Starting an Insurance Agency

There are numerous reasons why starting an agency for your insurance practice is beneficial to you, tax benefits and succession planning just to name two right off the bat.

Nevertheless, starting an agency, like many other insurance activities, is a process. A process that when not followed properly, can lead to costly mistakes, lost time and a mess of frustration.

Especially when you’re trying to coordinate between multiple governing agencies. But knowing the process ahead of time, step by step, will prevent those headaches we see made all too often.

In this video we’ll break down the simple 8 steps to compliantly get your agency stood up and ready to sell, on paper at least.

And with that foundation under you, you’ll be more prepared for deeper success and longevity in your business.

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We'll talk about the 8 steps to getting your agency started, on paper.

- 1. Consult a CPA on the proper tax designation you will need.
- 2. Do a name search for your selected business name.
- 3. File that name and Tax ID with the state to get your EIN.
- 4. Take the above info. and file with your State Dept. of Insurance.
- 5. Get your business bank account set up.
- 6. Get your National Producer Number (NPN).
- 7. Update active contracts to your agency.
- 8. Add any non-resident licenses.

Is there more to starting an Agency than this? Of course, but this is the process of getting all the paperwork set up, building the framework of your agency.

Keep an eye on the rest of our content designed to help you hone your skills and grow a successful Insurance Agency.