How to Start an Insurance Agency
The first step is to find a new business.
The second step is find the right insurance agency.
To start an agency, you need to apply online for an insurance policy and you need a cover letter that includes the name of the company, the name and address of the office and the contact details for the agent.
Your insurer must sign the cover letter.
There is no fee to start your own insurance agency and the process will take you no more than a few hours.
You can also apply online at www.insurance.gov.uk and you will need to register your company with the regulator.
You will need a licence to operate your insurance company and a licence from the Insurance Ombudsman to operate the company.
It is a fee to register as a business.
To find an insurance agent, you can call 0844 469 6789 or e-mail your enquiry to [email protected],gov.co.uk.
You must register your insurance policy with the insurer and have a cover sheet.
You cannot operate a business without a cover note.
You do not need to get a licence or register as an agent.
You need to pay a fee of £60 for each insurance policy, plus the insurance agent fee, for each policy covering more than 100 customers.
For more information on insurance, contact the Consumer Affairs Office.
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