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Launching an insurance business

Nowadays, insurance businesses are very viable especially if conducted under tax compliance friendly manner. When starting an insurance company, you can chose from the many; the life insurance, valuable annuities and health insurance, property or casualty insurance or more still, a combination of these. Incorporating more than one type of insurance category will ultimately attract more customers aboard at the same time, thus increasing you unit sales. Practicing many businesses together also complements each other in terms of sharing the operations cost accrued and subsequently improving the profit margins.

One best practice in insurance business is to apply for an ‘S’ license corporation, among the IRS, which exempts your company from paying corporate taxes and rather tax your income based on your individual rate. The status saves you a great deal since you are not taxed according to individual transaction completed but rather as your general income which amounts to much less than the corporate rate. The next important thing is the consideration of available means to access your customers; obviously, there are several channels you may opt including the online platforms, emails, phone calls or the post mail address that will limit people contacting you privately.

Other than acting as an independent insurance provider, you may also opt to becoming an agent of one of the major insurance carriers who are provide a variety of service to different policies and what they cover. Differently from independently owned insurance company, becoming an agent only attract a certain commission fee based on the premiums sold. Also, prepare well in advance by registering and licensing your company according to the regulations of your state and produce enough business cards as well as post cards from which you can contact your customers alongside their needs, and thereby prove a competent insurer.

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