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State Farm Agent Business Plan Template

Nov.11, 2021

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Business Plan for State Farm Agent Template

Table of Content

State Farm Agent business plan for starting your own business

A thoughtful business plan is required to build a successful insurance agency. Are you planning to start your insurance agency? For that, you need a well written and well-thought business plan.

The insurance agents, also known as insurance sales agents are involved in a variety of things. These include life insurance, property insurance, health insurance, long-term care insurance and disability insurance.

If you are interested to start a business in this industry and to know how to start a state farm agency, continue to read this state farm agent business plan. Just like our previous business plan for ecommerce , we have mention all the required steps to start your business.

No matter if you want to write indoor shrimp farm business plan , business plan for farmers market , oyster farming business plan , landscaping business plan , pig farming business plan or mushroom growing business plan , you can use this template for all kinds of purposes.

Executive Summary

2.1 the business.

Lifeline Insurance Company will be a registered general insurance company in New York. It was incorporated under the law of the US as a private Limited Liability Company.

We plan to transform into a Public Limited Liability Company in the future. So that we can get listed on the Stock Exchange of New York.

When starting a state farm agent business, you should be aware of becoming a state farm agent pros and cons. Also, similar to the landlord business plan , it is important to mention the management, customers and target of the business.

2.2 Management of State Farm Agent Business

When writing a state farm business proposal, it is necessary to plan everything before starting the business.

Lifeline Insurance Company will work on making its management strong that can support the growth of the company. We will make sure that we hire highly qualified and experienced people to help us in building the dream company.

The management body of our company mainly comprises the CEO, head of claims and premium collection, marketing executive, HR manager, accountant and customer care representatives.

2.3 Customers of State Farm Agent Business

The Lifeline insurance company will target small businesses and medium-sized businesses in and around the heart of the US – New York City. We will also make efforts to grow and sell our insurance policies in the other cities of the US as well.

Our customers will be from the US and other countries from the world. We have listed down the customers that we have designed our services and products for

  • Entrepreneurs
  • Corporate organizations
  • Real Estate owners
  • Blue Chips Companies
  • The Government
  • Sports Organizations

In state farm agent business plan example available online, you can find many other customers that an insurance company has.

2.4 Business Target

We plan to make the most out of state farm agent signing bonus. We are optimistic to become one of the most popular insurance companies in New York in the next 5 years.

Our primary goal is to cover all the investment in the next 3 years of our launch. Our secondary goal is to ensure that our customers are satisfied with our services and they get their claims when due without unnecessary delays.

We want to get included in the list of companies who are generating large revenue and are most trusted by people.

Company Summary

3.1 company owner.

Neil Fred will be the CEO of Lifeline Insurance Company. He will be responsible for providing direction to the business. Neil completed his degree from the University of London in Insurance and then decided to start his agency instead of doing a job. Neil knew that this industry is global and wide and he can make a lot out of it.

Keeping in view all these points, he decided to start a state farm agency program. He worked on all the things required for opening a state farm agency. He got the personnel and financial plan required in starting a state farm agency.

3.2 Why the State Farm Agent Business is being started?

Neil made research on the insurance market and got an idea of the profit he can make from starting a general insurance company. This business is a kind of business that never goes into loss. He first thought to start an insurance company in a specialized area.

Later when he realized that he can excel in the general market, he decided to open a general insurance company. Remember, in any state farm business plan sample, it is necessary to mention why and how the business is started.

3.3 How the State Farm Business will be started?

Starting an insurance company can be challenging. It is never easy to break into the industry. The insurance business is a business venture that is recession-proof and can stand the test of time. We have listed down the important steps you need to take to open your insurance business.

Make a research

If you do not have experience working as an insurance agent, it is important to have a thorough understanding of the insurance industry. Before you step into the world of insurance, make sure that you understand the necessary terms and concepts. When you completely understand the insurance products, terms, management skills, and sales savvy, you will be able to run this business successfully.

A business plan is required

Before starting any kind of business, a strong and well-thought business plan is required. Your business plan will decide how you are going to get the clients and how will you differentiate yourself from other insurance companies. When you write a business plan for your business, you will get a direction and vision for your business.

Get a license

To start an insurance company, you need to get a license. If you are planning to open an insurance company in the US, you need to get a license from the Association of Insurance Commissioners. This step is time-consuming but without it, you cannot start an insurance company.

Secure Financing

Certain factors decide how much investment you need to start an insurance business. These factors include your location, business model and more. People who are working independently with no or few staff members will have minimum expenses to cover. While larger agencies need more money to start and run their businesses.

Access to Insurance Carriers

To sell insurance, you need to get in contact with the insurance carriers. The insurance carriers affiliate themselves with the insurance companies that want to sell their products.

Promote the business

After you have made a strong business plan, got a license, secured your financing and affiliate yourself with the insurance carriers, the last but not the least step is to promote your business.

