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NAICS 524210, industry

NAICS 524210: Insurance agencies and brokerages

NAICS 524210 is the industry code for insurance agencies and brokerages. Use it on loan applications, tax forms and registrations. Explore financing for professional services and start your application when you are ready.

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What 524210 covers

Insurance agencies and brokerages sell insurance policies for carriers and earn commissions, including independent agencies, captive agents, benefits brokers and wholesale brokers.

Included in this code

  • Independent insurance agencies
  • Captive agents for carriers
  • Employee benefits brokers
  • Wholesale and managing general agents
  • Reinsurance brokers

Not this code

Businesses that use 524210

Independent property and casualty agencyState Farm or Allstate agentEmployee benefits brokerManaging general agency

Financing for this trade

Agencies use SBA 7(a) loans and specialty agency lenders to buy books of business, valued on recurring commissions. Lenders look at retention, carrier contracts and commission mix.

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Is 524210 the right code for an insurance agency?

Yes, if you sell insurance policies for carriers and earn commissions, as an independent agency, captive agent or benefits broker. Carriers that underwrite risk use 5241 codes. The closest alternatives are 524291 (claims adjusting) and 524298 (all other insurance related activities). Use whichever matches your largest revenue stream, and keep it consistent across tax filings, SBA forms and lender applications.

What is the SBA size standard for 524210?

The SBA size standard for 524210 is $15M in average annual receipts. SBA averages total gross receipts over the last five completed fiscal years and adds in any affiliates under common control. An insurance agency at or below that figure counts as small for SBA 7(a) and 504 loans and for federal small business contracts.

How do insurance agencies finance acquisitions?

Agency acquisitions are commonly funded with SBA 7(a) loans and specialty insurance agency lenders, valued at a multiple of recurring commissions. Lenders review retention rates, carrier appointments and the mix of new and renewal revenue. Lines of credit cover timing gaps.

What does NAICS 524210 cover?

Insurance agencies and brokerages. Industry level code in NAICS 2022, under 52 Finance and insurance, 524 Insurance carriers and related activities, 5242 Agencies, brokerages, and other insurance related activities, 52421 Insurance agencies and brokerages.

What financing do NAICS 524210 businesses use?

Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for professional services businesses. Start an application and the AI matches the deal to lenders that fund this code.

Where do I put NAICS 524210?

On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.