insurance broker business continuity plan

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Introduction

Businesses are exposed to disasters all the time, including IT system failures, cyber incidents, power outages, major losses, i.e. fire or flood at site, epidemics or natural disasters. These causes could cripple your business unless you have a responsive and resilient Business Continuity Plan (BCP) ready.

Business Continuity Planning is a management process that identifies in advance the potential impacts of disruption to an organisations ability to function. An up-to-date and robust BCP allows your business to continue on running everyday operations seamlessly. It makes sure that you can service your customers, continue to court your prospects, manage your partners and suppliers and ensure your employee wellbeing and productivity in a satisfactory manner, even when you’re facing technical issues.

Therefore, it’s very important to come up with a continuity plan, if you don’t already have one.

Relevant factors such as your business’ resources, location, suppliers, customers, and employees must be carefully analysed before a Business Continuity Plan can be formed. It is also crucial to test the plan and check whether it’s working or not. Without a serious stress-test, it is possible that your BCP could look great on paper, but quickly show flaws in a real-life scenario.

A Business Continuity Plan (BCP) plan should:

Proactively improve the organisation’s resilience against disruption

Provide a planned method to restore products or services

Deliver a capability to manage an incident to protect the reputation and brand of the organisation

Planning should recover all aspects of the business and involves:

Pre-planning with a view to ensuring an incident does not happen in the first place

Emergency response in the immediate aftermath of an incident

Crisis management including salvage and reinstatement of assets and or premises, relation, etc within acceptable time

Business Recovery which involves the management of provision of an acceptable level of service to customers

allowing a return to normal trading

Whilst the detailed nature of the planning process may differ between individual organisations there are several key stages

which should be completed to provide a meaningful plan:

Project Initiation and Definition

Business Impact Analysis

Threat Analysis

Determine Strategy

Develop Continuity Plan

Testing/Review

It is essential to understand that the project will involve a considerable amount of time and effort within the organisation. The exercise requires sponsorship and allocation of time and resource.

Whist input is needed from all areas of the business, it is important that responsibility for implementing and coordinating is defined and allocated to an individual. Their responsibility will be to ensure all areas of the business are represented, departments are involved in their own plans and control the overall development of the plan.

It is necessary to define what the plan is trying to achieve, determine realistic timescales and allocate responsibility.

The scope of the plan will need to be determined by the business at the start in terms of the areas to be covered, together with any not in scope.

What assumptions is the Business prepared to make?

Can you envisage a total loss of the site or do the existing precautions protect areas adequately?

What aspects are to be considered. Normally this will include hard issues such as physical damage – fire, flood, etc, but does the business need to investigate issues such as product recall?

Tolerance is also key to plan.

What interruption/disruption can the business tolerate?

This can be defined in terms of time; either because of a formal Service Level Agreement (including contractual penalties) or simply a competitive environment which will see customers migrate to competitors in the event of a prolonged interruption.

What is sustainable?

Financial tolerance may be a more relevant measurement in terms of a reduction in turnover/profit following an interruption.

The business must define what represents a crisis; this will depend upon the nature of an organisation and its circumstances. Disruption is managed on a day-to-day basis by businesses so there is a need to establish when an incident falls outside the normal coping mechanisms.

It is important not to invoke the plan too early for fairly minor issues but equally any delay in invoking the plan could undermine its effectiveness.

A crucial stage of the process, this involves looking at what is key in terms of the operation of the business, identifying critical assets and functions and determining effect of their loss. Examples may include key pieces of equipment, bottle necks, IT, access to premises, etc.

It is often useful to construct a flowchart of the business operation, noting the input from various departments and functions to highlight the effect of their loss. The process examines the loss of a function (including external sources) for whatever reason and determines the effect on the business and how quickly it could be replaced/restored.

Assume the interruption will happen at the worst possible time and the impact will be the greatest – just before peak season, holiday period, etc.

Now consider the risks to the key assets, are they protected? Hard risks are relatively easy to consider – protection against fire, flood, etc

Soft issues are hard to evaluate but risks such as product failure and associated recall functions need to be considered.

Given the potential impact on the business in the event of loss and the potential likelihood of the loss, are the existing protections adequate or can they be improved on a cost-effective basis?

The business needs to determine a strategy for overcoming any disruption which fits the needs and tolerances of the business.

The exercise is not a magic wand, particularly in the case of single manufacturing sites and it may not be possible to come up with a cost-effective solution which replaces production in the event of a prolonged disruption.

A valid solution may be simply to protect the assets from potential loss to the highest possible limit and reduce the risk of total loss occurring. It may then be possible to develop recovery strategies for the resulting partial loss.

There are many solutions which may fit the needs of the business including duplication, outsourcing, stockpiling, etc.

It is acceptable to stagger recovery – prioritise recovery of certain functions to support customers in the event of being unable to fully reinstate.It is important that the recovery strategy is fully approved, communicated within and embraced by the organisation and it is fit for the needs of the business.

Developing a Plan

A management team should be formed involving senior management and representation from all areas of the business. The team needs to be able to comment on and take decisions on behalf of the Organisation. It will be responsible for overseeing and managing any incident allowing the business to recover in the most effective manner.

It is important to define an escalation process for incidents, the business will manage issues during the course of normal operations, at what stage do you want to escalate these to the next level?

There is a danger in micromanaging , for example do you really need to assemble the management team for a burst pipe, but on the other hand the team will need to be aware of the incidents which may then escalate to have a significant impact on the business.

Individual department plans for recovery will be documented which fit in with the tolerances and requirements of the business.

It is essential to outline responsibility for lines of communication including staff, media, customers, emergency services, etc.

The plan should include three key areas;

Emergency response - procedures at the time of the incident to ensure adequate initial response to and control of the incident. This may already be in place and could be as simple as an emergency evacuation procedure or more detailed such as chemical spill procedures.

Crisis Management - this aspect should include an assessment of damage, look at recovery options, salvage, liaison with builders, suppliers, etc.

Business Recovery - responsible for the recovery of key processes and services within the timescales outlined in the plan.

Testing & Review

Once the plan has been developed and distributed, it is important that it’s reviewed on a regular basis, particularly in the event of a change in circumstances within or external to the business.

Plan and create a ‘doomsday’ disaster scenario that affects your business. Employees should act as though the scenario is genuine and refer to their duties in the Business Continuity Plan, going through it step by step. Monitor the time it takes to get everything under control, from contacting customers to checking business resources and temporary meeting locations. Ensure you have impartial observers / invigilators who make notes and record the effectiveness.

