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Updated RecentlyBrightway Insurance vs Veronica's Insurance Franchise Comparison
Below is an in-depth analysis and side-by-side comparison of Brightway Insurance vs Veronica's Insurance including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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| Investment | $18,100 - $173,500 | $23,700 - $201,600 |
| Franchise Fee | $5,000 - $60,000 | $25,000 |
| Royalty Fee | up to 50% | 15%/25% |
| Advertising Fee | - | 2% |
| Year Founded | 2003 | 2019 |
| Year Franchised | 2007 | 2020 |
| Term Of Agreement | 5 years | - |
| Term Of Agreement | 5 years | - |
| Renewal Fee | - | - |
Business Experience Requirements |
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| Experience | - | - |
Financing Options |
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| In-House/3rd Party | In-House/3rd Party | |
| Franchise Fees | -/Yes | -/- |
| Start-up Costs | -/Yes | -/- |
| Equipment | -/Yes | -/- |
| Inventory | -/- | -/- |
| Receivables | -/- | -/- |
| Payroll | -/- | -/- |
Training & Support |
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| Training | On-The-Job Training: 120 hours Classroom Training: 64 hours Additional training | - |
| Support | Purchasing Co-ops Newsletter Meetings/Conventions Toll-Free Line Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Proprietary Software | - |
| Marketing | Co-op Advertising Ad Templates National Media Regional Advertising Social media SEO Website development Email marketing | - |
| Operations | Absentee Ownership Allowed Number of Employees Required to Run: 3 | - |
Expansion Plans |
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| US Expansion | Yes | Yes |
| Canada Expansion | - | - |
| International Expansion | - | - |
Company Overviews
About Brightway Insurance
Brightway Insurance has redefined how independent agents grow and profit. Our innovative franchise agency model allows you to sell more policies, retain more customers, and earn more profit. You'll be able to give your customers the best coverage options from a variety of our nationally-backed insurance carrier partners. Finally, a better way to run an insurance agency.
Three Ways to Win
1. Agent Conversion - Receive multiple liquidity events, one now and one later, when you convert your existing agency into a Brightway branded franchise. Doing so allows you to implement an effective perpetuation plan while receiving all the benefits of being an Associate Agency Owner with the #1 Insurance franchise in the nation.
2. Agency Conversion/Sale - If you are looking to sell your agency, Brightway is the answer. Through a single liquidity event, we will help execute on your perpetuation plan with honesty and integrity. Whether you are looking forward to retirement or a new opportunity outside of insurance, we are the solution to help make it a reality.
3. New Franchise Ownership - Open a Brightway franchise in an existing market, or lead our expansion efforts in one of the many new territories now available across the country.
The total investment necessary to begin operation of a single Brightway
retail franchise is $98,300 to $175,000. This includes a $60,000 initial
fee that must be paid to the franchisor or its affiliate(s).
Additionally, the franchisor offers franchisees the right to operate a Brightway franchise from a professional office space. The total investment necessary to begin operation of a single Brightway franchise from a professional office space is $58,000 to $93,750. This includes a $40,000 initial fee that must be paid to the franchisor or its affiliate(s).
Additionally, the franchisor offers franchisees the right to operate a Brightway franchise from a professional office space. The total investment necessary to begin operation of a single Brightway franchise from a professional office space is $58,000 to $93,750. This includes a $40,000 initial fee that must be paid to the franchisor or its affiliate(s).
Veteran Incentives 10% off franchise fee
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#52 in Gator's Top franchises.
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#34 on Franchise Rankings.com
#254 in Franchise 500 for 2020.
#190 in Franchise 500 for 2021.
About Veronica's Insurance
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Veronica’s Insurance is an insurance agency and brokerage that provides
insurance products and services in the fields of property, casualty,
vehicle, home, boat, RV, business, commercial, and renter’s insurance. Veronica’s Insurance offers two types of individual unit Agency franchises: an
agency employing up to two agents providing services from a
professional office; and a retail agency employing multiple Agents from a
retail location.Veronica’s Insurance permit their Retail Agencies to operate from a
stand-alone location or a location that is co-branded as a Toro Taxes
and operated in accordance with our Co-Branding Addenda. They also offer
area development franchises for the development of multiple Agencies
and a conversion program for qualified owners of existing insurance
agencies.
- Servicing the fastest growing population base in the country… the Latino population
- An established and recognized brand in the industry
- Competitive low investment costs and fees
- A business that is desired to thrive in any economy
- Year-round franchisee support
- Year-round customer service call center for your clients
The initial investment necessary to begin operation of an Office Agency
under a franchise agreement ranges from $23,700 - $50,500. This includes
$14,000 to $18,500 that must be paid to Veronica’s Insurance or its
affiliates.
The initial investment necessary to begin operation of a
Retail Agency under a franchise agreement ranges from $51,450 to
$111,600. This includes $32,850 to $34,350 that must be paid to Veronica’s Insurance or its affiliates.
The initial investment necessary to begin
operation of an Agency under a multi unit development agreement depends
on the number of Agencies that you are authorized to develop and ranges
from $90,450 - $201,600. This includes $25,000 that must be paid to Veronica’s Insurance or its affiliates for your first Agency and a development fee
of $10,000 for each additional Agency that you are authorized to
establish under the multi-unit development agreement.