| 1. Develop a business plan and form an agency |
| Nearly every successful agency started with a clear vision and sound business plan. Besides knowing what you want and how you intend to accomplish it, a business plan is essential for solid company relationships especially for a new agency with no track record. |
| 2. Choice of Entity Selection in Utah |
| The following section is a description of the various types of business entities available for a new agency. The determination of what entity you utilize in the formation of your new agency is one of the most important decisions you must make. An attorney, accountant, financial advisor, tax advisor, or banker can suggest which form would be most suitable. The decision can have significant impact on ownership and taxation in future years. |
| 3. Get a license to sell insurance |
| A number of minimum prerequisites must be met prior to acquiring a license including qualifying exams, meeting legal requirements and structuring the business among others. |
| 4. Find multiple markets |
| For additional information on any company with which you plan to do business, the Utah Department of Insurance will provide you with general company information, contact information, types of insurance the company writes, company history, financial information and loss ratio. |
| 5. Determine your product lines |
| Deciding the product lines you'll want to handle will depend in part on your expertise, company appointment and marketplace. A broad range of products and services is available to meet just about any prospective agent’s expertise and appetite from general personal and commercial lines to far more exotic lines of insurance. Selection here will depend also on your company appointment(s) and a host of other factors. |
| 6. Errors and omissions insurance for your agency (E&O) |
| More than a policy, this is a program involving insurance as well as support for loss control. UAIIA offers professional liability coverage designed by insurance agents for insurance agents through Westport, Utica, Liberty and also with Fireman's Fund. |
| 7. Free Sneak Preview of the VU! |
| Technical policy and coverage resources with the Virtual University Research Library including; Expert Services, Online Courses, Free Newsletter, and even more! |
| 8. Locate training resources |
| Agency success is dependent on the expertise of your staff and its ability to address customer needs. This expertise is largely the result of proper training requiring both time and money. And while there is a long learning curve in the property/casualty business, you should be able locate a quick-start program from among numerous training resources including those offered by UAIIA. |
| 9. Join the Utah Association of Independent Insurance Agents |
| UAIIA offers a broad array of services, products and support important for new agencies. Discover the wide-ranging host of products, services, and business and technical support offered by UAIIA |
| A Helpful Resource |
| Including; Hiring employees – pre-employment testing, Utah Department of Insurance, E-Verify, IRS Tax ID #, State withholdings (Utah State Tax Commission), and don’t forget that you will need workers compensation for staff (or yourself). |
 Business Plan Basics.pdf
Sample Business Plan.pdf
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Choice of Entity Selection in Utah |