Evaluation and amendment

After the Business Continuity Plan is put to test, gather your employees to discuss the plan’s overall performance. Identify where it needs improvement and encourage the parts that worked best. Make changes to key personnel, responsibilities and actions where necessary, to ensure that the continuity plan is working at its best.

Communicate and diary

Communicate the importance and benefit of the BCP to all levels of the workforce. Promote the review and active participation in the BCP simulation. Use the simulation to identify competencies within your workforce that may signify additional resources during a disaster situation. Diary to repeat the process within 12 months.

Having a Business Continuity Plan is a good start, but testing it regularly and robustly is equally, if not more important. A BCP will not only help with a ‘doomsday’ event but will usually alleviate some of the day-to-day operational issues, e.g. machinery breakdown, temporary supply issues, power outages, etc. which may not require a full activation of the plan but would provide solutions to smaller scales and shorter-term challenges.

About the author

Simon Broome SIIRSM Tech IOSH has over 25 years' experience around risk management, honed through his industry background and working on operating software and management systems.  He is a Specialist Member of the International Institute of Risk and Safety Management and a Technical Member of IOSH, and also holds the NEBOSH National Certificate in Fire Safety and Risk Management.

Read risk management articles by Simon

  • Health & Safety Bulletin - April 2019: HSE Intervention Enforcement Notices on the Increase 
  • Health & Safety Bulletin - April 2019: Notra Dame Blaze Highlights Risk of "Hot Works"
  • Health & Safety Bulletin - May 2019: Recent Spate of Fires Caused by Electrical Faults Suggests Businesses Need to Check Electrical Systems
  • Information Update - Health & Safety
  • Insurance Update - Claims Defensibility Review Service
  • Risk Bulletin - Health & Safety Competent Person 
  • Risk Alert – Why is it So Important to Have a Business Continuity Plan?  

Download the full document here

  • Business Continuity Planning.pdf (612KB)

insurance broker business continuity plan

Coronavirus (Covid-19) – Update for Towergate customers

· Update as at 16 March 2020 During the COVID-19 Coronavirus crisis, we want to reassure our customers and partners that we are following UK Government guidance, and as a result our national offices are closed to both safeguard the health of our employees and our ability to look after our valued clients. Where possible, our employees are working from home and we are still fully able to support with renewals, new cover requirements and claims guidance and support. This includes giving our colleagues the ability to work from home or alternative locations, which we hope will limit the disruption and enable you to speak to us for advice and support should you need it. Read more

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Business Continuity Plan Template for Insurance Agencies

Business Continuity Plan Template for Insurance Agencies

What is a Business Continuity Plan for Insurance Agencies?

A business continuity plan for insurance agencies is a critical plan that outlines the strategies, processes, and systems that insurance agencies and brokers should have in place to ensure operational continuity in the face of unexpected events or emergencies. It includes detailed guidance on maintaining the continuity of insurance services, claims processing, and customer support. This plan should be regularly updated to ensure it remains relevant and effective.

What's included in this Business Continuity Plan for Insurance Agencies template?

  • 3 focus areas
  • 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Business Continuity Plan for Insurance Agencies template for?

This template is designed to help insurance agencies and brokers develop and execute their business continuity plans. It includes step-by-step guidance to help them define their focus areas, objectives, and key performance indicators (KPIs), as well as the projects or actions needed to achieve the KPIs.

1. Define clear examples of your focus areas

Focus areas are the general areas of business operations that your strategy will address. For example, a business continuity plan for insurance agencies may include focus areas such as business continuity, risk management, and resource management. It is important to define clear examples of your focus areas to ensure that your strategy is tailored to the specific needs of your business.

2. Think about the objectives that could fall under that focus area

Objectives are the desired outcomes that you want to achieve in each focus area. For example, under the focus area of business continuity, your objectives may include maintaining operational continuity and minimizing customer disruptions. Your objectives should be specific and measurable.

3. Set measurable targets (KPIs) to tackle the objective

Key performance indicators (KPIs) are measurable targets that you set for each objective. For example, under the objective of minimizing customer disruptions, you may set a KPI of reducing customer disruption from 2 days to 1 day. Setting measurable targets helps you track your progress and adjust your strategy as needed.

4. Implement related projects to achieve the KPIs

Projects or actions are the steps that you need to take to achieve your KPIs. For example, to reduce customer disruption from 2 days to 1 day, you may need to establish alternative customer support channels. Your projects should be specific, achievable, and measurable.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform is a powerful tool that helps organizations quickly and easily develop and execute their business continuity plans. The platform provides an intuitive interface to help you define your focus areas, objectives, and KPIs, as well as the projects or actions needed to achieve the KPIs. It also provides real-time tracking to help you monitor your progress, identify potential risks, and adjust your strategy as needed.

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insurance broker business continuity plan

Business Continuity Planning and Resilience Services

Building a path to resilience, start your journey with us today., start your journey today., tailored business continuity plans based on proven methodology.

Gallagher's Business Continuity and Resilience team of experienced industry consultants work with your organization to assess your current preparedness, implement plans and conduct simulated exercises to test those plans. Our proven methodology tested across all industries produces pragmatic, cutting-edge solutions.

Business resilience has never been more important

In today's uncertain world, companies confronted by extraordinary threats and vulnerabilities are quickly realizing that having a plan for business recovery has never been more critical.

  • Global pandemics such as COVID-19
  • Data risks such as a cyber attack
  • Operational risks such as supply chain disruptions or the loss of critical third-party suppliers
  • Natural hazards such as wildfires, earthquakes or hurricanes
  • Geopolitical risks such as global conflict, tariffs and embargos
  • Man-made hazards such as terrorism or workplace violence
  • Reputational risks such as negative coverage in social or traditional media

Evaluate your preparedness

Companies must be prepared to respond and recover from any crisis, regardless of its nature or origin.

Do you have a business continuity plan?

A business continuity plan reduces the operational impact of an incident by directly targeting the recovery of an organization's value drivers — those business processes that directly drive revenue and reputation — and enables an organization to recover more efficiently and effectively following a major business disruption or crisis. At the core of a business continuity plan is a business impact analysis that identifies key processes and recovery strategies.

Do you have a crisis management plan?

A crisis management plan manages or mitigates risks to events that have the potential to impact brand, reputation or financial results. Moreover, the plan improves coordination and accelerates decision-making at all levels of an organization in the event of a crisis.