In the state farm agent business plan, it is necessary to mention all the services that your insurance company will provide.

When you open a state farm agency, you list down all the services you want to offer to your clients. When Neil was planning to start a state farm agency, he decided to provide the following services:

  • Life & Health Insurance
  • Property & Vehicle Insurance
  • Disability & Group Insurance
  • Agriculture & Travel Insurance

These services vary from state farm business to business.

Marketing Analysis of State Farm Agent Business

In the state farm business plan for new agents, the marketing analysis is necessary to mention. Neil wanted to get through this step smoothly so he got the services of marketing experts.

Business plan for investors

To start and run a successful business, solid state farm agent business plans are required. In all the state farm business plan examples, you will find this important part of the marketing analysis of a business.

No one can deny the importance of marketing analysis because whether the business is going to fail or succeed heavily depends on it. Marketing analysis forms the basis of many important decisions and steps in running a business. The state farm marketing plan include market trends, market segmentation, business target and product pricing.

5.1 Market Trends

The US has the largest number of insurance companies in the world. In a research made in 2013, the total gross premium on a global scale was 4.640 trillion US dollars, out of which 1.274 trillion was only written in the US. This figure shows how big the insurance market is in the US.

One common trend in the insurance industry is the existence of small insurers as single corporations. They partner up with holding companies. It has a lot of benefits because the survival of single insurance companies after turbulence is pretty low.

5.2 Marketing Segmentation

In the insurance industry, markets are segmented into different groups. The products or services offered by an insurance company are tailored to match the needs of the client. The advantage of marketing segmentation is to help the insurance organization identify the needs of their customers.

The marketing segmentation for our insurance company will be following:

Household sector

The household sector will include retired and self-employees and salaried staff.

Corporate sector

This sector will include big and small businesses.

Industrial sector

The industrial sector will include industries and manufacturers.

Organizations

This sector includes all kinds of organizations and institutions.

5.3 Business Target

The state farm mission statement includes the business target that a company aims to achieve. The business target of Lifeline General Insurance Company is to become one of the top companies in the US.

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We aim to expand our state farm insurance franchise to other cities of the US as well. We are optimistic to cover all of our investment in the next 5 years of our launch.

5.4 Product Pricing

In the insurance industry, there is an established trend in pricing the products. Pricing the products and services depends upon the risk involved in the insurance policy covers. This calculation is done by the experts who keep in view all the aspects and then give the pricing.

The Lifeline Insurance Company will sell its insurance products and services at a low rate as compared to other insurance companies in town to increase our sales and customers.

Marketing Strategy for State Farm Agent Business

In every state farm agent business plan sample, you will find the marketing strategy because it is an important component in every state farm agent business proposal.

To make your insurance business run successfully, aggressive marketing is extremely important. It is why there are always men and women selling their insurance cover to people.

To survive in this industry, you need to be prepared to spend a lot of money on marketing and advertising your business to promote your products. There should be a strong marketing team that come up with unique and innovative ideas that can catch the attention of potential clients.

6.1 Competitive Analysis

The insurance market has become much more competitive over the last ten years. To survive in this industry, you have to be highly proactive, creative and customer-centric. Neil was aware of this high competition and he was prepared to compete among the leading insurance companies in the US.

From marketing managers to social media managers, a strong team is required to run an insurance business successfully.

6.2 Sales Strategy

  • We will introduce our business to other small and medium-sized businesses by sending them letters, brochures and our policy.
  • We will advertise our business using social media platforms to reach out to millions of people.
  • We will attend seminars, expos and business fares to enhance our network and customers.
  • We will hire sales agents and marketing executives to carry out direct marketing of our services and products.

6.3 Sales Monthly

6.4 sales yearly, 6.5 sales forecast, personnel plan.

In state farm agent business plans, an important part is the personnel plan. To open state farm agency, it is crucial to plan everything before the launch. Like in every state farm business plan proposal example, the personnel plan is an important step as it affects the decisions and success of any business.

The success and reputation of any business depend mainly on the staff and management of that company. The more loyal management, the more successful the business is. The personnel plan contains detailed information about the number and types of people who will work in a company. The advice of HR experts is vital to take at this step to make important decisions.

7.1 Company Staff

Neil Fred will be the owner and CEO of Lifeline Insurance business. The following people will be needed to run our company

  • 1 Legal Secretary
  • 2 general insurance managers
  • 1 Head of Premium Collections
  • 1 Head of Claims
  • 3 customer representatives
  • 2 client service executives

7.2 Average Salary of Employees

Financial plan.

The next step in state farm business plan is the financial plan. Like a personnel plan, it is also a crucial step in making any business plan. Like in all state farm business plan example, the financial plan covers all the points regarding the company expenses. It also includes the cost to start a business.

