Etini Willie
Active member
- Credits
- $2.92630
Owning an insurance company is a good business. It is the business of risk management. Like every other business, it has it's own set of requirements that would enhance a good start and subsequent running of the business. Of course, every business needs a business plan to give the idea and the visioner a sense of direction. After getting the basic business plan, you need to put other things in place to start the insurance company. These include
1) Obtaining licensing: To operate an insurance company, you need a license. The license is gotten after you have sat for and passed courses that have to do with insurance. The course might require you to take between 20-40 hours of weekly study of insurance and ethics.
2) Deciding on the structure of the proposed business: It has to be decided if the company would exist as a sole proprietor or limited liability company.
3) Propose a name for the business: As part of branding efforts for the business, you have to find a name for the business.
4) Secure a Tax Number: You would need a tax number in the bank. It is important for corporate accounts.
After that, you can register your insurance company.
1) Obtaining licensing: To operate an insurance company, you need a license. The license is gotten after you have sat for and passed courses that have to do with insurance. The course might require you to take between 20-40 hours of weekly study of insurance and ethics.
2) Deciding on the structure of the proposed business: It has to be decided if the company would exist as a sole proprietor or limited liability company.
3) Propose a name for the business: As part of branding efforts for the business, you have to find a name for the business.
4) Secure a Tax Number: You would need a tax number in the bank. It is important for corporate accounts.
After that, you can register your insurance company.