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4. Secure Financing
While starting an insurance company can be lucrative, it requires a lot of upfront capital to get an insurance business off the ground. There are many factors that influence how much start-up capital you will need, including your business model, location, and more. Sole proprietors who work out of their homes with no or few support staff members will have minimal costs to cover, while larger agencies will require capital to cover office space costs, staff salaries, and more.
Depending on your exact vision for your business, you may need to borrow anywhere from $5,000 to over $100,000 to get your insurance business up and running. Be sure to build in a safety net that can cover your operating costs until you have a steady income. Once you nail down a number, you can turn to investors for help, secure a small-business loan, or both.

5. Gain Access to Insurance Carriers

If you want to sell insurance, you also need to affiliate your company with an insurance carrier. Insurance carriers affiliate themselves with certain insurance companies who will sell their products. Often you need to prove your worth to carriers before they will provide you access to their products. This is usually done by showing them a business plan and who your current clients are.
You may also need to commit to gaining a certain number of customers a month for this carrier in order to sell their products. It is helpful to have at least a few years experience in the industry before trying to sign on with an insurance carrier.
Some agencies opt to sign up with a cluster group, which is essentially a larger association of independent insurance agents that work together so they can qualify to work with the largest and most elite insurance carriers. This can be beneficial for many reasons, but one of the top benefits of joining a cluster group is the ability to quote and bind much faster. Working with a normal insurance wholesaler, this process can take anywhere from 24 to 48 hours. This ultimately slows the number of policies you can sell within a given time.