Insurance Business Plan Template

Competitive Analysis

Best Protection Insurance Agency will face competition from other businesses with a similar business profile. A summary of the competitors is below.

Direct Competitors

K&S Insurance Agency

K&S Insurance Agency is located outside of Dallas in Rockwall, Texas. They were founded in 1978 and have gone through two changes of successor ownership. Their areas of expertise are in the oil and gas, manufacturing, construction, hospitality, and healthcare industries. Their team of agents provides workers’ compensation, general and liability, business auto, employee crime/dishonesty, business income, umbrella, employment practices liability, and directors’ and officers’ liability.

K&S Insurance Agency has specialized in commercial insurance by utilizing experienced partners, strategic planning, being highly responsive, and offering broad carrier solutions. They sell themselves as an insurance partner, as they work in concert with the client, their legal and finance teams, as well as their business partners to develop a customized package designed to meet the client company’s needs. Their strategy includes ensuring the ongoing success of their businesses and the long-term health of the company. They provide affordable coverage options that protect the clients’ interests and contribute to the bottom line.

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Hiscox Small Business Insurance

Hiscox Small Business Insurance has been in business since 1901, providing tailored policies customized for the client. They also provide fast quotes, instant coverage, and quick claims. Hiscox Small Business Insurance covers business insurance, general liability insurance, professional liability insurance, errors and omissions, cyber security insurance, workers compensation, and others. The range of clients Hiscox covers are small business owners, LLC’s, side hustlers, contractors, home businesses, contractors, consultants and freelancers, Information Technology, etc.

Hiscox provides insurance solutions to over 400,000 small business customers, and their coverage allows the clients to take the right risks to grow their business and helps in unique risks each business faces. They encourage courage by insuring, supporting, and inspiring their customers by protecting the businesses they’ve worked so hard to build. Hiscox is built around a set of core values that it embodies in the company culture – Courage, Human, Integrity, Ownership, and Connection.

 

The Hartford Small Business Insurance

The Hartford is a nationwide insurance company that has thousands of offices, employees, and clients. Their small business insurance platform offers a wide variety of Auto, Home, Business, Mutual Funds, and Employee Benefits options. As a company that was founded in 1810, there are approximately 18,500 employees and serves more than one million small businesses today. The company headquarters are located in Hartford, Connecticut and they sell products primarily through a network of independent agents and brokers. Hartford is the only nationally endorsed direct auto and home insurance program for AARP’s nearly 38 million members.

The main types of small business insurance Hartford provides are General Liability Insurance, Business Property Insurance, and Business Income Insurance. The ancillary products they offer are workers’ compensation insurance, commercial auto insurance, professional liability insurance, and cyber insurance. The Hartford Small Business Insurance platform thinks of themselves as a partner with the client as they are dedicated to small business owners and have been protecting customers for more than 200 years. The Hartford has also been recognized as the World’s Most Ethical Company 12 times by the Ethisphere Institute.

Competitive Advantage

Best Protection Insurance Agency will be able to offer the following advantages over the competition:

  • Professional, friendly, and knowledgeable team of insurance agents ready to assist any business with their business needs.
  • Best Protection Company is able to provide customizable plans for every client and their unique situation. They are not dedicated to one provider – they work with multiple insurance providers and networks to put together a tailored portfolio for the client.
  • Best pricing in town. Best Protection Company charges the lowest fees and commissions than anyone in the Dallas metroplex.
  • One-on-one personalized service. Each client will personally meet with their dedicated agent. There are no customer service lines or web portals to discuss options, claims, and portfolio management. Each client will be able to call, email, or meet with their agent for all insurance questions and issues.