Do you have a crisis communications plan?

Crisis communication plans ideally align with crisis management plans to provide direction and coordination of internal and external stakeholder communications during a crisis.

The Gallagher Difference.

The Challenge.

A large, publicly traded specialty chemical company faced board, customer and regulatory pressure to develop an enterprise-wide business continuity management plan. The company has over 50 plants located in Asia, Europe and the Americas — making plan implementation especially challenging.

Our Action.

After outlining roles and responsibilities for plant, business unit and corporate levels, Gallagher completed business impact analyses (BIA) for 50 plants that identified and prioritized recovery requirements for critical business processes as well as people, equipment, technology and third-party supplier support. The BIA results drove the development of regional and plant business continuity plans, including a global supply chain matrix to identify backup production capabilities.

The Result.

Despite plant disruptions due to personnel and raw material shortages at the height of the COVID-19 pandemic, the company maintained production for all key customers. The plant BIAs and business continuity plans were updated based on lessons learned and program development is underway in other key corporate departments.

Business Continuity Planning and Resilience Summary

  • Allows organizations to respond more efficiently and effectively during a crisis, reducing operational impact
  • Helps organizations become more resilient so they may be eligible for better insurance programs
  • Develops business continuity management plans in virtually every industry

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How to Start a Business Continuity Plan

At the end of 2018, we had many business clients transition personally and in their businesses.  Most had not thought of retirement or selling their business in the near (or even far) future.  But, as life and luck would have it, they each had unforeseen circumstances, and in a couple of cases, opportunities, that changed everything.

There are many reasons  why your company needs a business continuity plan . Having a strategy – before an event happens – helps to maximize the chance your business can recover while minimizing the loss of property, life and assets.

Developing your business continuity plan should be a thoughtful process resulting in a plan that can be beneficial to you if an event occurs.

Start by assembling a team of key decision-makers who will lead your continuity planning efforts. Senior management, team leaders and anyone with in-depth knowledge about business operations should be included.

Four Steps to Developing an Effective Business Continuity Plan

1.      Identify threats or risks Understanding the risks that could leave employees, customers, vendors, property and operations vulnerable is fundamental. Threats can include, but are not limited to natural disasters, malicious attacks, power outages and system failures. Identify the risks  most likely to occur based on historical, geographical, organizational and other factors. Then weigh the probability of each event against its potential impact to your business, as well as your readiness to respond.

2.      Conduct a business impact analysis Identify the people, places, providers, processes and programs critical to the survival of your business. What functions and resources, if interrupted or lost, could impact your ability to provide goods and services or meet regulatory requirements? Consider who and what is absolutely necessary to restore critical operations. Then prioritize the need to restore each item after the event. Plan to use limited resources wisely. Complementary functions can always be restored later.

3.      Adopt controls for prevention and mitigation Prevention and mitigation planning and activities are intended to help prevent an event (such as a fire or explosion from unsafe conditions) as well as to reduce the impact or severity of an event (such as relocating critical equipment to a higher elevation in flood-susceptible areas).  Your prevention and mitigation plans should address, among other things, emergency response, public relations, resource management, and employee communications.

4.      Test, exercise and improve your plan routinely A business continuity plan is an evolving strategy that should adapt to your company’s ever-changing needs. Test and update it regularly – yearly at a minimum – or any time critical functions, facilities, suppliers or personnel change. Train employees to understand their role in executing the plan, too. Exercises can include discussions or hypothetical walk-throughs of scenarios to live drills or simulations. The key is to ensure the plan works as intended.

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  • Business Continuity Plan Basics
  • Understanding BCPs
  • Benefits of BCPs
  • How to Create a BCP
  • BCP & Impact Analysis
  • BCP vs. Disaster Recovery Plan

Frequently Asked Questions

  • Business Continuity Plan FAQs

The Bottom Line

What is a business continuity plan (bcp), and how does it work.

insurance broker business continuity plan

Investopedia / Ryan Oakley

What Is a Business Continuity Plan (BCP)? 

A business continuity plan (BCP) is a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.

Key Takeaways

  • Business continuity plans (BCPs) are prevention and recovery systems for potential threats, such as natural disasters or cyber-attacks.
  • BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.
  • BCPs should be tested to ensure there are no weaknesses, which can be identified and corrected.

Understanding Business Continuity Plans (BCPs)

BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks . Once the risks are identified, the plan should also include:

  • Determining how those risks will affect operations
  • Implementing safeguards and procedures to mitigate the risks
  • Testing procedures to ensure they work
  • Reviewing the process to make sure that it is up to date

BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.

Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.

Benefits of a Business Continuity Plan

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic. Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's information technology system after a crisis.

Consider a finance company based in a major city. It may put a BCP in place by taking steps including backing up its computer and client files offsite. If something were to happen to the company's corporate office, its satellite offices would still have access to important information.

An important point to note is that BCP may not be as effective if a large portion of the population is affected, as in the case of a disease outbreak. Nonetheless, BCPs can improve risk management—preventing disruptions from spreading. They can also help mitigate downtime of networks or technology, saving the company money.

How To Create a Business Continuity Plan

There are several steps many companies must follow to develop a solid BCP. They include:

  • Business Impact Analysis : Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
  • Recovery : In this portion, the business must identify and implement steps to recover critical business functions.
  • Organization : A continuity team must be created. This team will devise a plan to manage the disruption.
  • Training : The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.

Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.

Along with testing the continuity team, the company should also test the BCP itself. It should be tested several times to ensure it can be applied to many different risk scenarios . This will help identify any weaknesses in the plan which can then be corrected.

In order for a business continuity plan to be successful, all employees—even those who aren't on the continuity team—must be aware of the plan.

Business Continuity Impact Analysis

An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis. The worksheet should be completed by business function and process managers who are well acquainted with the business. These worksheets will summarize the following:

  • The impacts—both financial and operational—that stem from the loss of individual business functions and process
  • Identifying when the loss of a function or process would result in the identified business impacts

Completing the analysis can help companies identify and prioritize the processes that have the most impact on the business's financial and operational functions. The point at which they must be recovered is generally known as the “recovery time objective.”

Business Continuity Plan vs. Disaster Recovery Plan

BCPs and disaster recovery plans are similar in nature, the latter focuses on technology and information technology (IT) infrastructure. BCPs are more encompassing—focusing on the entire organization, such as customer service and supply chain. 

