Starting an Agency in the PIA Western Alliance States

Three of the PIA Western Alliance states — Idaho, Nevada and Arizona — are considered among the 10 best states in the country to start a new business. That’s according to the business website, WalletHub.

When it comes to insurance, the Business Research Company said the commercial insurance market is going to hit somewhere around $845.28 billion this year. That’s significant because it shows a likely a need for agencies to help businesses in that market grow.

“Around half of all new businesses don’t survive five years, so the idea of becoming a business owner can be daunting, especially with the current high cost of living,” WalletHub Analyst Chip Lupo said. “That’s why it’s crucial to establish your business in a state that will maximize your chances of success.”

He also noted where you’re likely to be most successful.

“The best states have low corporate tax rates, strong economies, an abundance of reliable workers, easy access to financing and affordable real estate,” Lupo added. “On top of that, you’ll need to make sure you start in a place with an engaged customer base, if you’re operating locally.”

Back to insurance. The annual growth rate for commercial insurance between now and 2029 will be about 10%. So by 2029 the commercial insurance market is likely to reach somewhere around $1235.92 billion.

Currently, the top commercial insurers are Chubb, Travelers, Berkshire Hathaway, Progressive, Nationwide, Allstate and Liberty Mutual. They’re probably going to want agency help.

Another interesting business statistic. Between now and 2029 the average age of U.S. workers is going to rise. The Bureau of Labor Statistics predicts one in four workers will be 55 or older by 2023. Over the next 20 years, the BLS predicts a 117% in the growth of workers in the 65 and older and 75 and older age groups.

As of now, these are the best states to start a new business. The PIA Western Alliance states of Idaho, Nevada and Arizona rank 5, 7 and 9 respectively.

1. Florida

2. Georgia

3. Utah

4. Texas

5. Idaho

6. Oklahoma

7. Nevada

8. Colorado

9. Arizona

10. Kentucky

Source link: PropertyCasualty360.com — https://bit.ly/3R9is9y