Home-based insurance broker under a network

Insurers and providers pay you commission on policies you place. Some brokers also charge clients a broker fee. Typical clients are individuals, landlords, sole traders and small businesses.

Commission on each policy and on renewals, plus any arrangement or admin fees. Income builds as your base of renewing clients grows, and networks usually take a share or charge fees.

• Explaining complex products in plain English
• Careful attention to detail and record keeping
• Building trust and networking
• Comfortable with compliance and paperwork

• Arranging insurance is a regulated activity, so check with the FCA and your network that you are properly authorised or appointed before advising anyone
• Network fees, commission splits and tie-in terms vary, so read the contract carefully before signing
• Professional indemnity cover is normally needed, so check whether the network provides it or you must arrange it
• Income can be slow at first because renewals take a year to build, so plan some savings or other income
• Data protection duties apply, so check what you must do to store client information securely
• Working from home may need landlord or mortgage lender permission, so check your agreements

Startup costs are typically around £1,000 to £5,000, depending on the network's fees, your software and whether you must arrange professional indemnity cover yourself. Read the network's contract carefully, as fees, commission splits and tie-in terms vary.

Monthly revenue is typically around £800 to £4,000, depending on the policies you place and any broker fees you charge. Income can be slow at first because renewals take a year to build, so plan some savings or other income.

Arranging insurance is a regulated activity, so check with the FCA and your network that you are properly authorised or appointed before advising anyone. Also check whether the network provides professional indemnity cover or whether you must arrange it yourself.