  • The cost required for license, permits and policies
  • The cost for buying computers, furniture, printers, telephones, and fax machines
  • The salary of the employees
  • The cost of making a website
  • The rent of the office

8.1 Important Assumptions

8.2 break-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly, 8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly, 8.4 projected cash flow, 8.5 projected balance sheet, 8.6 business ratios.

  • How do you make money as a State Farm agent?

The state farm agents get the clients. They come up with innovative and unique strategies to attract new clients and are paid based on successful sales and commissions. When you know how to start a state farm agency, you can make more money from your business.

  • How much do State Farm agents make per policy?

The insurance agents get a commission of 40% in their sales for the first year. From the second year, the commission on the same sales become 2 to 5 percent. The commissions are pre-defined in the state farm agency program.

  • Is a State Farm agent a sole proprietor?

Yes, state farm agents work as independent contractors and they are solely responsible for making decisions regarding the management and staff employed by them. The detail is given in the state farm agent business plan.

Download State Farm Agent Business Plan Sample in pdf

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Insurance Agency Business Plan Template

Written by Dave Lavinsky

Growthink Insurance Agency Business Plan

Over the past 20+ years, we have helped over 3,000 entrepreneurs and business owners create business plans to start and grow their insurance agencies. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an insurance agency business plan template step-by-step so you can create your plan today.

Download our Ultimate Insurance Business Plan Template here >

What is an Insurance Agency Business Plan?

A business plan provides a snapshot of your insurance agency as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for an Insurance Agency

If you’re looking to start an insurance agency or grow your existing insurance agency you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your insurance agency in order to improve your chances of success. Your insurance agency business plan is a living document that should be updated annually as your agency grows and changes.

Source of Funding for Insurance Agencies

With regards to funding, the main sources of funding for an insurance agency are personal savings, credit cards, bank loans, and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate the business.

The second most common form of funding for an insurance agency is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund an insurance agency unless it is based on a unique, scalable technology.

Finish Your Business Plan Today!

Your insurance agency business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of insurance agency business you are operating and the status; for example, are you a startup, do you have an insurance agency that you would like to grow, or are you operating multiple insurance agency locations already.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the insurance agency industry. Discuss the type of insurance agency you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of insurance agency you are operating.

For example, you might operate one of the following types:

  • Direct Writer / Captive : this type of insurance agency only sells one insurance company’s products – like Allstate or State Farm
  • Independent Insurance Agent : this type of insurance agency is privately-owned, and sells policies with may different insurance companies

In addition to explaining the type of insurance agency you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new location openings, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the insurance business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the insurance industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards weather-related policy purchases, it would be helpful to ensure your plans call for flood insurance options.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your insurance company business plan:

  • How big is the insurance agency business (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key insurance carriers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your insurance agency. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your insurance agency business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, households, businesses, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of insurance agency you operate. Clearly baby boomers would want different pricing and product options, and would respond to different marketing promotions than recent college graduates.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most insurance agencies primarily serve customers living in their same geographic region, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Insurance Business Plan in 1 Day!

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With Growthink’s Ultimate Insurance Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other insurance agencies.

Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. This includes self pay and public (Medicare, Medicaid in the case of health insurance) insurance or directly working with an insurance carrier. You need to mention such competition to show you understand that not everyone who purchases insurance does so through an insurance agency.

With regards to direct competition, you want to detail the other insurance agencies with which you compete. Most likely, your direct competitors will be insurance agencies located in your geographic region.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • What products do they offer?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide superior insurance agency products/services?
  • Will you provide insurance agency products that your competitors don’t offer?
  • Will you make it easier or faster for customers to acquire your products?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For an insurance agency business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of insurance agency that you documented in your Company Analysis. Then, detail the specific products/services you will be offering. For example, in addition to P&C insurance, will you also offer life insurance?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the menu items you offer and their prices.

Place : Place refers to the location of your insurance agency. Document your location and mention how the location will impact your success. For example, is your insurance agency located next to the Department of Motor Vehicles, or a heavily populated office building, etc. Discuss how your location might provide a steady stream of customers.

Promotions : the final part of your insurance agency marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Making your insurance agency’s front store extra appealing to attract passing customers
  • Advertising in local papers and magazines
  • Reaching out to local bloggers and websites
  • Partnerships with local organizations (e.g., auto dealerships or car rental stores)
  • Local radio advertising
  • Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your insurance agency such as serving customers, procuring relationships with insurance carriers, negotiating with repair shops, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your 500th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your insurance agency’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in the insurance agency business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in insurance agencies and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you acquire 20 new customers per month or 50? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your insurance agency location and/or website, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing an insurance agency:

  • Location build-out including design fees, construction, etc.
  • Marketing expenses
  • Website development
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.

