10 Best Insurance Franchise Opportunities 2024

The insurance market in the U.S. is the largest in the world. It is so big that in 2015, the U.S. insurance industry contributed to the economy more than the banks. So, if you are looking to dive into this profitable industry, then keep reading this article to get the 10 best insurance franchise opportunities 2024.

10 Best Insurance Franchise Opportunities

As there are infinite numbers of insurance agencies and, it will be overwhelming to choose one profitable insurance franchise that will give you financial success.

Moreover, the primary job of an insurance company is to protect the people from the unpredictable happening in the future.

And the good thing about starting an insurance franchise is that it doesn’t need any degree, and you can work from the comfort of your home. So, anyone with the willingness to start their own franchise can venture into the insurance industry.

Additionally, due to the outbreak of the pandemic, many people are now aware of insurance, thus leading to the growth of the insurance industry.

According to the data, in 2022, the life insurance industry in the United States generated revenue of over one trillion U.S. dollars. Not only this, but the revenue in this sector increased by more than $80 billion between 2021 and 2022.

Therefore, if these figures are tempting enough, then let’s start our guide to the 10 best insurance franchise opportunities that are looking for new franchisee to expand their business.


10 Best Insurance Franchise Opportunity

1. Brightway Insurance Franchise

Brightway Insurance Franchise
Founded in2003
Franchising Since2008
Estimated Outlets340
Initial Investment$22,000-$159,000
Franchise Fees$10,000-$50,000
Liquid Capital $30,000

Brightway Insurance Company is a 14-year-old company started in 2003 by David Miller. It is a national property and casualty insurance distribution company.

The franchising journey of Brightway Insurance began in 2007, after which it grew to become one of the largest privately owned property/ casualty insurance distribution companies in the U.S.

Brightway has continued its excellent performance by placing more than $970 million in annual premiums over the past year. As a result, Florida-based insurance company has claimed the position of the nation’s highest-ranked insurance franchisor on the 2022 Franchise Times Top 500 Franchises List.

Since 2008, Brightway has grown to 1,200 people in 325 offices across 26 states, serving customers in 50 states.

2. Estrella Insurance

Estrella Insurance
Founded in1978
Franchising Since2008
Estimated Outlets194
Initial Investment$49,500-$84,000
Franchise Fees$10,000-$25,000
Liquid Capital$20,000
Royalty Fees10%-14%

Estrella Insurance is a company founded in the year 1978. It offers insurance services, including auto, home, commercial, business, boat, motorcycle, and recreational vehicle insurance.

This insurance company has provided customers with exceptional services for over 30 years. Moreover, it is now committed to the continuous success of its franchisees, with over 100 locations in Florida, California, Arizona and soon in Texas.

So, owning an Estrella insurance franchise will provide you with a proven system that will allow franchisees to follow a successful plan with a high success rate.

3. Allstate Insurance

Allstate Insurance
Founded in1931
Franchising Since1933
Estimated Outlets250
Total Investment$100,000 – $150,000
Franchise FeesN/A
Liquid Capital$100,000
Royalty FeesN/A

Allstate Insurance was established in 1931, and since then, it has been committed to providing protection to its customers. It is the largest publicly held personal line property and causal insurer across the U.S.

Moreover, Allstate Corporation has been serving more than 16 million households nationwide. Under Allstate Insurance Corporation, the franchisees have the freedom to run their own insurance agencies the way they want.

Also, the franchisees get rewarded for achieving good results. However, to own this franchise, you’ll need $100,000 as liquid cash and $50,000 in liquid money.

Read our complete guide to get more information on Allstate Insurance Franchise.

4. Goosehead Insurance

10 Best Insurance Franchise Opportuniy- Goosehead Insurance
Founded in2003
Franchising Since2011
Estimated Outlets8 offices
Initial Investment$40,000 – $118,500
Franchise Fees$25,000-$60,000
Liquid Capital$25,000
Royalty Fees20%-50%

Goosehead Insurance is an independent insurance agency operating in Texas, California, Pennsylvania, Illinois, Virginia, Florida, and North Carolina.

