans can help you remain committed, even as your team—and agency—grows.

What To Include in Your Insurance Agency Plan 

Now that you know the importance of writing an insurance agency business plan, the next question is: what do you include in it? 

When it comes to creating a plan for your insurance agency, there aren’t any hard requirements. In fact, your plan can be in any format you’d like (including a “lean plan,” which focuses only on key elements)—though, if you’re looking for a bank loan or investment, your plan  should  be as detailed as possible.

Elements you might want to consider including in a  traditional business plan  for insurance agencies include:

Executive Summary

As its name implies, the executive summary is a brief overview of your plan. It should include general information about your insurance agency, though this information might change over time depending on how long your agency is operational. 

For example, a startup insurance agency might include a brief mention of market competition and its planned growth strategy. On the other hand, an established agency might summarize past achievements and include information about employees.

Items to include in your executive summary are:

• Your agency name
• Your mission statement
• A high-level overview of the products or services you offer or plan to offer
• Background on you  and your agency’s leadership team
• Information about your employees
• The location and market you operate or will operate in
• A brief description of your marketing plan
• Brief financial information and an overview of your growth plan, including projected costs (though you’ll expand on that later in the document)

Because your executive summary is a top-level overview of your insurance agency business plan, keep it concise and enticing. 

The idea is to encourage a reader to keep reading your business plan and learn more about your agency—especially if you’re looking for funding. 

In other words, the executive summary should be just that: a  summary  that introduces ideas you’ll expand upon later in your plan. Limit yourself to a couple of short, brief sentences for each idea and save specifics for dedicated sections of the document.

Company Description/Business Summary

The second element to include in your plan for an insurance agency is a detailed description of your company. This is your opportunity to expand upon some of the ideas you introduced in the executive summary. Here are some things to discuss:

• Legal structure of your agency: Your agency’s form of business, like a  sole proprietorship, limited liability company , partnership, or S-Corp. (Not sure which structure to choose? Make sure to read the next section.)
• Organizational chart: An organizational chart identifies your management team members and highlights their qualifications and expertise to determine who’s responsible for different aspects of running the agency. (You can attach resumes in an appendix to the business plan too).
• Target market: Who you plan to market to (such as individuals, businesses, or a mix of both).
• Business history: If your agency has already been established, what it’s achieved since it first opened.
• What sets you apart from the competition: For example, if you serve a wider (or more specific) target market or offer products other agencies don’t, or if you or your agents are uniquely qualified.
• SWOT analysis: A  SWOT analysis  identifies your core Strengths, Weaknesses, Opportunities, and Threats to give you (and your plan’s readers) an accurate and objective insight into your agency to inform future decisions, like investing in your agency startup.

What is the Best Business Structure for an Insurance Agency?

Many insurance agencies structure their business as a limited liability company (LLC), as it provides certain tax benefits and helps to protect their personal assets. 

That being said, the best structure for  your  business will depend on a variety of factors, including your goals, number of employees, and projected revenue. 

If you’re not sure how to structure your business, consider talking to a business lawyer and/or tax professional with experience in the insurance industry.

Product List

An effective insurance agency business plan should include a comprehensive list of the products and services it offers or plans to offer. Include the lines of insurance you’ll sell—like personal lines or  commercial lines —as well as the specific insurance policies you sell (or plan to), like  workers’ comp , life insurance or professional liability insurance.

And don’t skimp out on details. Mention the benefits of the insurance products you plan to offer, premiums and pricing, and your sales projections for each product. 

You should also include which insurance carriers your agency will represent—and which policies they’re responsible for underwriting. You might also want to provide a brief description of what  appointment  and representation means (or, in other words, which insurance carriers allow you to sell their products and represent their companies)—especially if you’ll be using your plan to secure funding for your agency since lenders might not be entirely familiar with the insurance industry.

Market Analysis

A major reason for creating a plan for your insurance agency is to prove that your business idea is viable. In other words, you need to demonstrate that there’s a demand for the products you offer—and that you have a competitive advantage that lets you capture enough market share to turn a profit.

And the place to do that? The market analysis section.

In this section, include detailed information about your agency’s target clients. Try to determine if there’s room for your agency. If not, look for underserved niches that you might be able to fill. At the same time, look at your market’s demographics to make sure your potential offerings meet their demands for insurance products.

For example, if you plan on selling commercial insurance, will you market specifically to construction companies and contractors or businesses in general? You might also want to limit your marketing efforts to small businesses that earn up to a certain revenue (like businesses with annual revenue between $1 million and $2.5 million).

You should also include a competitive analysis that identifies your key competitors, including their market share, target customers, and the specific products and services they offer. From there, explain how your marketing strategy will be competitive. 

For example, do you plan to  partner with an insurtech  company to attract leads and drive conversions?  Hourly  combines time tracking, payroll, and workers’ compensation insurance into one easy-to-use platform. Premiums are based on real-time payroll data, so your clients can say buh-bye to those nasty audit surprises.

Finally, include the demand for your proposed offers—and your sales strategy for how your insurance products meet the needs of your potential clients.

Financial Plan

How your agency earns money—and when you can expect it to turn a profit—is crucial for securing lending and making sure you have a stable cash flow. Your financial plan should include your:

• Projected costs: How much will it cost initially to open your agency, purchase office furniture and supplies, and hire and train agents? How much will your ongoing expenses (like rent, advertising, health insurance and other employee benefits, and salaries and commissions) cost?
• Estimated cash flow: How much money do you expect your agency to generate and spend over time—and how much of that revenue is profit?
• Break-even analysis: What is the sales forecast for how many policies you need to sell before you’ve covered the cost of opening and running your insurance agency? At what point does your agency become profitable?