BCPs focus on reducing overall costs or losses, while disaster recovery plans look only at technology downtimes and related costs. Disaster recovery plans tend to involve only IT personnel—which create and manage the policy. However, BCPs tend to have more personnel trained on the potential processes. 

Why Is Business Continuity Plan (BCP) Important?

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and business continuity plans (BCPs) are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.

What Should a Business Continuity Plan (BCP) Include?

Business continuity plans involve identifying any and all risks that can affect the company's operations. The plan should also determine how those risks will affect operations and implement safeguards and procedures to mitigate the risks. There should also be testing procedures to ensure these safeguards and procedures work. Finally, there should be a review process to make sure that the plan is up to date.

What Is Business Continuity Impact Analysis?

An important part of developing a BCP is a business continuity impact analysis which identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis.

These worksheets summarize the impacts—both financial and operational—that stem from the loss of individual business functions and processes. They also identify when the loss of a function or process would result in the identified business impacts.

Business continuity plans (BCPs) are created to help speed up the recovery of an organization filling a threat or disaster. The plan puts in place mechanisms and functions to allow personnel and assets to minimize company downtime. BCPs cover all organizational risks should a disaster happen, such as flood or fire.  

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15 - 17.

Ready. “ IT Disaster Recovery Plan .”

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15-17.

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Why Create a Business Continuity Plan?

Why Create a Business Continuity Plan?

Business continuity planning is essential if you want to make sure that you can continue operating your business when your normal routine is threatened or destroyed by unforeseen circumstances or emergencies. While everything is going according to plan, it is tempting to leave aside business continuity planning.

However, as many businesses without effective continuity planning will have found to their cost when unexpected issues have arisen, business continuity planning isn’t an optional extra – it’s something that is vital to keep your business trading when fire, theft, vandalism, stormy weather, loss of suppliers or personnel, or any other issues occur.

Business continuity plans cover two main areas:

• Crisis management gives priority to employee health and safety and involves the creation of building evacuation procedures, lists of useful contacts and establishing off-site meeting places etc. • Recovery roadmaps provide full details of the core elements of your business and question what you would do without them.

Bollington Insurance can help to provide the basic tools needed to create and maintain your business continuity plan. Don't leave it until it is too late - think about the future of your business now and avoid costly disruption in the future. Our specialist Risk Management team is available on 01625 854300  for more in-depth advice.

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How to write a business plan for an insurance broker?

insurance broker business plan

Creating a business plan for an insurance broker is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating an insurance broker business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for an insurance broker?

  • What information is needed to create a business plan for an insurance broker?
  • What goes in the financial forecast for an insurance broker?
  • What goes in the written part of an insurance broker business plan?
  • What tool can I use to write my insurance broker business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write an insurance broker business plan in the first place.

To have a clear roadmap to grow the business

Running a small business is tough! Economic cycles bring growth and recessions, while the business landscape is ever-changing with new technologies, regulations, competitors, and consumer behaviours emerging constantly.

In such a dynamic context, operating a business without a clear roadmap is akin to driving blindfolded: it's risky, to say the least. That's why crafting a business plan for your insurance broker is vital to establish a successful and sustainable venture.

To create an effective business plan, you'll need to assess your current position (if you're already in business) and define where you want the business to be in the next three to five years.

Once you have a clear destination for your insurance broker, you'll have to:

  • Identify the necessary resources (human, equipment, and capital) needed to reach your goals,
  • Determine the pace at which the business needs to progress to meet its objectives as scheduled,
  • Recognize and address the potential risks you may encounter along the way.

Engaging in this process regularly proves advantageous for both startups and established companies. It empowers you to make informed decisions about resource allocation, ensuring the long-term success of your business.

To get visibility on future cash flows

If your small insurance broker runs out of cash: it's game over. That's why we often say "cash is king", and it's crucial to have a clear view of your insurance broker's future cash flows.

So, how can you achieve this? It's simple - you need to have an up-to-date financial forecast.

The good news is that your insurance broker business plan already includes a financial forecast (which we'll discuss further in this guide). Your task is to ensure it stays current.

To accomplish this, it's essential to regularly compare your actual financial performance with what was planned in your financial forecast. Based on your business's current trajectory, you can make adjustments to the forecast.

By diligently monitoring your insurance broker's financial health, you'll be able to spot potential financial issues, like unexpected cash shortfalls, early on and take corrective actions. Moreover, this practice will enable you to recognize and capitalize on growth opportunities, such as excess cash flow enabling you to expand to new locations.

To secure financing

Whether you are a startup or an existing business, writing a detailed insurance broker business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your insurance broker has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for an insurance broker, let's take a look at what information is needed to create one.

Information needed to create a business plan for an insurance broker

Drafting an insurance broker business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for an insurance broker

Before you begin writing your business plan for an insurance broker, conducting market research is a critical step in ensuring precise and realistic financial projections.

Market research grants you valuable insights into your target customer base, competitors, pricing strategies, and other crucial factors that can impact the success of your business.

In the course of this research, you may stumble upon trends that could impact your insurance broker.

Your market research might reveal that customers may be more likely to select insurance plans with additional coverage options, such as pet insurance or identity theft coverage. It could also indicate that there may be a growing demand for digital insurance services, like online payment systems or automated customer support.

Such market trends play a pivotal role in revenue forecasting, as they provide essential data regarding potential customers' spending habits and preferences.

By integrating these findings into your financial projections, you can provide investors with more accurate information, enabling them to make well-informed decisions about investing in your insurance broker.

Developing the sales and marketing plan for an insurance broker

As you embark on creating your insurance broker business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of an insurance broker

As you embark on starting or expanding your insurance broker, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is essential for ensuring your business's success.

Both the recruitment and investment plans must align with the timing and level of growth projected in your forecast, and they require appropriate funding.

The staffing costs for an insurance broker might include salaries for a team of insurance agents, administrative staff, and customer service personnel.

Additionally, your insurance broker might also need to pay for additional staffing costs such as training, benefits, and payroll taxes. The equipment costs for an insurance broker might include computers, software, printers, scanners, and other office supplies.

Your broker may also need to purchase specialized equipment such as laptops, tablets, and mobile phones in order to provide the best customer service. Finally, your broker may need to pay for additional costs such as internet access, phone lines, and other office expenses.

To create a realistic financial forecast, you also need to consider other operating expenses associated with the day-to-day running of your business, such as insurance and bookkeeping.

With all the necessary information at hand, you are ready to begin crafting your business plan and developing your financial forecast.

What goes into your insurance broker's financial forecast?

