Local insurance brokerage office

Insurers pay commission on policies you place. Clients pay premiums, and some brokerages also charge small policy or service fees where allowed. Clients are households, landlords, tradespeople and local businesses.

Commission on new and renewed policies, which builds into steady income once you hold a book of clients. Some owners buy an existing book of business to start faster.

• Sales and local networking
• Managing staff and office systems
• Strong customer service
• Comfort with detailed paperwork and compliance

• Brokerage ownership and licensing rules differ by province, and Quebec has its own regulator and French-language requirements, so check carefully
• Insurers choose whom to appoint, so approval can take time and is not guaranteed
• Errors and omissions insurance and trust account rules for client money, so check what applies
• Income can be slow in the first year while you build a client base, so plan cash for rent and wages
• Buying a book of business carries risk, so get independent legal and financial advice first

Startup costs are typically around $15,000 to $60,000, depending on your premises, staff and systems. These are estimates. Income can be slow in the first year, so plan cash for rent and wages.

Monthly revenue is typically estimated at around $4,000 to $20,000, depending on the policies you place and the size of your client base. Expect full-time hours, from about 35 hours a week.

Ownership and licensing rules differ by province, and Quebec has its own regulator and French-language requirements, so check carefully. Also check insurer appointments, errors and omissions insurance, and trust account rules for client money.