Generally, your financial plan should cover at least three to five years. If your agency is already established, you should support your financial plan with  balance sheets , cash flow statements,  income statements , and other financial statements. 

If your agency is a startup, you should include detailed estimates and projections supported by industry or competitor data. 

Similarly, you might want to provide monthly or quarterly projections for your first year in business (vs. annual projections for the following years) to help explain and emphasize how viable your agency will be in its first year—as well as when you expect to break even or achieve profitability.

How Profitable are Insurance Agencies?

Insurance agencies may see a profit margin of about 10% or more, however that number can vary widely based on agency size, where you're located, what you sell, demand, and your efficiency.

Funding Request

If the purpose of your insurance agency business plan is to request funding, you need to specify how much cash you need—and what you need it  for . Start by outlining the type of funding you need—like a bank loan or investment funds—and how long you need the funding to last. You should also outline your preferred structure—like debt or equity—and any repayment terms.

Then nail down the details.  Create a budget  that stipulates how the money will be used. Make sure to also tie your request into your overall financial plan. Ideally, funding should sustain your agency until it meets its break-even point and a stable cash flow—and how you plan to do that should be clearly outlined in your business plan.

Insurance Agency Business Plan Template

Creating a business plan can seem complex at first, especially if you’ve never done it before. The good news? You don’t need to start from scratch. 

This customizable template can help you get started. Just use it as an outline, fill it in with details about your business, and voila! You’ve got your plan.

Easy-to-Use Outline

Text Copied to Clipboard

Agency name

Mission statement

Products and services

Management team background

Employee information

Location/market information

Brief marketing plan description

Brief financial information:

Projected costs

• Growth plan

Company Description

Legal structure

Organizational chart

• Target market

Business history

Competitive advantage(s)

SWOT analysis

Product #1: Description, price, sales projections

Product #2: Description, price, sales projections

Competitive analysis: Competitor #1

• Market share
• Products offered

Competitor #2

Marketing strategy

Product demand

Sales strategy

Estimated cash flow

Break-even analysis

Financial statements

• Balance sheet/projections
• Cash flow statement/projections
• Income statement/projections
• Other financial documentation

Amount of funding required

Reason(s) for funding

Type of funding requested

How long of a period funds needs to cover

Preferred funding structure

Repayment terms

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Other Things to Do When Creating Your Plan

Now that you understand the importance and benefits of a business plan for your insurance agency, let’s jump into a few things to keep in mind while creating your plan to ensure that it sets the stage for launching a successful insurance agency: 

• Define your brand identity: Your agency’s brand—its name, purpose, and values—helps it stand out from your competition and draw in new customers. Defining and committing to your agency’s identity helps you establish trustworthiness and reliability.
• Apply for licenses and permits: Small businesses are subject to local and state laws that might require you to obtain a business license, insurance coverage, and other types of licenses and permits. And because the insurance industry is so heavily regulated, check with your state’s  insurance department  to learn if you require any additional licenses or permits.
• Research potential funding options: When it comes to funding, there’s no one-size-fits-all. Compare and contrast different funding options—like self-funding, taking out a loan, looking for investors, or even crowdfunding—and choose what makes the most sense for your agency.
• Identify potential insurance companies to represent: Before you launch your agency, research potential insurance carrier partners to find those that align with your goals and values. Partner with insurance companies that offer the types of insurance products your ideal clients want—at the prices they’re willing to pay—and don’t dismiss the importance of exceptional customer service.

Tips for Presenting Your Business Plan

After you’ve drafted your business plan, the final step is to present it to interested lenders and investors. But how do you successfully present your plan for an insurance agency with confidence?

• Set up an in-person meeting: A face-to-face meeting helps humanize the people behind your plan—you and your management team. It also gives you a chance to establish and build credibility, field any questions, and demonstrate your excitement and passion for launching your new business. If meeting in person isn’t doable, set up a video conference to recreate the face-to-face experience.
• Use a clean, detailed, and professional layout: Your business plan should be legible, concise, and direct. Make sure it appears professional by proofreading it to correct any typos or misspellings. Include clear charts that support your claims and statements. Finally, make both digital and physical copies to distribute (and print extras—just in case!).
• Practice and rehearse your presentation: Come prepared to answer any questions that your business plan might not have covered or that a lender needs extra clarification about. That doesn’t mean you need to memorize your presentation word-for-word, but you should have a solid idea of your plan’s specifics and certain important details, like your break-even point or the amount of funding you’re requesting.

Plan to Set Yourself Up for Success 

Starting a small business is hard. And in the competitive insurance space, you need every competitive advantage you can get to set yourself up for success when launching an insurance agency. 

Writing an insurance agency business plan can help you outline—and commit to—your goals and objectives, giving you a clearly-defined path to success.

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Insurance Business Plan Template

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Frequently Asked Questions

Below are answers to your most frequently asked questions:.

Immediately upon purchasing Growthink’s Ultimate Insurance Business Plan Template, you will be taken to our Member’s Area where you can instantly download our template and begin working on your business plan.

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Insurance Agency Business Plan Template

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1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Write a Business Plan for Investors

How to Write a Business Plan

How to Create a Business Plan Presentation

Industry Business Planning Guides

Simple Business Plan Outline

10 Qualities of a Good Business Plan

Business Plan Template

How to Start a Business With No Money

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