How to Start a Pet Insurance Agency
Americans love their pets. Pets can come in all sizes and shapes, and can bring a great deal of joy into our lives. However, the cost of veterinarian bills can become burdensome. Because of this, insurance companies have started offering pet insurance to help guard against the expense of sickness or injury to your pet.
Directions:
- Call the Department of Insurance in your state. Every state has specific regulation and licensing requirements. The state Department of Insurance will specify what you have to do to become licensed in that specific field. If you are planning on covering pets in more than one state, you will need a non-resident license for the state(s) where you do not live.
- Study existing pet insurance policies and respective costs. You will need to consider what conditions and procedures to cover with pet policies. Consider the premiums you will be charging, as well as the deductibles. There will also be exclusionary timeframes (the period of time after the policy is in force and before the pet can go for treatment. This is usually about thirty days).
- Determine if you want a traditional office, a virtual office, or market business strictly online. For a home or traditional office, make sure you have office space set aside for the business. If you are going to do business strictly online, make sure the website is professionally done and explains coverage options.
- Set up accounting and billing programs on your computer. Keep your insurance policies, along with executed signatures by your clients, in separate file cabinets. It is extremely important in the insurance business to be meticulous with record keeping, and maintain files of all your business clients.
- Determine where you want to market your business, possibly through local newspapers and trade publications. Many towns and cities have local publications printed for pet owners, and would be a good place to advertise. Talk to pet stores about leaving your brochures and business cards, particularly if there are vets at their stores. Offer free seminars at pet stores to let the general public know your business exists, and what you offer.