Insurance Business Plan Summary

Putting together a business plan for your insurance agency is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the insurance agency business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful insurance agency.

Download Our Insurance Business Plan PDF

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

Insurance Business Plan FAQs

What is the easiest way to complete my insurance business plan.

Growthink's Ultimate Insurance Business Plan Template allows you to quickly and easily complete your Insurance Business Plan.

Where Can I Download an Insurance Business Plan PDF?

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

Don’t you wish there was a faster, easier way to finish your Insurance business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to learn about Growthink’s business plan writing services .

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State Farm business insurance

State Farm offers a variety of business insurance policies, from standard coverage like commercial auto insurance to specialized coverage like nonprofit directors and officers insurance.

State Farm may be a good choice for your business if you prefer a human touch. State Farm insurance policies are sold by a nationwide network of State Farm insurance agents. You can’t purchase a policy, or even get a quote, without talking to someone.

If you want to manage your business insurance online, though, consider other providers. State Farm business insurance customers have limited online capabilities, including viewing a list of their policies, paying their bills and contacting their agent. You’ll have to call your agent and handle things like claims-tracking over the phone.

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State Farm business insurance: Pros and cons

State farm business insurance: types of coverage.

State Farm offers the following types of business insurance , among others:

Commercial auto insurance.

General liability insurance.

Workers’ compensation .

Professional liability and errors and omissions insurance.

Commercial liability umbrella coverage.

Employment practices liability insurance.

Inland marine and mobile property insurance.

State Farm’s business owner's policy includes general liability , commercial property , business interruption and equipment breakdown coverage. Professional liability coverage can be added.

The company also offers industry-specific packages that include the components of a business owner's policy along with additional specialized coverage.

For instance:

Commercial landlord insurance includes coverage that can defray the costs of bringing buildings up to code.

HVAC contractor insurance includes coverage for equipment that moves from one location to another, plus coverage for injuries or property damage that takes place after work is done.

Painters insurance includes installation floater coverage, which protects materials before and during installation.

Notably, State Farm sells an umbrella policy that offers extra liability coverage in increments of $1 million. This makes it easy to add protection as your business grows.

State Farm also offers group life insurance and retirement planning options for business owners and their employees.

State Farm commercial auto insurance

Commercial auto insurance provides protection for the vehicles you use while doing business. State Farm’s commercial auto policies include standard coverage, including liability, personal injury and medical payments, uninsured/underinsured motorist, comprehensive and collision coverage.

State Farm offers commercial auto insurance for cars, trucks, pickup trucks, vans and farm vehicles, among others.

State Farm professional liability insurance

Unlike most business insurance providers, State Farm offers professional liability insurance as an add-on to its business owner's policy. The insurer also sells standalone professional liability coverage and includes it in many of its packages for specific industries such as barbering and cosmetology.

How to get State Farm business insurance

State Farm does not offer commercial insurance quotes online. Instead, you can fill out a quote request form with some basic information, including your name, address and what type of policy you’re looking for. A business insurance agent near you will follow up with a phone call or email.

Alternatively, you can enter your ZIP code to see a list of agents in your area and contact one directly.

State Farm agents exclusively sell State Farm insurance products and are paid on commission, which is the case for most insurance agents. As independent contractors, agents run their own agencies and hire their own employees, making them business owners themselves.

» MORE: How to get business insurance in 4 steps

State Farm customer service and claims resolution

State Farm commercial insurance customers can’t file claims online. Instead, filing a claim starts with a phone call to State Farm or to your insurance agent.

If you have to file a workers’ comp claim, State Farm offers a state-specific “claims kit,” which includes the forms you’ll need to fill out to report the injury to State Farm and to your state government.

Phone support is available, but the company encourages policyholders to contact their agents with questions.

State Farm business insurance cost

The cost of commercial insurance can vary widely depending on your industry, location, claims history and what kind of coverage you need.

State Farm does not provide information about the average cost of its commercial insurance policies. To get a sense of how much coverage will cost, you’ll need to reach out to a State Farm agent.

» MORE: Business insurance companies: How to compare options

Should you choose State Farm for business insurance?

State Farm may be a good choice for your company if:

You don't want to manage your coverage online. You'll need to work with a State Farm agent to get a quote and buy a policy, and you can only file claims over the phone.

You value customer service. State Farm ranked first for customer satisfaction in J.D. Power's 2022 U.S. Small Commercial Insurance Study, beating out competitors like Chubb, Nationwide and Allstate.

You want to get all your coverage from the same provider. State Farm agents can only sell State Farm policies, so you won't be comparing quotes from multiple insurance companies.

NerdWallet recommends getting quotes from multiple business insurance companies to find the policy that best fits your needs.

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies .

These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.

NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.

To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.

Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.

On a similar note...

BE A STATE FARM ® AGENT

Run a business.

Make a difference..