The financial forecast of your insurance broker will enable you to assess the profitability potential of your business in the coming years and how much capital is required to fund the actions planned in the business plan.

The four key outputs of a financial forecast for a insurance broker are:

  • The profit and loss (P&L) statement ,
  • The projected balance sheet ,
  • The cash flow forecast ,
  • And the sources and uses table .

Let's take a closer look at each of these.

The projected P&L statement

Your insurance broker forecasted P&L statement enables the reader of your business plan to get an idea of how much revenue and profits your business is expected to make in the near future.

forecasted profit and loss statement in a insurance broker business plan

Ideally, your reader will want to see:

  • Growth above the inflation level
  • Expanding profit margins
  • Positive net profit throughout the plan

Expectations for an established insurance broker will of course be different than for a startup. Existing businesses which have reached their cruising altitude might have slower growth and higher margins than ventures just being started.

The forecasted balance sheet of your insurance broker

The projected balance sheet of your insurance broker will enable the reader of your business plan to assess the overall financial health of your business.

It shows three elements: assets, liabilities and equity:

  • Assets: are productive resources owned by the business, such as equipment, cash, and accounts receivable (money owed by clients).
  • Liabilities: are debts owed to creditors, lenders, and other entities, such as accounts payable (money owed to suppliers).
  • Equity: includes the sums invested by the shareholders or business owners and the profits and losses accumulated by the business to date (which are called retained earnings). It is a proxy for the value of the owner's stake in the business.

projected balance sheet in a insurance broker business plan example

Analysing your insurance broker projected balance sheet provides an understanding of your insurance broker's working capital structure, investment and financing policies.

In particular, the readers of your plan can compare the level of financial debt on the balance sheet to the equity value to measure the level of financial risk (equity doesn't need to be reimbursed, while financial debt must be repaid, making it riskier).

They can also use your balance sheet to assess your insurance broker's liquidity and solvency:

  • A liquidity analysis: focuses on whether or not your business has sufficient cash and short-term assets to cover its liabilities due in the next 12 months.
  • A solvency analysis: takes and longer view to assess whether or not your business has the capacity to repay its debts over the medium-term.

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your insurance broker has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your insurance broker business plan.

example of projected cash flow forecast in a insurance broker business plan

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

  • Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
  • Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
  • Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your insurance broker business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting an insurance broker.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

initial financing plan in a insurance broker business plan

Having this table helps understand what costs are involved in setting up the insurance broker, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of an insurance broker business plan is understood, let's focus on what goes into the written part of the plan.

The written part of an insurance broker business plan

The written part of an insurance broker business plan plays a key role: it lays out the plan of action you intend to execute to seize the commercial opportunity you've identified on the market and provides the context needed for the reader to decide if they believe your plan to be achievable and your financial forecast to be realistic.

The written part of an insurance broker business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services
  • The market analysis
  • The strategy
  • The operations
  • The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your insurance broker's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your insurance broker's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

In your insurance broker business plan, the second section should focus on the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide an overview of the business's legal structure, details about the owners, and their respective investments and ownership shares. This clarity is crucial, especially if you're seeking financing, as it helps the reader understand which legal entity will receive the funds and who controls the business.

Moving on to the location part, you'll offer an overview of the company's premises and their surroundings. Explain why this particular location is of interest, highlighting factors like catchment area, accessibility, and nearby amenities.

When describing the location of your insurance broker, you could emphasize the potential for growth in the area. You may discuss the fact that there are plenty of resources and opportunities in the surrounding area that could help to increase the profitability of the business. Additionally, you could point out that the area could potentially provide access to a wider customer base, allowing for greater success in the future.

Finally, you should introduce your management team. Describe each member's role, background, and experience.

Don't forget to emphasize any past successes achieved by the management team and how long they've been working together. Demonstrating their track record and teamwork will help potential lenders or investors gain confidence in their leadership and ability to execute the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your insurance broker might offer auto insurance for customers needing coverage for personal vehicles, home insurance for customers needing coverage for their homes, and business insurance for customers needing coverage for their businesses.

These products and services can provide customers with financial protection against unexpected events such as theft, property damage, and liability claims.

4. The market analysis

When outlining your market analysis in the insurance broker business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your insurance broker, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your insurance broker targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include young married couples. This segment is likely to be looking for a comprehensive insurance plan that offers good value for money. They are likely to be tech savvy and looking to do research online and compare prices.

In the competition subsection, introduce your main competitors and explain what sets your insurance broker apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your insurance broker.

5. The strategy section

When crafting the strategy section of your business plan for your insurance broker, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your insurance broker may face the risk of a client making a fraudulent claim. This could lead to a costly investigation and the broker may face legal and financial repercussions.

Additionally, the broker may face the risk of a cyber attack that could lead to the exposure of sensitive information. This could result in a loss of trust from customers and a damaged reputation.

6. The operations section

The operations of your insurance broker must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your insurance broker - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as customer databases and client records that could contain sensitive information. Additionally, your insurance broker might have intellectual property such as proprietary knowledge or business processes that could be valuable to the company.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will present the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of what goes in your insurance broker business plan, let's look at the solutions you can use to draft yours.

What tool should I use to write my insurance broker's business plan?

In this section, we will be reviewing the two main solutions for creating an insurance broker business plan:

  • Using specialized online business plan software,
  • Outsourcing the plan to the business plan writer.

Using an online business plan software for your insurance broker's business plan

The modern and most efficient way to write an insurance broker business plan is to use business plan software .

There are several advantages to using specialized software:

  • You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can access a library of dozens of complete business plan samples and templates for inspiration
  • You get a professional business plan, formatted and ready to be sent to your bank or investors
  • You can easily track your actual financial performance against your financial forecast
  • You can create scenarios to stress test your forecast's main assumptions
  • You can easily update your forecast as time goes by to maintain visibility on future cash flows
  • You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your insurance broker's business plan

Outsourcing your insurance broker business plan to a business plan writer can also be a viable option.

Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.

However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.

Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.

Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.

Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.

For these reasons, carefully consider outsourcing your insurance broker business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.

Why not create your insurance broker's business plan using Word or Excel?

I must advise against using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write your insurance broker business plan. Let me explain why.

Firstly, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is highly technical and requires a strong grasp of accounting principles and financial modelling skills. It is, therefore, unlikely that anyone will fully trust your numbers unless you have both a degree in finance and accounting and significant financial modelling experience, like us at The Business Plan Shop.

