Business Insurance Practical ways to start a profitable insurance business

[Augusta]

One of the ways of earning residual income and making good money can come from having your insurance business. You can make money through the premium that is paid to you at different times by your clients. So to have a smooth run of it, you need to do the following:

• First, you need to register your insurance company with the government and insurance commission agencies; this will help you obtain the guidelines on running the business without going against the law
• Then insure your business with another insurance company, this will help you in case a claim from your clients are too large for you
• To avoid closure of your insurance you need to obtain all the licenses and permits needed
• Go for insurance you can cover with ease
• Then have a little money for the initial take off and move on from there

What do you think about insurance business?

 

[Chibson]

Nice tips right here. Before anyone well think of starting an insurance company he must look for ways he which he will use to obtain all the necessary licences because owning such a company is not easy and a lot of people are trusting you with their money and of course properties

 

[Wisdom01]

This are really great tips , i think an insurance business comes with so many factors attached , the said person that owns the insurance company should get to obtain license from the government to operate , because the insurance company need to be registered so it won't be termed as fake by client

 

[Mika]

An insurance company is not something like a shop on the corner of a street that you can easily start with little funds at your hand or burrow from friends and family to set up. An insurance company is a "limited company." A limited company needs a lot of investors and very large funds. Think about millions of dollars.

 

[Augusta]

An insurance company is not something like a shop on the corner of a street that you can easily start with little funds at your hand or burrow from friends and family to set up. An insurance company is a "limited company." A limited company needs a lot of investors and very large funds. Think about millions of dollars.

Well, we are looking at just starting out without even having a need for a claim by a client, you don't need that much for a start. Morever this is why it has been stated that you also need to insure your own company against risk and higher compensation by clients. You can deal with it

 

[btaliat]

You have written nice tips. I don't even reason that insurance companies as well need to insure their companies against any loss. Just like you have highlighted, the premium hijkd be affordable. This is because most people are always scared away from paying high premium. That's the most reason why people don't insure.

 

[Augusta]

You have written nice tips. I don't even reason that insurance companies as well need to insure their companies against any loss. Just like you have highlighted, the premium hijkd be affordable. This is because most people are always scared away from paying high premium. That's the most reason why people don't insure.

Well, for high premium I think it is mostly according to what you are insuring you wouldn't want to insure a house worth millions of dollars and expect to pay small premium it will foolhardy of the insurance company because if anything goes wrong and claims or compensation need to be paid the insurance company might be running at a loss

 

[Wisdom01]

You have written nice tips. I don't even reason that insurance companies as well need to insure their companies against any loss. Just like you have highlighted, the premium hijkd be affordable. This is because most people are always scared away from paying high premium. That's the most reason why people don't insure.

And one thing I noticed is that most people that I have seen that refused to pay premium for the risk they need to insure against , might likely face that risk , because any risk could happen so it's best to insure against such before they keep happening and lot of things starts occuring

 

[sincerem]

Life is all about risk, but remember their are people who live freely without going to hospital till the day they died. That's the kind of persons insurance companies are looking for to get insured in the health aspect of their life. Owning a health insurance company we ought to be expert in the field or employ staffs that knows too well about it to carry on with the criteria to get licence.

 

[Augusta]

And one thing I noticed is that most people that I have seen that refused to pay premium for the risk they need to insure against , might likely face that risk , because any risk could happen so it's best to insure against such before they keep happening and lot of things starts occuring

I agree with you I think it would better to go for an insurance policy that we are sure might happen irrespective of the premium to pay. It will be very helpful when the need arises no one knows the future. A claim from the insurance company might just be the help that would be needed at that time

 

[Wisdom01]

I agree with you I think it would better to go for an insurance policy that we are sure might happen irrespective of the premium to pay. It will be very helpful when the need arises no one knows the future. A claim from the insurance company might just be the help that would be needed at that time

Yeah true it's best to go for the best insurance policy ,most people that actually go for an insurance policy that the occurance for it happen is very low , might be on regret , because imagine going for store accident insurance than fire insurance , because fire are things that are more likely occur

 

[Finger Geek]

Withdrawal what the starter of this thread has stated. I think to have an insurance company. The person needs to have lots of money and he needs to know lot about operating an insurance company.
Because for example if I insure my car and the third month my car got stolen. Won't they pay me for new one. And remember u have not pay them half of the car fee

 

[Wisdom01]

Withdrawal what the starter of this thread has stated. I think to have an insurance company. The person needs to have lots of money and he needs to know lot about operating an insurance company.
Because for example if I insure my car and the third month my car got stolen. Won't they pay me for new one. And remember u have not pay them half of the car fee

I think most times if the car dosent get stolen they are the ones that might still benefit ,but there is a fund the owner usually pay to the insurance company as at the time the person have insured his properties against any form of risk too I think

 

[Finger Geek]

I think most times if the car dosent get stolen they are the ones that might still benefit ,but there is a fund the owner usually pay to the insurance company as at the time the person have insured his properties against any form of risk too I think

You are right. Because most time they are always the one that will benefit the most. It does not usually occur that a car will be stolen. It is only 0.01% out of 100% that will there car be stolen.

 

[Wisdom01]

You are right. Because most time they are always the one that will benefit the most. It does not usually occur that a car will be stolen. It is only 0.01% out of 100% that will there car be stolen.

Yes i think the most headache car usually give owner is repair and accident because something like that usually occur very well and I think it's definitely what should be more focused and should be insured against , so that some thing like that might no longer occur again, check the risk and many more before insuring is really important too just incase

 

[Finger Geek]

I think most times if the car dosent get stolen they are the ones that might still benefit ,but there is a fund the owner usually pay to the insurance company as at the time the person have insured his properties against any form of risk too I think

You are right. Let us come to think of this. Is it now good to have an auto insurance. Because I think of this as dashing out money to this companies. After struggling to pay the company a monthly fee and the end of this nothing happen to the car. And maybe the car was sold. Then it means the owner has no gain or will they pay some amount of money back?