Online motorcycle insurance broker

Riders pay the premium. The insurer pays you commission for each policy you place, and you may charge a broker fee on top.

Commission on each new policy and each yearly renewal, so a base of repeat clients builds steadily. Some brokers add a broker fee, if their licensee allows it.

• Clear explaining of policy wording
• Honest, careful selling
• Good record keeping
• Knowing bikes and riding

• Selling insurance generally needs an Australian Financial Services Licence (AFSL) or authorisation under someone else's, check with ASIC
• Check what training and compliance rules apply to you, including ASIC rules on how products are sold
• Professional indemnity insurance, which your licensee may arrange or require
• Check how commission is paid, how it is clawed back if a policy is cancelled, and who owns the client list
• Check whether home-based business rules apply with your local council

Startup costs are typically estimated at around $1,000 to $5,000, depending on your setup and insurance arrangements. Many people start as an authorised representative of an existing licensed broker or aggregator rather than on their own licence.

Monthly revenue is typically estimated at around $600 to $3,000, depending on how many policies you place, the commission insurers pay and any broker fee you charge. The estimate assumes at least about 8 hours a week.

Selling insurance generally needs an AFSL or authorisation under someone else's, so check with ASIC. Also check the training and compliance rules that apply to you, professional indemnity insurance, and how commission is clawed back if a policy is cancelled.