This insurance company has been ranked in the Entrepreneur Franchise 500 several times in recent years. Moreover, it provides its franchise partners with industry-leading technology and effective marketing tools so that they can provide world-class services to their clients.

5. Farmers Insurance

Farmers Insurance Franchise
Founded in1928
Franchising Since1928
Estimated Outlets11 Offices
Total Investment$50,000
Franchise FeesN/A
Liquid Capital$50,000
Royalty FeesN/A

Farmers Insurance company was founded in the year 1928 by the co-founders John C. Tyler and Thomas E.. The company was originally known as Farmers Automobile Inter Insurance Exchange.

The company provides insurance against auto, residence, and small companies, along with financial services.

The franchisees looking to own a Farmers Insurance franchise can enjoy benefits such as access to awards through their services, affiliation with a Fortune 500 company, and the opportunity to work with one of America’s well-known companies.

The Farmers Insurance company holds pride in serving more than 10 million households with more than 19 million individual policies.

6. Sebanda Insurance

Sebanda Insurance
Founded in2012
Franchising Since2018
Estimated Outlets80+
Total Investment$57,300-$86,500
Franchise Fees$30,000
Liquid CapitalN/A
Royalty Fees12.5%

Sebanda Insurance started in the year 2012 by providing a full range of insurance products and services to customers.

The franchisees that want to work with Sebanda Insurance have the opportunity to work with an excellent franchise in a highly competitive market where revenue is increasing year after year.

Additionally, the insurance company is now looking for new franchisees to grow in the U.S market

7. Pronto Insurance

Pronto Insurance
Founded in1997
Franchising Since2009
Estimated Outlets209
Initial Investment$42,925 – $110,950
Franchise Fees$10,000 – $30,000
Liquid Capital$80,000 – $150,000
Royalty FeesN/A

Pronto Insurance is a well-known leader in non-standard insurance, which serves the Hispanic community.

One of the most important things that differentiates the insurance company from all the others is its unique business model.

According to the data, there are around 300 retail locations of Pronto Insurance in the three states where more than half of the U.S. population resides: Texas, California, and Florida.

8. Fiesta Auto Insurance And Tax

Fiesta Auto Insurance And Tax
Founded in1998
Franchising Since2006
Estimated Outlets218
Initial Investment$88,052 – $174,749
Franchise Fees$25,000
Liquid Capital$75,000
Royalty Fees15%-20%

Fiesta Auto Insurance and Tax stands 8th on our list. It is an insurance company founded in 1998 and started franchising in 2006.

The company has merged its two business models while meeting the requirements of the Americans. For its franchisees to grow and reach new heights, it also provides classrooms and in-store training.

Originally, the company offered coverage for autos, motorbikes, and boats. But now they also offer packages for businesses and homeowners.

9. We Insure Group INC.

10 Best Insurance Franchise Opportuniy- We Insure Group INC.
Founded in2006
Franchising Since2010
Estimated Outlets192
Initial Investment$44,445 – $124,445
Franchise Fees$25,000 – $50,000
Liquid Capital$30,000- $75,000
Royalty FeesVaries

We Insure Group INC. was founded in the year 2006. It is a standalone insurance company that has access to more than 150 marketplaces.

To own this franchise, you need to have liquid capital of $30,000 and an initial investment ranging between $44,445-$12,445.

We Insure Group INC. allows its franchisees to concentrate on selling while they handle all the back-end operations. Due to the exceptional growth of the insurance company, it has currently 20 franchise agencies as part of the organization.

10. Paul Davis Restoration Insurance

Paul Davis Restoration Insurance
Founded in1966
Franchising Since1966
Estimated Outlets300
Total Investment$186,390 – $510,700
Franchise Fees$50,000 – $184,000
Liquid Capital$300,000
Royalty Fees4%

Paul Davis Restoration is North America’s leading insurance restoration network. The company claims to provide the best property damage repair restoration in North America.

