How To Start an Automobile Insurance Company
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According to the Bureau of Labor Statistics, automobile insurance business is expected to grow 16% by 2016. About 26% of car insurance agencies are self-employed. These professionals evaluate the driver's insurance needs and choose the best policy for their situation. But before launching your car insurance company, it is important to get a license with your country and determine the type of policy Auto Insurance you want to sell. Here is a guide to starting a car insurance company.
Get an insurance licence with your country. Most countries require that they sell Auto Insurance to attend a prelicensing course and to take a state exam. To find out if your country has these requirements, contact your insurance country department.
Apply for a business license. Before selling your first car insurance policy, you need to get a business permit with your city. It can be secured by requesting applications from the city's business office; Usually located in the City Hall department.
Buy insurance to protect your business. This will protect your assets in the event of a disaster or accident and also protect your company against claims caused by lawsuits. Contact your Insurance State Department for a list of companies that provide this service.
Choose a car insurance policy that you will sell. Large insurance companies like Progressive Insurance allow independent insurance agents to sell policies on their behalf. The more insurance companies you have under one better roof. This will allow you to provide your customers with more options and the best prices on insurance.
Market your services to potential clients. If you are a car insurance agent before launching your own company, contact each of your clients and provide your new contact information to them. Before calling them, have some ideas on how to save them money by switching. Also, make a list of family, friends, associates and acquaintances and contact each individually to discuss the policies of Auto Insurance.
Tips
Get active in your community. At first, most of the time you have to spend a network and talk about your services. Attend a community event, join your local chamber of commerce and discover unique ways to talk about your services.
Warning
Consider working for an insurance institution before starting your own business. Getting on-The-Job experience before opening your own agency will provide customer-related insight and claim problems. Plus, you'll develop a client base that will help you launch your new business.