Secondly, relying on spreadsheets is inefficient. While it may have been the only option in the past, technology has advanced significantly, and software can now perform these tasks much faster and with greater accuracy. With the rise of AI, software can even help us detect mistakes in forecasts and analyze the numbers for better decision-making.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Moreover, software makes it easier to compare actuals versus forecasts and maintain up-to-date forecasts to keep visibility on future cash flows, as we discussed earlier in this guide. This task is cumbersome when using spreadsheets.

Now, let's talk about the written part of your insurance broker business plan. While it may be less error-prone, using software can bring tremendous gains in productivity. Word processors, for example, lack instructions and examples for each part of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they don't handle formatting for you.

Overall, while Word or Excel may seem viable for some entrepreneurs to create a business plan, it's by far becoming an antiquated way of doing things.

  • A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
  • Having an up-to-date business plan is the only way to keep visibility on your insurance broker's future cash flows.
  • Using business plan software is the modern way of writing and maintaining business plans.

We hope that this practical guide gave you insights on how to write the business plan for your insurance broker. Do not hesitate to get in touch with our team if you still have questions.

Also on The Business Plan Shop

  • In-depth business plan structure
  • Key steps to write a business plan?
  • Free business plan template

Know someone who owns or wants to start an insurance broker? Share this article with them!

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Where Insurance Fits in Your Business Continuity Planning

Business continuity planning and insurances role

With a global pandemic raging, most business owners are facing circumstances they never could have imagined. This disaster is the worst possible outcome for many businesses including orthodontists and veterinarians , but those who enacted business continuity plans early on have had more opportunities to protect themselves through the ups and downs.

Shutdowns around the country required businesses like dental practices, orthodontist offices, and even veterinarians to close for everything but emergencies. This not only created trouble for patients but also put these businesses in a terrible spot financially.

Creating a solid business continuity plan that takes into account major global disasters allows businesses the opportunity to continue surviving despite economic conditions. A key component of business continuity planning is ensuring the appropriate insurance coverages will remain intact throughout the continuity plan.

What is Business Continuity Planning?

In the simplest terms, business continuity planning is any plan that is put in place to allow a business to continue operating at its same capacity in the event of any disaster. This can include a self-savings plan or coverage purchased as insurance.

When looking at business continuity coverage, it’s important to make sure that you are clear about the timeline. Ask yourself questions to determine what the insurance covers, the length of time for the coverage, and what your practice will function like when you’re using the coverage.

Continuity vs. Traditional Business Insurance

Your continuity plan is not the same as your insurance coverage (IBM has an excellent guide on continuity plans if you want to dive deeper). The continuity plan is what you develop on your own as a business owner and will allow your practice to continue operating to some extent in case something happens.

While continuity is not insurance, it almost always includes insurance coverage. The coverage you choose will play a key role in your practice’s ability to remain open should anything happen.

Continuity After Disaster

One of the first things to consider when you’re drafting a business continuity plan for your practice is what the plan will focus on. Will it cover natural disasters? Pandemics? Global disruptions? While you won’t know what will happen in the future, you can make allowances and base your plan off of situations that could happen so you’re prepared when they do.

Another factor to consider when drafting the plan is how your business will handle the disaster. This will often require you to take an “if this, then that” approach. Draft several scenarios and levels of the disaster so you can be prepared whether there are major or minor disruptions to your practice.

After the often-sobering experience of planning for how your practice is going to handle the disaster, you’ll need to make sure that you know how you’re going to recover from it. Which steps will you take to get your practice back to how it was before the disaster. It might be easy to overlook this part of continuity planning because once the disaster is over and the immediate danger to your business is gone, you may feel like everything will fall back into place. But, that’s not the case. Once the disaster is over, you’ll need to determine how to repair any physical damages and restore your practice to what it once was.

Maintaining Cash Flow in Business Continuity

To ensure your continuity plan works, you’ll need to have cash flow during the time that you’re enacting your plan. While you can build reserves in the time before you have to enact the continuity plan, you will probably not know when that time is so investing regular money into planning for disasters will allow you to be prepared with the money you need to keep your practice running and profitable. In addition to using money that you’ve built in reserves, you can also include cash flow ideas in your continuity plan. Some ideas for cash flow while the plan is enacted:

  • Offering your services in a different way (for example, orthodontists could offer virtual consultations or veterinarians may be able to make house calls if the practice is unavailable)
  • Providing ancillary services to your patients (for example, offering products for sale that will support your goals as a dentist, orthodontist, or veterinarian)
  • Creating cash flow through educational opportunities in your area of practice by using things like social media and internet marketing

Looking at How Insurance Fits

While not the only thing that matters in your business continuity plan, insurance is a key component to keeping your business afloat during disasters or other challenging times. The right coverage can be the difference in being able to sustain your business for a few days, a few months, or even a few years. Having appropriate coverage can afford you the opportunity to get through most disasters.

Sufficient Coverage in a Changing Landscape

When drafting business continuity plans, professionals need to carefully review the insurance that they have. What once worked for businesses will not continue working in an environment that is rapidly changing. Because of this, you will need to have periodic reviews of your insurance coverages.

Protection in a Digital Age

As an orthodontist, dentist, or veterinarian, you likely already understand the importance of cybersecurity . Not only is cybersecurity important to your practice but it’s also crucial for protecting the privacy of your patients. While you’ve probably taken steps to ensure your digital data is secure, there are still incidents that can happen that will compromise your data. Being sure that you’re protected now and during any business continuity plan can help protect your clients and protect you from any blowback as a result of a breach.

Ensure that coverage to digital data is included with your insurance coverage and that it allows for changes in the digital landscape. By making sure that this coverage applies to your business now and in the future, you can protect your patients’ data.

What Happens if Your Operations are Interrupted?

In the event of something like a disaster or a pandemic, your operations will likely be interrupted. Whether that is because of physical limitations or e of restrictions imposed by the government depends on the event. When operations are interrupted, you won’t be able to pay your bills, afford payroll, or you might even have to rely on government assistance (many small businesses did during the COVID pandemic in the form of PPP and other loans). Including considerations for interrupted operations in a business continuity plan can help business owners avoid these negative experiences.

Pandemic-Related Continuity

Most people did not expect a global pandemic to take over the world and disrupt operations at their small business, but it’s something that happened and something that small business owners around the country have had to deal with. Those with continuity plans already in place likely did not expect it to have such far-reaching impacts as what it did, but they can now take that opportunity to plan better for in the future.

