FAQ

Farmers® offers training to all new agency owners through the award-winning University of Farmers® program. During this training, you'll learn about marketing, sales, and the products offered by our organization. Throughout your education, you'll hear from agency owners across the country who will share their experiences, and you’ll have the opportunity to create materials customized to your agency’s needs. This is one example of the many different types of training that Farmers offers to agency owners.

Currently, the University of Farmers® training program for new agency owners is offered through virtual courses, which conveniently can be taken at home or in your office. Travel is not required for training.

Farmers® is looking for ambitious, entrepreneurial-minded professionals who are ready to open their own business and welcomes candidates from a diverse range of backgrounds and experience levels. Education courses on a wide variety of topics are offered to agency owners through the award-winning University of Farmers® program.

A review of all insurance appointments by a Farmers® representative will be conducted to determine whether they present a potential conflict of interest. That said, as an agency owner, you will have access to many additional carriers through a Farmers-owned brokerage, Kraft Lake Insurance Agency, Inc.

Farmers® requires candidates to meet certain eligibility requirements, including proof of minimum capital to invest in your business, which can vary by market and entry program. While capital outlay is ultimately up to you as a business owner, Farmers offers many resources that can assist with developing and executing on your business plan, including individualized coaching support.

Agency owners are independent contractor business owners responsible for all of their business expenses, such as, but not limited to, monthly office rent and utilities, staff compensation, licensing fees, office supplies and equipment, and marketing. Farmers® arranges for discounts that agency owners can take advantage of to help with expenses, and of course, offers competitive compensation and revenue opportunities.

Staffing can play a key role in the success of your agency. Currently, agency owners must start with a minimum of two agency staff members who are licensed and appointed with the Companies. Farmers® offers resources to assist agency owners with hiring and training licensed and appointed agency staff members.

Agency owners must establish a professional, Farmers®-branded storefront location. Farmers offers an Exterior Branding Bonus Program designed to assist newly appointed agency owners with their initial exterior branding for their approved office location. Farmers is willing to coordinate all aspects of the initial exterior branding options and execution with the Farmers-approved sign vendor, and to pay for applicable costs up to a maximum amount.

There are no space requirements when searching for a physical storefront location. However, the final location must be professional and approved by a Farmers® representative.

As an agency owner, you will determine the area where you would like to have your office located, provided the final location is approved by Farmers®. Farmers can also offer coaching support as you explore potential storefront locations.

As independent contractors, Farmers® agents are responsible for recruiting and training their staff. To assist, Farmers has relationships with organizations across the country who offer staff recruiting assistance, mentorship, and networking opportunities to agency owners.

Staff play a key role in the success of any business, including insurance agencies. Hiring licensed and appointed producers can help you maximize your revenue opportunities, deepen customer relationships, and achieve the many goals you will have for your agency.

The Farmers® agency ownership opportunity is not a franchise opportunity and is not subject to any franchise fees.

Local community presence is a key component of growing your business as an agency owner. Currently, a professional, Farmers®-branded storefront location is required to become an agency owner. As a business owner, however, you control your own schedule and operations.

Farmers® agency owners have access to an agent benefits program that includes dental, vision, life, long term disability, accident, critical illness, and hospital plans.

Agency owners are eligible to enroll in a voluntary savings plan called the Agency Force Deferred Compensation Plan. Some of the plan features include saving on a pre-tax basis with no dollar cap on the deferral, no annual contribution limits, diversified investment-crediting options with low fees, and distribution as early as 3 years into the Plan without a penalty. Additionally, many agency owners choose to sell their service and commission rights on the open market or take advantage of the Contract Value provision of their agent appointment agreement when the time is right.

Farmers® offers agency owners the opportunity to enroll in life, long term disability, dental, vision, critical illness, hospital plan, accident insurance, errors and omissions, deferred compensation plan, and fidelity bond plans. The agent benefits program offers comprehensive coverage with competitive rates, another great benefit of being a Farmers agency owner.

No; however, independent contractor agency owners enjoy unlimited income potential through competitive commissions across many different products and offerings, as well as opportunities to qualify for additional bonuses and incentive programs.

There are many ways to bring additional revenue into your Farmers® agency. In addition to competitive commission rates on policies sold and assigned to your agency, there are a variety of bonus opportunities available to agency owners, which can vary based on program, market, and other factors. For example, in addition to an Exterior Branding Bonus, new agency owners may receive up to a 36-month new agency bonus opportunity and/or the same types of bonus opportunities available to more tenured agencies.

Agency owners are paid commissions on a monthly basis.

Agency owner compensation varies based on many factors, including agency size, performance, and expenses. Many agency owners build their business plans based on their financial goals, and Farmers® also offers resources that can assist with developing and executing on your business plan, including individualized coaching support. One of the most exciting aspects of owning your own business is the control you have over your income potential.

As an agency owner, you will have access to a wide range of products, including Farmers®-branded insurance products, other insurance products, and even brokered solutions. Agency owners who obtain their securities licenses can also offer financial services products. Additionally, Farmers is always exploring opportunities to support additional agency revenue through adjacent products and business relationships.

While agency owners are generally responsible for purchasing their own leads, Farmers® does offer support, including working with lead vendors to provide discounted rates to agency owners. Additionally, a key part of the Farmers strategy is leveraging data and technology to help agency owners identify quality leads.

While Farmers-branded products are a core offering, agency owners also have access to additional carriers through a Farmers®-owned brokerage, Kraft Lake Insurance Agency, Inc. In addition to this flexibility, Farmers also offers competitive compensation, national brand recognition, and extensive resources and agency support.

Agency owners can write Farmers® business in any states in which they are properly licensed and appointed. Many agency owners are appointed in multiple states.

Farmers® offers a unique opportunity to build, buy, or work for an agency. Contact a recruiter to learn more as you determine which opportunity is best for you.

Farmers® does not offer agency ownership internship opportunities. However, working for an agency owner as an agency producer can offer the opportunity for you to grow your skills and business knowledge to become an agency owner.

As a business owner, you will have the ability to determine your work schedules along with those of your agency staff.