The franchise network of Paul Davis is uniquely qualified to deliver the best services to its customers as it has been providing the services for almost 50 years now and has helped customers restore millions of properties.

Moreover, this company deals with fire, mold, flood, storms, natural disasters, and other crises.


When Should You Choose An Insurance Franchise?

Starting an insurance franchise is definitely a profitable venture but have you wondered about when is the right time to start it? To be honest, there is no specific right time to start a franchise.

However, here are a few points that will help you make an informed decision:

1. You Are Not Ready To Take Risk

If you want to venture into a profitable business but also don’t want the risk of losing your hard-earned money, then going for an insurance franchise won’t hurt you.

An insurance franchise comes with corporate support, which reduces the business risk for small business owners. So, you should go for an insurance franchise if you want to earn profits but don’t want any risk.

2. When You Want Flexibility

Owning a franchise comes with the partial flexibility of managing the franchise. Successful franchises mainly have the option to manage their operation and delegate the daily work to the managers, offering them the flexibility to run their insurance franchise.

3. Established Brand Recognition

Believe us, it takes a lot of money to promote your brand in the market. So, if you don’t want to invest the money in promoting campaigns and advertisements, then investing in an insurance franchise is the right option for you.

An insurance franchise comes with an already established brand and brand reputation, which can help you gain customers without investing your money in promotions.


Things To Consider Before Choosing An Insurance Franchise

If you have made up your mind to venture insurance franchise, then here are a few things that you need to look for before even choosing the insurance franchise:

1. Know Your Competition

One of the very first steps to building a successful franchise is to know your competitors beforehand. Analyze what brands already exist in your area, what is their customer base, and how they differentiate them from other brands.

Once you have the knowledge about who is out there, it’ll be much easier for you to fill the gaps and make your brand unique.

2. Know The Laws And Regulations

Now, this is an extremely important point to consider, as different states have different laws. While some might not require any permit for your insurance franchise, some might have strict rules and regulations for conducting the franchise.

Knowing all the rules and regulations beforehand will give you an upper hand in your business and save you from legal issues.

3. Investigate The Record Of Success

It is vital to examine all the track records of the insurance company you will be working with. Look for strong financial records such as balance sheets, income statements, and cash flow statements.

For instance, you choose two franchises, and the financials of both the franchises are same. However, one franchise has been in the business since 1999, and the other one has been around for only 4 years. In this case, choosing the first one makes more sense.


Comparison Of Top 5 Insurance Franchise

Company NameBrightway Insurance Estrella InsuranceAllstate InsuranceGoosehead InsuranceSebanda Insurance
Founded20031978193120032012
Outlets 3441942501,34480+
Franchise Fee $10k-$50k$10k-$25k$25,000-$60,000$30,000
Initial Investment $22k-$159k$49k-$84k$100k-$150k$40k -$118k$57,300-$86,500
Royalty Fee10%-14%6%20%-50%12.5%

Conclusion

Owning an insurance franchise can help you start your profitable venture. It also allows one to get into a well-established brand reputation, minimize the risks of loss, and get a proven business model.

However, there are so many insurance companies out there in the market, which makes it extremely tough to choose the one that best suits you.

So, when selecting your ideal franchise, make sure to check all the details, such as franchise fee, initial investment, liquid capital, and any other requirements of the franchise. This will help you narrow down your choices and choose the best one according to you.

You can also go look for the 10 best insurance franchise opportunities 2024 that are mentioned in the article.


FAQs

Which is the cheapest Insurance franchise?

The cheapest Insurance franchise in our list is Brightway Insurance, as the franchise fee starts from $10k-$50k, which is relatively less.

What Is an Insurance franchise profit margin?

Taking the other factors as constant, an insurance franchise owner operates with an average profit margin of 2% to 10%.

Is Insurance franchise Profitable?

The insurance industry has been quite profitable lately. The industry has generated $448 billion, excluding the pretax income. In fact, the top insurance franchise owners earn around $112,000 annually.

Leave a Comment