‘What’s it like really like being a Coversure franchisee?’ is a question we get asked by most of our prospective franchise holders. To answer it we spoke to Coversure’s franchise holder in Southampton, Martin Nugus to get the inside story on being a Coversure franchisee.
How long have you been a Coversure Franchise holder?
It genuinely seems like yesterday we had friends and family crowding into our office armed with brushes and painting anything that wasn’t moving. 16 years has flown by and we’re on the brink of moving to grand new premises.
And prior to Coversure, what was your insurance experience – you obviously had at least three years’ experience in the industry?
I had a banking and finance background before moving to A-Plan and spent several years moving up through the ranks which served as a fantastic grounding to running a Coversure Franchise.
What was it that made you decide to become a Coversure franchisee – the support, the agencies, the products?
I’ve always dreamed of being my own boss and loved broking, but to go it alone is extremely hard unless you’ve got substantial financial backing. Insurers want £1m+ turnover or 3+ years trading experience, which isn’t viable for a start up, then going forward you need to spend time on insurer relationships, loss ratios, accounts, scheme, compliance, the list is endless and quite honest near impossible without some backing. That’s why Coversure is such a fantastic mechanism.
On a day-to-day basis, how supportive do you find Coversure HQ?
As supportive as you need them to be. We’re very independent and our HQ dealings are minimal, but when we need any assistance from business development to marketing, they have the skills and experience in specialist areas
Do they make doing business easier?
Quite simply, without Coversure I wouldn’t be running my own business. The insurance industry is hard and the changes we’ve seen over the past 16 years has finished off a huge number of high street brokers. With the recent Coversure Management Buy Out; our personal business plans mirrors HQ’s expectation.
Would you recommend Coversure to other insurance professionals thinking of starting their own brokerage?
Yes, but be warned, It’s not for everybody and it’s not a get rich quick scheme. I started a franchise to get a better home/work balance, to stop petty bureaucracy and middle management. To control my own career path and be rewarded for the work I do financially and emotionally.
And what’s the one piece of advice you’d give to someone starting their own Coversure franchise?
Do something every day that makes your business better than it was the day before. In the early days when you open there may be quiet periods, don’t waste that time, send a marketing letter, a phone call, a conversation, anything can push your business forward and learning self-discipline was my key to survival in our infancy.
If you could sum up being a Coversure franchise holder in a couple of sentences, what would you say?
A realistic way to owning your insurance broking business, I’ve met most of the other franchise holders and the diversity always amazes me. Their approach, business model, staff profile, background, office location it always a great source of inspiration. Coversure gives you the tools to become a broking success
Thank you Martin, long may your success continue. Should you wish to contact Martin to talk about your insurance needs, you can call him on 02381 782 923 or email him here.