Make a positive impact on your neighborhood. Being a State Farm independent contractor agent gives you the unique opportunity to develop yourself, your business and your community. Grow your career while working for something you believe in.

Be an entrepreneur

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Embark on an entrepreneurial journey unlike any other. Run your own business and be there for your community when it matters most.

Being an independent contractor agent means that you operate your own business and are responsible for acquiring new customers, building your own team, and growing your business. This unique entrepreneurial opportunity offers rewarding career growth while making a positive impact on your community.

State Farm agents get the opportunity to:

  • Select, lead and develop their own team
  • Maintain their own schedule
  • Opportunity to travel the world
  • Achieve financial stability through product line commissions, incentives and bonuses
  • Get paid training with State farm benefits during their training period

Supporting you every step of the way

Your office may have your name on it, but you’re not in this alone. Throughout your State Farm agent career, you will have ongoing support and curated resources at your fingertips.

  • Your local Agency Sales Leader is available to offer guidance with topics like development, business planning and marketing assistance.
  • Agency Resources can help with questions about compensation, licensing and incentive programs.
  • Our specialized support center provides 24/7 computer and IT support.

Your earnings

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Leading a team, running a business and helping people every day is what being an agent is all about. Check out the added rewards of an already fulfilling career.

With multiple income streams, State Farm gives each agent the flexibility to determine their own income goals. Our independently contracted agents don't receive base compensation* but can earn commission, potential travel and other compensation by helping customers.

Individual startup costs and expenses vary based on business decisions, location and cost of living.

*Compensation is sales and commission based.

No base compensation is available with this opportunity. To determine actual compensation, the applicable State Farm Agent’s Agreement and corresponding schedule of payments must be used. Information contained herein does not guarantee eligibility to receive compensation or guarantee specific results. Eligibility and actual results will vary.

Getting started

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Get a better understanding of some of the first steps and qualities we look for in our agents.

Qualities of our agents

Starting a career as an independent contractor State Farm agent can be a personally and financially rewarding decision. We look for people with entrepreneurial traits who want to make a difference in their community.

We also seek candidates with:

  • The desire to network and build relationships with new and existing customers.
  • Drive for personal and financial achievement; financial ability to begin and sustain a business.
  • Ability to organize, operate and assume the risk of running a business.
  • A strong track record of professional success; demonstrated success driving business results (not limited to insurance or financial services).

Taking the next step together

We've got your back. Get a better understanding of some of the first steps to becoming a State Farm® independent contractor agent.

  • Connect with an agency recruiter
  • The questionnaire can predict your likelihood of the success in this career
  • An assessment to introduce the knowledge, skills, abilities and other attributes critical to success
  • A candidate review is completed to evaluate credit history and overall financial means and eligibility to meet applicable licensing
  • Learning modules and videos to gain a better understanding of this opportunity

The experience

With diverse backgrounds and experiences, nearly 19,000 State Farm agents serve our customers across the United States. We’ve collected agent testimonials and put together some resources that give you an inside look at what it’s like to be an agent.

Career reinvention

Community involvement

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To find the right career path for you, make a selection below. Your selections help us connect you with resources that best align with your goals and interests.

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state farm agent business plan

State Farm Insurance Business Plan Template – Fill Out and Use This PDF

State Farm Insurance Business Plan Template is a great way to start analyzing your business plan.

We ensure it is hassle-free and secure to use this form. Start filling out this PDF form by simply pressing the button below. The whole process of editing forms can be carried out using a phone, a laptop, or a tablet.

State Farm Insurance Business Plan Template first page preview

State Farm Insurance Business Plan Template PDF Details

Are you looking for a State Farm Insurance business plan template form? If so, you've come to the right place. In this blog post, we will be discussing what a business plan is and what it should include. We will also be providing a link to a State Farm Insurance business plan template form that you can use as a guide. Finally, we will provide some tips on how to create your own business plan.

Here is the information regarding the form you were looking for to fill in. It will tell you the length of time you will need to finish state farm insurance business plan template, exactly what fields you will have to fill in and several other specific details.

Form Preview Example

state farm agent business plan

ABINGDON, VIRGINIA BUSINESS PLAN

We will be servant leaders to our customers while nurturing a mutually beneficial lifelong relationship with them.

To be Washington County’s premier source of wealth creation and preservation, asset protection and management, and insurer.

• Leverage and translate the strength of the State Farm brand and reputation in property & casualty protection into a broader financial services arena more directly associated with bank and securities products to insulate the company from the rate sensitivities of auto insurance and the potential reforms of health care. Reposition the agency as a financial services specialist while continuing to implement the “auto insurance as lost leader for multi-lines of business” model for the growth and maintenance of the existing book of business.

• Develop an online and social media marketing platform to leverage the cost efficiencies of this medium while gaining traction and loyalty with Generations X and Y.

