Are you want to own an independent insurance agency? So, as you might expect, you have a lot of planning and work ahead of you—even if you’re already a licensed agent.
So, let’s assume you are a licensed insurance agent, if only because that eliminates the first, most obvious step. From there, you’ll need to:
Step 1: Write a Business Plan
A sound business plan mainly puts your agency on the right track and communicates your value to current and potential stakeholders, such as the carriers who you want to appoint you. Your business plan should…
- Mainly introduce the people responsible for the agency and executing the plan.
- Always explain how you’ll acquire customers and what products and services you’ll provide.
- Basically identify your target market, suppliers, and competitors.
- Always describe the advantage your agency has over your competitors.
- Analyze your risks.
- So, include an initial budget, cash flow projections, and a production forecast.
Step 2: Choose a Legal Structure
How you mainly structure your business will determine the amount of personal liability you take on. There are several structures available:
- Sole Proprietorship.
- Limited Liability Corporation (LLC).
- S Corporation.
Each structure has its own risks and benefits. Mainly a sole proprietorship, for example, is the simplest structure, but it also carries greatest personal liability if the business busts.
Step 3: Choose and Register Your Agency’s Name
Now you get to have some fun! Agents who mainly choose to be sole proprietors use their own names as doing their “Doing Business As” name. If that doesn’t work for you, pick a name that.
- Conveys your agency’s benefits.
- Avoids cliché.
- Is easily searchable.
- Mainly once you settle on a name, register it with your state’s government.
Step 4: Get a Tax ID Number
Mainly the IRS requires all businesses to have an identification number to file their taxes. If you are a sole proprietor, you may use our social security number. So, corporations and partnerships must apply for a Federal Employer Identification Number.
Step 5: Register your Business with the State
So, once you have your tax ID, contact your state insurance commissioner’s office. They will also have a checklist for registering as a “resident business entity.” You must do this in order to pay your state and local taxes.
Step 6: Get Your Business Licenses and Permits
So, though you are a licensed agent, you may need a general business permit or license to operate legally. You can mainly find which permits or licenses you must carry by using the Small Business Administration’s Business Licenses and Permits tool.
Step 7: Purchase E&O Insurance
So, as an insurance professional, you already know how important it is to carry adequate liability coverage. Mainly this is especially true if you decide to run your agency as a sole proprietorship. Some states may also require you to have Error and Omissions Insurance, or Professional Liability Insurance, to register your business.
Step 8: Select an Client Management System
So, whenever you have the opportunity to automate simple tasks, take it. That really means you’ll want to invest in top-notch agency management software. A good system mainly allows you to track prospects and service current clients.
The following list of Insurance Agency Business names is from existing businesses around the United States.
America Insurance Agency
Chubb Group of Insurance
Guardian Life Insurance
Tampa Commercial Insurance
Amica Mutual Insurance Company
Accident Fund Insurance Company
Curtis Insurance Agency
Selective Insurance Company
The America One
Fortitude Care Group
How to Pick Best Name For Insurance Agency
- 01. Include Your Insurance Niche In The Name
Insurance companies have policy mainly covers for almost all aspects of our life. The policy covers are no longer restricted to life insurance and property insurance. This is because of increasing competition in this field. Now, to compete well, even a new company wants to target only a certain class of people.
- 02. Consider Your Brand Message
What message do you want to give to your target customers? That is an important question to answer. If you are clueless about what the message is all about, then know that it is about reflecting your customers’ expectations from your business.
You should write down the message on a piece of paper and make sure that your company name reflects it. So, think of a name that gives hints to your customers that your company can take care of their worries.
- 03. Pick An Easy Name
Give preference to an easy business name. Your customers should be able to pronounce the name easily. So, avoid the spellings that are difficult to spell, write, and remember.
- 04. Choose A Long-Lasting Name
As an insurance company owner, you will be planning to expand the business. It could be that you will cover some more niches to build a strong clientele.
- 05. Choose A Catchy Name
A catchy name is a surefire way to grab the attention of your potential customers. They will naturally pay attention to your company name if it not only stands out but is attractive, catchy and has some humor and fun.
Here are Best Insurance Agency Names Ideas for startups
Entrench Medical Insurance
Muster Medical Insurance
Manage Health Solutions
Aristocrat Insurance Group
Align Medical Services
Credence Insurance Agency
GainFrex Trust and Security
sure time Insurance
123 Able Security
Flexible Medical Insurance
The Heritage Unlimited
ThuroCare Supplemental Group
Best Boomer Insurance
Reliable Long Term
Affirm Security Insurance
Gray Owl Insurance
Golden Years Insurance
Rock Of Ages Insurance
Medicover Payment Services
Senior Steward Insurance
Essential Protection Group
Asset Insurance Company
Premier Asset Protection
Senior Life Surety
Health Advocates Plus
Insured National Trust
Validus Medical Isurance
Hinder Trust and Security
Mount Providence Security
Foster Medical Insurance Company
All Care Management
Advance Care Axis
Assure Supplements Corp
Premium Senior Protection
Convenient Medical Insurance
Blue Box Med Care
Premium Senior Insurance
Groundmark Trust and Security
Pinnacle Group Medicare
ProHealth Legacy Group
White Gold alliance project
Time to Thrive Insurance
Every Insurance Agency entrepreneur should be well aware of its Business and Product naming process and also knows the importance of a good business name. Your potential customers must be able to recognize what your company is selling by looking at the name.
There are many things to know before choosing the right name in branding of your brand like you need a starting point as to What personality you want to project, what type of customer are you seeking. For Insurance Agency Names, You can Generate Catchy names Online Easily.
There are many benefits of having independently started an Insurance Agency. Its two side benefits for customers and entrepreneurs also. Read more about it on below infographic