Perhaps one of the best protections that practices can provide is short-term disability insurance . This can help businesses get through pandemic situations while also protecting their team. Short-term disability allows team members to have necessary time off while recovering from illness while also allowing the practice to cover their wages. It can be extremely helpful if members contract COVID or other pandemic-related illnesses. Practice owners can purchase short-term disability and pay the premium with simple census data on the team while inexpensively providing coverage.

Business Risks and Liabilities

Now and in the future, you are responsible for learning about the risks and responsibilities that you have as a practice owner. Whether you are a dentist, orthodontist, or veterinarian, you will need to assess the risk and liability that your practice has.

Find out what your current risks are and whether you are fully covered by the insurance policy that you have in place. By determining if you are covered, you can then plan for now and in the future. You may be surprised that upping your coverage can be a relatively inexpensive cost for your practice but the benefits are immense and can save you a lot of money. Additionally, learn about the liability that you have in your practice. Many practice owners are surprised to find out that they could be liable for anything from malpractice to injury and even privacy-related claims.

Review your coverage and take the time to determine if you are sufficiently covered. If you are not, purchase a different type of coverage or purchase additional coverage to supplement.

At Loyall Group, we serve a number of professional industries including veterinarians, orthodontists, and dentists, as well as those in banking and fintech. We offer insurance solutions including disability income, student loan insurance, practice insurance, life insurance, and more. Our team of friendly professionals can help you determine the best insurance options for your business continuity plan. Get your free quote today.

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In a recent interview on July 16, 2021 with Jan Miller, nationally

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Business Continuity Planning

Home ► Risk Management ► Business Continuity Planning

Expect the best, plan for the worst, and prepare to be surprised

Fires, pandemics, cyber-attacks, power outages and failure of suppliers are just a few unexpected incidents that cause significant disruption and financial loss to thousands of businesses each year. Business Continuity Management can protect your organisation by mitigating these known risks as well as preparing for the unexpected.

Arden can support your organisation by mitigating these known risks as well as preparing for the unexpected. Business Continuity Management can also assist in creating a competitive advantage and providing reassurance to staff, investors and other stakeholders.

Insurers have recognised the benefit of Risk Management and Business Continuity Planning and will offer premiums that reflect suitably protected businesses.

What we offer

  • Business Continuity Healthcheck – Whether or not you already have Business Continuity plans in place, it is an inexpensive way of establishing how vulnerable your organisation is and what practical steps you can take to prepare for the unexpected.
  • Business Impact Analysis (BIA) – Identifies and documents your key products and services; the critical activities required to deliver these; the impact that a disruption of these activities would have on your organisation; and the resources required to resume the activities.
  • Risk & Threat Assessments – looks at the likelihood and impact of a variety of risks that could cause a business interruption. By assessing these, you will be able to prioritise your risk reduction activities.
  • Business Continuity Strategy – identifying the action that you can take to maintain the critical activities that underpin the delivery of your organisation’s products and services.
  • Business Continuity Plans (BCP) – Documented procedures that guide you on how to respond, recover, resume and restore to a predefined level of operation following a disruption
  • Training & Exercise – Your BCM arrangements cannot be considered reliable until they are exercised and have proved to be workable. Exercising should involve: validating plans; rehearsing key staff; and testing systems which are relied upon to deliver resilience.
  • ISO 22301 aligned management systems – The overall management system that establishes, implements, operates, monitors, reviews, maintains and improves business continuity.

To find out more about our Services please contact our team today on T. +44 (0) 204 505 3573 or fill out the form below:

Service... Insurance Risk Management Financial Services Employment Services Employee Benefits Claims

A comprehensive guide to small business insurance: Here’s how to safeguard your company

insurance broker business continuity plan

Starting your own business requires a significant investment of both time and money. Millions of people continue to step up to the challenge with 33 million small businesses active in the U.S. as of 2023. However, without a proper business insurance plan in place, you risk losing everything you worked so hard to build. 

According to a survey released by Next Insurance , 90% of business owners weren’t sure if they had adequate coverage. Worse, 29% had no business insurance coverage at all, leaving their business and investments vulnerable to natural disasters, theft or lawsuits.

Small business insurance provides critical protection for your business, but there are several different types of coverage. Understanding the options available and what to expect in terms of cost can help you find the right coverage for your business (and your budget).  

7 common types of small business insurance

A customer visits your store and slips and breaks his arm while browsing the store aisles. 

A fire breaks out and spreads to your warehouse, destroying your inventory. 

Or a thief breaks into the office and steals your laptop. 

Whatever the case may be, there are many unexpected and horrifying scenarios that can threaten your business. 

Like your personal car or homeowners insurance policy, small business insurance acts as a safety net for your business, protecting your business property and assets against common disasters or accidents. 

Whether you’re the sole employee of your own company or you have dozens of workers, your small business likely needs some form of protection. What kind of insurance your business needs depends on the type of work you do, the size of your operation and your location. These are some of the most common business insurance options:

Business owners policies (BOPs)

A BOP is actually an insurance package that combines several forms of coverage together, making it a simple option for small business owners. BOPs usually include general liability, property insurance and business interruption insurance. 

BOPs are often more cost-effective than purchasing each type of coverage separately, and you can customize your BOP with optional add-ons, such as cyber risk insurance or commercial auto coverage . 

General liability

General liability insurance protects you against financial losses that may result from bodily injuries or property damage that occur due to your business. For example, if a client is injured on your business premises, general liability coverage would help cover your legal bills, the medical bills of the affected person and any damages resulting from a lawsuit. 

Product liability

If you produce or sell products, product liability coverage protects you against losses that result from products that you make, distribute or sell. For example, if a customer needs medical attention after getting hurt by a product you manufactured, product liability insurance would help you with the legal and medical expenses. 

Professional liability 

Professional liability insurance covers your legal expenses and damages related to issues that result from your professional negligence or mistakes. 

Commercial property

If your business property, equipment or inventory is damaged by a storm, fire or theft, commercial property insurance will reimburse you for your losses. 

Home-based business

According to the Small Business Administration , more than half of all small businesses are home-based. If you run your business from your home, you’ll need separate coverage from your personal homeowners or renters insurance policy . 

Home-based business insurance provides added protection for your business equipment and supplies, as well as protection against liability issues that aren’t covered by your personal policies. 

Workers’ compensation

If you have employees, you’re usually required to have workers’ compensation insurance. Workers’ compensation pays for your employees’ medical care and a portion of their wages if they’re injured or become ill while working. 

