Small business group benefits broker

The insurer pays your commission. Your clients are small employers such as shops, clinics, trades firms and offices.

Commission based on the plan's premiums, paid while the group stays with you. Fewer clients are needed than with individual plans, but each takes longer to win.

• Building local business relationships
• Explaining costs and coverage clearly
• Organised follow-up and renewals

• A provincial insurance licence is required, and Quebec has its own rules through the AMF, so check your regulator
• Errors and omissions insurance, so check what your MGA or regulator requires
• Sales cycles can be long, so plan for months with little income
• Employee health information is sensitive, so check privacy rules in your province
• Check whether your contract limits which insurers you can place business with

Estimates suggest startup costs are typically around $2,000 to $8,000, depending on your licensing route, your managing general agency and how you set up your office and marketing. Check what your MGA or regulator requires before you spend.

Estimated monthly revenue is typically around $1,000 to $5,000, depending on how many employers you sign and the size of their plans. Sales cycles can be long, so plan for months with little income while you build your client base.

Check your provincial regulator, as an insurance licence is required and Quebec has its own rules through the AMF. Also check errors and omissions insurance, privacy rules for employee health information in your province, and whether your contract limits which insurers you can use.