Insurance Business Plan Template

Written by Dave Lavinsky

Insurance Executive Summary

Business Overview

Best Protection Insurance Agency is a new, independent insurance company in Dallas, Texas. Best Protection Insurance Agency specializes in providing insurance products and solutions in the following industries – Construction, Manufacturing, Oil & Gas, Hospitality, and Healthcare. Our office will be located in downtown Dallas and will target small to midsize companies throughout the Dallas metro area. Pricing will be competitive with other area Dallas insurance companies, but Best Protection Insurance Agency will be able to provide a personal level of expertise and service that our competitors are unable to match.

Best Protection Insurance Agency will be solely owned and managed by Chad Porter, a local insurance agent with over twenty years of experience in the industry. Chad has been extremely successful as he has garnered huge revenues for his former insurance company by providing exceptional service to his long list of loyal clients. Chad has recruited a CFO that he has worked with for many years and his trusted Claims Manager to handle all the issues and claims that arise when operating a small business. He will recruit two to three licensed insurance brokers to work and learn under him as well as an Office Administrator.

Product Offering

Best Protection Insurance Agency will offer the following insurance products:

  • General & Liability
  • Business Insurance
  • Workers’ Compensation
  • Commercial Property
  • Umbrella Liability
  • Professional Liability Insurance
  • Wind & Flood Liability
  • Cyber Security Insurance

Customer Focus

Best Protection Insurance Agency will target all small and midsize businesses of Dallas, Texas. Chad has specialized in providing insurance solutions for companies, rather than individuals. Best Protection Insurance Agency is able to provide all insurance needs for a small to midsize company – from employee workers’ comp to business auto, to property and liability protection.

Management Team

Best Protection Insurance Agency will be solely owned and operated by Chad Porter, a local insurance agent with over twenty years of experience. He is leaving his current company where he holds the title of Vice President. Chad will oversee all client communication, office personnel, networking, advertising and strategy.

Jeanine Pardo is the CFO who will handle all accounting, finance, budgeting/forecasting, and tax obligations for the agency. Shannon Watts will manage the entire claims process for every client.

Success Factors

Best Protection Insurance Agency will 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.

Financial Highlights

Best Protection Insurance Agency is seeking $100,000 in debt financing to open the insurance agency. The funding will be dedicated to the purchase of office equipment, supplies, permitting, website development, payroll and working capital for three months. The breakout of the funding is below:

  • Office build-out and design: $40,000
  • Agency licensing and permitting: $10,000
  • Office supplies and equipment: $25,000
  • Website: $10,000
  • Working capital: $15,000

The following graph below outlines the pro forma financial projections for Best Protection Insurance Agency.

financial projection insurance business plan