• Develop strong alliances with the abundance of college campuses in the vicinity and begin nurturing lifelong relationships with this potentially elusive demographic. Lead with bank products that appeal to this segment (Student VISA, Credit builder VISA, Checking, Savings, and Vehicle Loans) to instill a financial services mindset from day one. Foster these relationships as a prime employee recruitment tool. Target the faculty and administration offices of these institutions for all product lines.

• Monitor the implications of the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act and adjust projections for health-related insurance lines as necessary for years 4-6 (2014-2016) of this plan.

• Become known as a knowledge base for financial services by offering a series of educational programs for the general public.

• Be among the Top 100 TICA by qualifying through Life Premiums, Health Premiums, New Mutual Fund Accounts, Auto Production, and Bank Commissions.

• Qualify for Level 1 Ambassador Travel.

• Conduct IFRs with each client every 18 months to maximize multi-lining opportunities.

state farm agent business plan

Local Market Context

Target Market

• Washington County was established December 7, 1776 and was named after George Washington. It encompasses 560 square miles.

• There are three towns located in the County as well as the communities of Emory, Meadowview, Mendota, and Saltville

• Emory & Henry College, founded in 1836 and located in Emory, is one of the oldest colleges in Southwest Virginia. Southwest Virginia Higher Education Center, located in Abingdon, represents a partnership of seven universities providing satellite education services.

• Abingdon is known as “Little Richmond -- the State Capital of Southwest Virginia” with its 42 state agencies and Federal Courthouse serving as a regional service center for medical, professional, and governmental services.

• Abingdon has a significant arts and culture infrastructure, most notably the Barter Theater of Virginia, the “State Theater of Virginia”, one of the oldest professional theaters in the nation founded in 1933, the William King Museum Regional Center for Art and Cultural Heritage, and the regional artisan center, Heartwood, currently under construction on the grounds of Virginia Highlands Community College. Word on the street is that this little town just might be on the verge of discovering its creative economy to become the next Asheville. It has been a sudden, subtle change, but seemingly overnight, the same sort of art galleries and crafty, eclectic shops that define that North Carolina tourist center are popping up here.

• The independent city of Bristol, Virginia (population 17,400) borders the County.

• Washington County is a major tourist destination with historic landmarks and accessibility to national and regional recreation areas.

• Major roads include Interstate 81 (with 15 exits, the most of any county in Virginia), which runs through the County’s central valley. Other main highways include State Routes 11, 19, and 58.

• Commercial air service is primarily provided through Tri-Cities Regional Airport in Blountville, TN, approximately 10.4 miles from the County. General aviation service is also provided through Virginia Highlands Airport in Abingdon.

• Rail service is provided by Norfolk Southern Railway Company.

Population and Demographics

The County’s current population estimate is 54,443, a 6.5% increase since the 2000 Census. An 11% growth rate from 1990 to 2000 made it the only county in the Southwest Virginia area to have experienced an increase during that time. The population is primarily caucasian (97.1%) with an African-American contingent of 1.7% and a median age of 41.1. Unemployment currently hovers just below 9% against a state average of ~7%. The top 10% (1,733 HH) of owner- occupied housing values are above $300k with the majority of that total (81% or 1400 HH) ranging from $300-499,999.

state farm agent business plan

Twenty-one percent of the population has a Bachelor’s Degree or higher and a median income of $39,865 (versus $61,044 for the state) with the top 10% making $100k or more.

The top 50% of the workforce, or 9,713 of the county’s total 19,425 employees as of 4th quarter 2009, is divided between trade, transportation, and utilities (24.5%) and education and health services (24.1%) with an additional 17.2% in manufacturing. Calendar year-to-date estimates through June 2010 put average employment at 24,779 per month, a 27.6% increase over 4th quarter 2009.

Economic Development

Recent major commercial projects include:

• $40 million The Highlands (big box retailer, Target, along with 9 baby box retailers and 4 out-parcels)

• $4 million Sam’s Club

• $22 million Johnston Memorial Hospital Regional Cancer Center

along with planned investment of $40-60mm in the Ridgecrest Center and $16mm in the Heartwood Regional Artisan Center.

EXISTING BUSINESS & INDUSTRY WITH 100+ EMPLOYEEES

state farm agent business plan

+ Virginia City Hybrid Energy Plant Construction Temporary Workforce through 3/2013

SWOT Analysis

• The inherent strength and integrity of the State Farm brand as a property & casualty insurer.

• The depth and breadth of the product lines available through State Farm.

• A viable geographic market that has demonstrated respectable strength and growth in a tentative economy.

• A predominantly white-collar and diverse economy (medical, professional, governmental, educational, and tourism) with a natural predisposition for the State Farm line of products.

• Relationships with securities customers are more resilient than those based exclusively on insurance.

• Experienced real estate broker with proven sales, business development, and networking abilities.

