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Insurance Business Plan Template [2020 Updated]

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I. Executive Summary


You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Business Overview

[Company Name], located at [insert location here] is a new small business insurance brokerage firm finding property, casualty, and health insurance to its clients. The company will operate in a professional setting, conveniently located next to [notable bank] in the center of the shopping district. [Company Name] is headed by [Founder’s Name], an MBA Graduate from UCLA with 20 years of experience working as an insurance broker for businesses and individuals.

Services

[Company Name]will focus on close client relationships. It has a full-time assistant who, among other things, will focus on answering client’s daily questions and drafting newsletters to increase client communication.

The founder, [Founder’s Name], will also focus on answering his clientele’s needs. In addition to newsletters and email updates, [Founder’s Name] will hold webinars on insurance concerns for clients.

[Company’s Name] services include finding all types of small business insurance: health, property, casualty, renter’s, and key employee. By offering every type of insurance a small business may need, [Company Name] will become a long-term partner with each client rather than a one-time transaction.

Customer Focus

[Company Name] will primarily serve the businesses within a 20 mile radius of our location. The demographics of these customers are as follows:

  • 1,500 businesses
  • Under 100 employees (Average is 42)
  • Privately held companies
  • Top represented sector: Retail stores
  • Average annual payroll for firms with 20-99 employees of $1.3 million

These small businesses are often growing and in need of additional insurance as they grow. Furthermore, [Company Name] will seek contacts with business startups in order to find insurance for them from the time of their launch on.

Management Team

[Company Name]’s most valuable asset is the expertise and experience of its founder, [Founder’s Name]. [First name] has been a licensed insurance broker for the past 20 years. He has spent much of his career working at One-Stop Insurance Brokers, Inc. There he specialized in personal insurance for 10 years before moving to specialize in business insurance for the next 5 years.He sold business insurance to over 1,000 firms during that time.

[Company Name] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator.

Success Factors

[Company Name] is uniquely qualified to succeed due to the following reasons:

  • [Company Name] will fill a specific market niche in the growing community we are entering. In addition, we have surveyed local businesses and received extremely positive feedback saying that they explicitly want to make use of our services when launched.
  • Our location is in an economically vibrant area where new businesses are starting at a fast rate.
  • The management team has a track record of success in the insurance brokerage business.
  • The local area is currently underserved and has few independent insurance brokers offering specific expertise in the full range of small business insurance.

Financial Highlight’s

[Company Name] is seeking a total funding of $160,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.

Specifically, these funds will be used as follows:

  • Store design/build: $50,000
  • Working capital: $110,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even

Topline projections over the next years are as follows:

Financial SummaryFY 1FY 2FY 3FY 4FY 5
Revenue$174,038 $592,543 $1,821,537 $1,822,898 $2,655,557
Total Expenses$227,729 $348,598 $564,931 $818,909 $1,005,844
EBITDA($53,691)$243,945 $1,256,607 $1,003,989 $1,649,712
Depreciation$7,280 $7,280 $7,280 $7,280 $7,280
EBIT($60,971)$236,665 $1,249,327 $996,709 $1,642,432
Interest$10,309 $9,020 $7,732 $6,443 $5,155
PreTax Income($71,280)$227,645 $1,241,595 $990,265 $1,637,278
Income Tax Expense$0$54,728 $434,558 $346,593 $573,047
Net Income($71,280)$172,917 $807,037 $643,673 $1,064,231
Net Profit Margin-29%44%35%40%
Full-time Brokers12233
Client Base1363956951,0191,321
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