Beyond Fundamentals: How to Scale Your Independent Insurance Agency

In our six-part series on becoming an independent insurance agent, we’ve discussed the ins and outs of establishing yourself in the industry. We’ve covered topics like securing initial financing, understanding your tax obligations and how to build your book of business. For the final piece of this series, we’ll summarize the key points from the first five posts and provide a snapshot on how to scale your independent insurance agency. So by the end, you can go from having an abstract idea for starting an insurance agency to having an actual thriving business.     ...

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  • Independent Agent as Sole Proprietor and Employer: Understanding Taxes

    Understanding taxes can be a learning curve for independent insurance agents, especially in the face of a growing book of business and employee roster. As part of our series on becoming an independent insurance agent, we take a look at standard tax obligations for small businesses, along with some possibly surprising tax breaks you may be able to take advantage of.   Tax Expenses for Agents  ...

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  • When and How to Bring on Staff: A Hiring Guide for New Independent Agents

    So far, in our six-part series on becoming an independent agent, we’ve covered the initial steps on getting your insurance agency up and running. Now it’s time to move onto a concern you’ll likely have further down the line — staffing.  Once your book of business grows sufficiently, it’s probably time to start hiring people to take on key responsibilities. That way, you can focus on the big picture while employees handle the day-to-day tasks of running a successful agency. Here’s how to know when it’s time to hire new people, what opti ...

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  • How New Independent Insurance Agents Can Expand Their Customer Base

    Becoming a successful independent agent takes time and is a gradual process. It’s not something that happens overnight. That said, there are steps you can take to accelerate growth and build up a book of business and expand your customer base more quickly.  In this third of our six piece series on becoming an independent insurance agent, we outline techniques you can use to connect with new customers and scale your agency.   Place an Emphasis on Obtaining Referrals ...

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  • The First Six Months: Challenges and Opportunities for New Independent Agents

    In the first of our six-part series on becoming an independent agent, we discussed the steps to opening a business. We covered specifics including how to secure finances, meeting state and federal requirements and building a digital presence. Now that the business is up and running, let’s move on to what you can expect during the first six months. Here are some tips for preparing yourself for the initial phases as an independent agent and advice on how to position yourself for success.   Anticipate th ...

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  • Becoming an Independent Insurance Agent: First Steps to Opening Your Business

    Even with widespread technology like insurance quote aggregators, artificial intelligence and chatbots, independent agents are still in high demand. Research from online statistics portal Statista found there were nearly 1.2 million insurance agents, brokers and service employees in the US in 2018 — a considerable increase from 895,000 in 2010. Personalized service, advice on buying policies, as well as help filling out claims are some of their main selling points, writes property and casualty insurance agent ...

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