• Brand strength as a property & casualty insurer overshadows and limits the perception of and expansion into a broader financial services segment.

• Auto insurance is highly competitive and rate sensitive. State Farm does not have the brand inertia and loyalty with Generations X and Y that it has enjoyed with prior consumer segments.

• The Washington County unemployment rate is higher than the State average.

• Online marketing is drastically underutilized in the insurance industry as a whole. A recent report stated that 48% of independent insurance agents have web sites, and of those, only about 20% keep the sites updated.

• Securities products have not been aggressively marketed in Washington County.

Opportunities

• Maintain the existing “auto insurance as lost leader” model for multi-lining while dedicating a financial services representative to aggressively market directly to that segment’s growth and capitalize upon the nation’s transference of wealth phenomenon.

• Design an approach that shields the agency from auto insurance rate sensitivities and health insurance reform uncertainties.

• While the overall Washington County household market penetration of 20.6-25.6% is commendable, growth to 30% does not seem unreasonable. County-wide penetration levels of 1.4-1.6% for State Farm Bank suggest room for considerable growth.

• The auto and fire penetration levels for Abingdon are 19.4% and 12%, respectively, signaling potential market-specific growth for these product lines.

• 2010 Census Data will be available in March 2011. Revisit and refresh this plan as needed at that time.

• Promote Life, Bank, and Mutual Fund products to the market’s 47% medical, professional, governmental, educational, and tourism professionals.

• Target the county’s 30% of households with a presence of children below the age of 18 for Education Savings, Life Insurance.

• Solicit rental coverage from the county’s 6,000 rental households.

• Use social media to target tech-savvy professionals and college students. According to Forrester Research, more than four in five U.S. online adults use social networking tools — Facebook, LinkedIn, YouTube, Twitter and blogs — at least once a month, and half participate in social networks. Develop an expert reputation in insurance and financial services by creating conversations with consumers that will lead relationships by offering valuable content, suggestions, opinions, and engagement by spreading our knowledge and service throughout the virtual world.

• The County’s relatively high unemployment rate creates increased demand for 401k rollovers and short-term health insurance policies.

• Pursue the top 46% of the market (ages 45+) for Long Term Care, Whole and Universal Life, and Mutual Funds along with Medicare supplements from the 14% of households ages 65+.

• Financial services companies whose brands are more firmly entrenched in that arena: Edward Jones, Charles Schwaab, etc. command the market’s attention right now.

• Other insurance companies whose reputations in the financial services arena is more established: Northwestern Mutual Life, New York Life, etc. have more top-of-mind awareness in this segment.

• The implications of the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act that will take effect in 2014 and related impacts on all health-related insurance lines are largely unknown.

• An emerging, fickle generation that demands a highly sophisticated social media business platform.

• Insurance companies with a presence in Abingdon

• Aflac, 21553 Carol Jane Lane

• Allstate, 158 E. Main Street and 439 E. Main Street

• Farmers Mutual, 640 W. Main Street

• MetLife, 1000 W. Main Street

• Nationwide, 480 W. Main Street and 1070 W. Main Street

• New York Life, 458 E. Main Street

• Virginia Farm Bureau, 395 E. Main Street

Team Development

Recent college graduates seem perfectly suited for the kind of structure found in State Farm offices. We will align ourselves and maintain ongoing dialogue with the career placement offices of East Tennessee State University, Emory & Henry College, King College, Radford University, Southwest Virginia Higher Education Center, and Virginia Highlands Community College. We will sponsor campus recruiting programs appropriate for each location and participate in the annual Interstate Career Fair on April 7, 2011 at which each of these colleges along with Tusculum, Virginia Intermont, Milligan, Concord, Bluefield, University of Virginia-Wise, Mountain Empire Community College, Tennessee Wesleyan, and Northeast State Community College will be represented. Having a presence at this event will allow us to reach 300 potential candidates.

Opportunities will be promoted on Facebook, LinkedIn, and Monster.com. Past experience has shown good results with recruiting employees from whom excellent customer service has been received in the normal course of business, and we will constantly screen for talent in our own day-to-day dealings with such individuals and service providers. To a cautious extent, we will look for candidates within our book of business through the normal course of conversation with our policy holders and clients. We will network with and solicit referrals from business owners and through the Abingdon Civitan Club, Abingdon Newcomers‘ Club, Abingdon Rotary Club, Southwest Virginia Board of Realtors, Rotary Club of Washington County, and Washington County Chamber of Commerce. We will incentivize our employees with a $250 per new hire referral commission. We will host our own Career Fairs as needed to generate a pipeline of potential candidates. We will not overlook the opportunity to enlist the “trial model” afforded by reputable temp agencies applying specific screening criteria as needed.

