Sample Insurance Agency Business Plan

Periodically reviewing your business plan is a valuable exercise because it clarifies your business’ goals and how to accomplish them. An insurance agency is a good alternative business especially for those interested in profiting from the insurance sector, but lack the funds for Captive agents are insurance agents that are tied to one specific insurance company and only sell the companies products.But, there are more reasons and uses for a business plan.

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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.

You should do a SWOT analysis evaluating the strengths, weaknesses, opportunities and threats for your agency. What is the extent of each owner’s involvement with the agency? What is their background, qualifications, expertise? Will you have an advisory board you meet with once a quarter?

Describe the industry and what factors are affecting it.

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.

That’s because your business plan can help you secure financing and direct appointments.

In addition to giving key stakeholders peace of mind, your plan can help you…

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.


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