Many employed insurance brokers dream of opening their own brokerage. The lure of being their own boss, of reaping the rewards of their efforts and of building a business they can one day sell or hand-down is an attractive proposition. For some, however, concerns over leaving paid employment and how quickly they can create an income stream leads them to shy away from making their dream a reality.
Coversure’s innovative franchise model can help insurance professionals quickly overcome this problem. Take the owner of Coversure Castle Donnington, Aaron Hodson, for example. Aaron was a senior member of the Coversure Ilkeston team for many years before he decided to open his own office in 2019. It was a decision he’s never regretted.
Having worked as a broker for Coversure since 1994, Aaron knew the business and well. Through a combination of ambition and talent he rose from being a Branch Manager to becoming a partner in one of Coversure’s largest franchises. For Aaron, though, there always one more step to take: to own a brokerage.
“Having gained in-depth knowledge of running a brokerage with Coversure and having developed a wide range of insurer contacts, I knew I could be a successful Coversure franchise holder.”
Timing is essential when founding any new business and Aaron’s timing was impeccable. January 2019 offered a new year in which plenty of companies were looking for affordable, high-quality cover and the perfect franchise territory had become available.
“I’ve always believed in seizing opportunities and in late 2018 I felt the time was right. It was a little scary leaving a well-paid employed position, but I knew that with Coversure’s backing I’d be fine.”
Aaron obviously knew Coversure’s offering well and had the reassurance that things like insurer agencies and compliance services would be available from day one. This meant he could focus on growing his business and generating an income.
“Not having to worry about access to markets, accounts, insurance settlement and compliance meant I could hit the ground running without having to employ staff from the off. Getting started is difficult and rewarding and it’s great to have a core support structure behind you.”
A man with a plan and a target market – complex commercial, including logistics and construction – Aaron got off to a flying start and soon needed to build a team. He began recruiting in 2019 and the Coversure Castle Donnington team now numbers six.
Aaron is proof of how quickly a flourishing brokerage can be established with Coversure’s support. So, would he recommend others follow in his footsteps?
“For a current broker who is looking for an opportunity of running their own business, Coversure provides an excellent platform with ready to go agencies, excellent support including marketing, development, and compliance divisions. In addition, there is a wealth of knowledge across all franchisees should you ever need to have a chat about specific specialist risks.”