We will use a combination of IQ, personality, and career assessment tests available from State Farm (Marketing Services Behavioral Indicator/MSBI) as well as outside resources (kolbe.com, wonderlic.com, caliperonline.com, and limra.com) to maximize the opportunity to identify, build, and develop the best possible team. We will utilize results to assess abilities, define roles, align the organization, provide training, and coach deficiencies.

Structure and Development

Three team members will be responsible for the maintenance and growth of the existing book of business and a fourth team member will be hired as a financial services specialist with a goal of adding a second specialist by year four. We will also solicit two unpaid internships per semester from the local colleges to augment our telemarketing and general office duties (photography, etc.)

All paid team members must be licensed for Property & Casualty, Life & Health, and Medicare Supplement & Long Term Care within the first 60 days of their employment. Financial service specialists must also obtain their Mortgage and Securities Licenses, which I will hold, too.

We will develop an office-specific agent certification program outlining additional training requirements for career advancement and success. This comprehensive program will include office standards, systems, and processes along with requirements for civic involvement and professional development.

Compensation

General team members will be paid an hourly wage of $9.25-11.75 plus tiered commissions on all new (one time) personal production. The financial services specialist will receive a modest base salary ($22k) plus an enhanced tiered commission on all new (one time) personal production. Quarterly incentives will be tied to the SMVC and Scorecard Bonus for the entire office with total compensation ranging from $20-28k for all general team members and $36-42k for specialists.

Sales & Marketing Strategy

Sales & marketing activities will be developed as two tracts: general agency and product-specific financial services.

General Agency

The efficiencies of online and social media will be leveraged to energize and supplement the traditional dialogue with our existing book of business while gaining traction and developing loyalty with Generations X and Y. We will employ Search Engine Optimization (SEO) tactics to drive traffic to our agency micro-site and incorporate a daily blog that will not only be used to position ourselves as an expert in insurance and financial services but will also create even more searchable content for our SEO initiative. We will exploit the economies of site analytics that are available free of charge through Google and Yahoo to monitor and measure our site’s performance and growth as well as the modestly priced services of Universal Business Listing (ubl.org) that distributes to all major search engines, yellow pages directories, social networks, mobile phones, GPS navigation and 411 directory assistance.

We will develop push email campaigns for each of our product lines and track response rates and click-throughs.

We will create a Facebook fan page and use push email in conjunction with an offline handheld paper fan campaign targeting college campuses to attract 1,500 fans to our page within the first year. We will offer timely, relevant, and valuable content on local and industry news and events and administer the page with diligence.

We will enlist text messaging as appropriate with all clientele below the age of forty.

We will offer and encourage the use of Skype as an alternate means of conducting IFRs, while letting the customer choose their preferred means of interaction.

A systematic process for maximizing the capabilities of Prospector+, X Dating, and Backroom Technician will be developed.

We will use radio and outdoor along with a local newspaper and magazine advertising schedule to promote our brand.

Memberships and Boards

We will join the Washington County Chamber of Commerce, and each employee must be actively involved in at least one, distinct civic organization. I will serve on two boards during the first three years, preferably the United Way of Washington County and the Barter Theatre.

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IMAGES

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  2. State Farm Business Proposal Presentation: Fast & easy to use

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  3. State Farm Agent Business Plan Template [2023]

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  4. State Farm Business Plan.pdf

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  5. State Farm Agent Business Plan Template [2023]

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COMMENTS

  1. Steps to Create a Business Plan

    Step 1: Executive summary: The executive summary is the most important part of your plan - a one-page summary of the entire business plan. And it will probably be the part of the business plan that you circle back to and write last. Step 2: Description: The why — your company's purpose. It will include your mission statement, the name of ...

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    In generating the Profit and Loss, the sales forecast was based on the $1.8 million book of business. revenue and raw new sales commission paid to the agency. As mentioned, the goal for the business. is to increase its sales incrementally year by year in order of 3%, 2.5%, 2%, 1.5%, and 1%.

  3. State Farm Agent Business Plan Template

    In the state farm agent business plan, it is necessary to mention all the services that your insurance company will provide. When you open a state farm agency, you list down all the services you want to offer to your clients. When Neil was planning to start a state farm agency, he decided to provide the following services:

  4. Insurance Agency Business Plan Template [Updated 2024]

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    Being a State Farm agent gives you a unique opportunity to develop yourself, your business and your community. With diverse backgrounds and experiences, over 19,000 State Farm agents serve our customers across the United States. Our agents are independent contractors and are not employees of State Farm.*. Helping others is full of opportunities.

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  19. Simplify business with a Business Owners Policy (BOP)

    A Business Owners Policy (BOP) bundles two essential coverages: general liability and property insurance. This affordable insurance package protects you against the unexpected risks of doing business. It's a great choice for small- to medium-sized businesses, such as hair salons, florists, landlords, photographers and more. It's good to know ...