Other types of coverage

Beyond the seven main types of small business insurance, there are many other types of coverage. If your company works in particular industries or has specialized needs, you may need additional insurance. Some common add-ons include: 

  • Business interruption: If your business were forced to close due to a covered reason, such as storm damage, business interruption coverage will help cover your lost income. 
  • Commercial auto: If you have vehicles that you use for your business, including delivery trucks, you’ll need a separate commercial auto policy. 
  • Cyber liability: For businesses that sell or store customer information online, cyber liability insurance is a must. If your information — or your customers’ details — are compromised, cyber insurance covers the costs of system recovery efforts, notification expenses, fines and identity theft protection for your affected customers. 

How to purchase small business insurance 

To purchase small business insurance, follow these steps: 

  • Think about what coverage you need: Consider what kinds of insurance you need. For example, if you have company vehicles, you’ll likely need commercial auto coverage in addition to general liability and professional liability policies. And if your business operates in areas that are prone to natural disasters, such as floods or earthquakes, you may need separate commercial policies for those issues too. 
  • Shop around: Prices can vary significantly by insurer. Many insurers allow you to request quotes for small business insurance online; enter information about your company’s age, revenue, industry and employees, and the insurer will give you an estimate for your desired coverage. 
  • Contact an agent or broker: Once you know what kind of insurance you need, you can reach out to commercial insurance brokers or company agents to get exact pricing details and purchase a policy. 

According to Mark Friedlander, director of corporate communications with the Insurance Information Institute , a broker can be a valuable resource as you begin the process. 

“A qualified broker can help a business owner collect all the information they will need to apply for a policy, and help them comparison shop among several options and quotes,” he said. “Before hiring [a broker], we recommend reviewing the broker’s background and experience as well as the services provided and any fees charged.”

The National Association of Insurance Commissioners has a tool you can use to find insurance agents and brokers in your area. 

Small business insurance FAQs  

Do i need small business insurance if i’m just starting out.

Many people put off purchasing coverage because of the expense, but according to Chris Rhodes, chief insurance officer of NEXT Insurance, that mindset could be a costly mistake. 

“Purchasing insurance should be one of, if not the first, things on your checklist as a new business owner,” he said. “Regardless of revenue or investment level, having insurance is crucial for protecting your future livelihood.”

At a minimum, simple BOP coverage or other basic forms of coverage are a good starting point. 

“As a rule of thumb, small business owners should purchase general liability or professional liability coverage as a first line of defense,” Rhodes said. 

How much does small business insurance cost?

The cost of small business insurance depends on several factors, including your company’s location, size and industry. BOP coverage, which bundles common insurance types onto one simple policy, typically costs between $40 and $170 per month.

What factors affect small business insurance costs?

Several factors affect cost, including: 

  • Service or product provided: Certain industries or business types, such as those in construction or transportation, are more likely to be involved in accidents, so premiums tend to be more expensive to offset the higher risk. 
  • Location: If you live in an area with a high cost of living or with a higher-than-average crime rate, your premiums will typically be higher. 
  • Size: If you have employees, your premiums will be much higher than that of a business owner who is a solopreneur. The larger the company, the more expensive your premiums will be. 

Does my state require business insurance?

If you have employees, federal law requires you to have workers’ compensation, unemployment and disability insurance. But in some states, certain professions have additional insurance requirements. 

For example, in Colorado, physicians are required to have malpractice insurance. In Oregon, 

lawyers must maintain malpractice insurance with the state Professional Liability Fund. 

Visit your state professional association or regulatory commission to find out what coverage you’ll need. 

Do freelancers need business insurance?

Freelancers can benefit from business insurance, even if they don’t work in-person with customers. Basic coverage, including professional liability coverage, can protect against issues like lawsuits over mistakes or errors. 

The takeaway  

To ensure your business isn’t stalled or disrupted by weather, theft, accidents or lawsuits, small business insurance is a crucial purchase. As you begin shopping for insurance, request quotes from leading small business insurance companies . 

“As a general rule,” Friedlander said, “small business owners should get business insurance quotes from at least three different companies.”

Shopping around will help you find the best coverage at the lowest rate.

EDITORIAL DISCLOSURE : The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends ™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

Guide to small business insurance

The 10 best insurance companies for small businesses, 5 best small business insurance companies in california of 2024, 5 best small business insurance companies in new jersey of 2024, a comprehensive guide to small business insurance: here's how to safeguard your company.

IMAGES

  1. Build Your Business Continuity Plan Before Disaster Strikes

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  2. How to create an effective business continuity plan?

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  3. How to Write a Business Continuity Plan?

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  4. Business Continuity Management and why it is important

    insurance broker business continuity plan

  5. FREE 12+ Sample Business Continuity Plan Templates in PDF

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  6. Business Continuity Plan for brokerage

    insurance broker business continuity plan

COMMENTS

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  2. Insurance Business Continuity Plan Template

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  3. Business Continuity Planning (BCP)

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  8. PDF Business Continuity Guide

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  11. What Is a Business Continuity Plan?

    Business continuity planning (BCP) can help your business prepare for and respond to disasters like a fire, flood or technology crisis. When it comes to small business risk management, preparing for the worst can give your business a solid foundation to recover if the unexpected happens.

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  13. Covering Coronavirus: Risk Considerations

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  14. How to Start a Business Continuity Plan

    Developing your business continuity plan should be a thoughtful process resulting in a plan that can be beneficial to you if an event occurs. Start by assembling a team of key decision-makers who will lead your continuity planning efforts. Senior management, team leaders and anyone with in-depth knowledge about business operations should be ...

  15. Business continuity planning

    Business continuity planning is about preparing your business for the worst. It's implementing a step-by-step plan for the future should an emergency hit, and it's something that some business owners overlook. What would you do if there was a power outage? How would you recover from a cyber attack? Are you properly prepared for natural disasters?

  16. Building a strong small business continuity plan

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  17. What Is a Business Continuity Plan (BCP), and How Does It Work?

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  18. Making a Business Continuity Plan

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  19. How to write a business plan for an insurance broker?

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  23. Business Continuity Planning

    What we offer Business Continuity Healthcheck - Whether or not you already have Business Continuity plans in place, it is an inexpensive way of establishing how vulnerable your organisation is and what practical steps you can take to prepare for the unexpected.

  24. A comprehensive guide to small business insurance

    Starting your own business requires a significant investment of both time and money. Millions of people continue to step up to the challenge with 33 million small businesses active in the U.S. as ...