 |
||||||||||||||||
| Archive | Subscribe | Printer Friendly | Send to a Friend | www.iiav.com | ||||||||||||||||
| January 2026 | ||||||||||||||||
|
Press Releases
Virginia and Maryland to Co-Host 2026 Insurance Convention & Tradeshow in Virginia Beach
Historic first-time partnership brings expanded networking, education, and industry insights to independent agents
The Independent Insurance Agents of Virginia and the Independent Insurance Agents of Maryland are proud to announce a historic first-time partnership to co-host the 2026 Convention & Tradeshow, taking place in Virginia Beach, Virginia. This three-day event will unite independent insurance professionals from both states for an expanded, high-impact experience focused on collaboration, education, and the future of the industry. IIAV News
The Legislative Session has begun and IIAV is already working hard to advocate on the behalf of the independent agent. Find bills we are tracking https://www.iiav.com/Advocacy/Pages/GovernmentAffairs/default.aspx
Want to get involved? Join IIAV for our Insurance Agents Day on the Hill, February 11, 2026, at the Richmond Marriott.
As we step into 2026, independent insurance agencies face a valuation landscape shaped by a softening insurance market, prolonged economic uncertainty, continuing agency consolidation, shifting ownership dynamics, and rapidly evolving technology. For agency owners contemplating perpetuation, a sale, or simply benchmarking their business value, understanding the following trends is critical for 2026 business planning.
Now Is the Time to Sell Your Insurance Agency
f you own an independent insurance agency and have not grown in revenue in the last two years, and you do not have a business plan to change course, it’s time to sell your agency. I do not write these words lightly, but if you continue forward, you are now gambling with time and the value of your agency.
The last few years have provided independent insurance agencies with unprecedented levels of growth due to the rate environment. According to IA Valuations data, average agencies experienced 9% commission growth in 2024 and 13% in 2025, and a combined 11% commission growth over the last two years. If your agency did not experience growth in that time period and you are one of the 47% of agencies that do not have a business plan according to the 2024 Agency Universe study, it is time to sell before you lose further value. As an advisor to insurance agency owners, I have witnessed the shifting dynamics of the IA system. For many years, it has been difficult to get aging agency owners to seriously consider business planning or internal perpetuation and have continued forward with running their agency as a lifestyle instead of a business. The IA system is notorious for giving owners the ability to retire in place and reap the benefits of high recurring revenues. IA Valuations believes the option to retire in place ended with the conclusion of the hard market, and now many agency owners find themselves at a crossroads: growth has plateaued in the best of times, and the absence of a strategic business plan makes the path forward unclear. If this scenario resonates with you, it may be time to seriously consider selling your agency. In this article, I will outline six reasons why now is an opportune moment to sell and how this decision can benefit your long-term interests.
What every insurance principal must know about premium trust accounts
December 30, 2025 | By Patti Smith Running a successful independent insurance agency requires more than insurance acumen. While attention is often focused on carrier appointments, talent acquisition, client retention, and customer experience technology, a foundational but often overlooked area is the agency’s banking structure—specifically, the critical role of premium trust accounts (PTAs). 
October 30, 2025 | By Keith J. Mangini
Independent insurance agencies earn most of their revenue from commissions on policies sold. But agencies may also receive additional compensation based on hitting performance benchmarks outlined in carrier contracts. The keyword is “may,” which is why this revenue stream is called “contingent compensation.” It depends on factors like loss ratios, retention and growth over a defined period. This type of income is often referred to as “profit sharing” or “contingency bonuses.” Contingent compensation can be significant. In good years, it may account for 10%-20% or more of an agency’s annual revenue. But by its nature, it’s unpredictable, particularly amidst the hard market and frequency of CAT events. January 5, 2026 | Cowritten with Aaron Stocks, CEO of AgencyPoint.
Your entity type and tax election affect how you pay yourself, how much you owe in taxes, how you keep your books, and even how your agency looks when you compare it to others. It’s incredibly important to choose the entity type that matches your agency’s goals and sets you up for success. This guide explains the three most common structures for independent insurance agencies: LLC, S-Corporation, and C-Corporation. You will learn how each one works, the strengths and weaknesses of each option, and when it makes sense to transition as your business grows. We also cover why comparing your numbers to those of another agency with a different structure can lead you to the wrong conclusions. On January 1, 2026, the Virginia Workers’ Compensation Commission will implement the 2026 Medical Fee Schedules and Ground Rules that will establish the maximum fees for fee scheduled medical services rendered to injured workers pursuant to (a) the Virginia Workers’ Compensation Act (Title 65.2 of the Code of Virginia) during the period from January 1, 2026 through December 31, 2027; and (b) amendments to regulation 16 VAC 30-110-10 et seq.
Click below to view the following information:
Additional Schedule resources available include the MFS Calculator and MFS Administrative Determination Notice. Both include:
Tutorials for each are linked below. Administrative Determination Notice Tutorial Video Questions? Email the Medical Fee Services team here.
Clients ask me all of the time, “How much paid time off should we offer?” My answer is always “It depends.” In reality, there is not one right answer or formula for how much paid time off a company should offer as so many factors must be considered. The days of the standard two weeks off every year does not work for most employees and therefore it does not work for most companies.
Question: We are getting ready to hire an employee who will be working remotely from a different state than our office. Since they will be reporting to a manager based in the main office, are we okay in applying our current policies to them or is there something else we need to do?
Answer: Most employment laws are based on where the employee is based and physically doing the work regardless of where the main office is located. This means that, unless your current policies are more generous, you will need to follow the laws for the state they are in. For example, if their state requires you provide paid sick time but you currently have a PTO policy which meets or exceeds those required parameters (amount, accrual rate, reasons for use, carryover, payout at separation, etc.) then you do not need to change your policy. If not, you will need to make amendments to that policy at least for that remote employee. With very few exceptions, you will need to register in that state for payroll tax collection and unemployment purposes. You will also need to ensure you have Workers' Comp coverage for that state. One thing that does not change is FMLA. However, that employee must be counted into the number of employees working in or reporting to that office. If there are 49 or more employees in the main office, then the employee may be covered under FMLA as employee number 50 even if they are outside a 75-mile radius. Upcoming Events
Property & Casualty Pre-Licensing (In-Person) Flood Basics - FEMA 
|
||||||||||||||||
|
