Sample Insurance Agency Business Plan

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If you’re looking to get investors, a business plan acts as a sales tool.

It can be a recruiting tool for attracting employees. One thing to keep in mind: your business plan should be dynamic. This could include your logo, insurance agency website, business cards, signage, marketing materials.

These objectives would help you toward your goal to be a top 10 agency. What is going to help you achieve those goals and objectives? Include an organizational chart to show who does what. Describe the products and services you will offer your customers.

This section should show off your industry knowledge, research and conclusions. (More on the different structure types.) Who are the owners and what is their percentage ownership? If you plan to have employees, you should detail the roles and responsibilities.

What are the current trends in growth and customer behavior and preference? This can include, but is not limited to, high costs in capital, labor and/or marketing.

What are the opportunities and potential threats in the industry? It is possible you’ll have more than one customer group. It also can include brand recognition, training and skills, and technology.

What do you want your agency to look like in the future? For example, your goal might be to become one of the top 10 agencies in your city. You will need to create forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. Don’t assume everyone will know what an acronym stands for. Becky was named an Elite Woman in Insurance by Insurance Business America in 2016.

Your objectives could include to quote 150 policies a month and close 30 percent of them. What does it cost, including rent, utilities, maintenance, and insurance? While you don’t set the price of the insurance policies you sell, you do need to describe your commission or fee structure. How are you going to reach potential customers and market your agency? (More on financial projections.) Detail the retention rates you expect to maintain. You need to show you understand the insurance industry. She has a master’s degree in integrated marketing communication from Emerson College in Boston and a bachelor’s degree in journalism from Texas A&M University.

Another objective could be to retain 85 percent of your customers a year. This information will also go in your budget in the finance section. You’ll want to start with good habits so your agency is efficient and productive from the beginning. Outside of this business plan, how do you plan on onboarding carriers to your agency? Now comes the section where you talk about how you’re going to get customers and grow. Projections should match what you’re requesting in funding. Summarize any assumptions you’ve made in your projections. Some final advice for writing a business plan: Keep it simple. But you don’t need to make it long just for the sake of it. Becky is a big Texas A&M football fan and enjoys cooking, reading and spending time with her husband and their three daughters.

One more might be to cross sell one line of business to clients and close 40 percent of them. Include information on your comparative rater and/or agency management system and how it will contribute to your operations. Will you offer other services in addition to insurance? Describe the growth potential and opportunity for an agency similar to yours.


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