If you operate an insurance agency or work as an independent insurance broker and need your NAICS code, here is your answer right away.
The NAICS code for insurance agents and brokerages is 524210, classified under Insurance Agencies and Brokerages in the Finance and Insurance sector.
| Field | Details |
| NAICS Code | 524210 |
| Industry Title | Insurance Agencies and Brokerages |
| Sector | 52 (Finance and Insurance) |
| Industry Group | 5242 (Agencies, Brokerages, and Other Insurance Related Activities) |
| Last Updated | 2022 NAICS Edition |
What Does NAICS Code 524210 Cover?
According to the official 2022 NAICS data, code 524210 covers establishments primarily engaged in acting as agents (i.e., brokers) in selling annuities and insurance policies.
In simple terms, this code applies to any individual or business that acts as an intermediary between insurance carriers and the public. This includes:
- Insurance Agencies: Independent or captive offices selling various types of insurance.
- Insurance Brokerages: Firms that represent clients to find the best policies from multiple carriers.
- Life Insurance Agents: Specialized agents focused on life, health, and disability policies.
- Property and Casualty Agents: Agents selling auto, home, and commercial liability insurance.
- Independent Agents: Freelance agents or owner-operators who are not direct employees of an insurance carrier.
The important distinction here is intermediary services. This code is for those who sell and facilitate policies, not for the “carriers” who actually underwrite the risk and pay the claims.
Does My Insurance Business Qualify for Code 524210?
Your business qualifies for NAICS code 524210 if:
- You provide sales and support for insurance products on a commission or fee basis.
- Your primary revenue comes from commissions or fees for placing insurance policies.
- You act as the point of contact for policyholders but do not hold the financial risk of the claims.
Your business may not qualify if:
- You are an Insurance Carrier: If you actually underwrite the policies and assume the financial risk, use 524113 (Life), 524114 (Health), or 524126 (Property/Casualty).
- You are a Claims Adjuster: If you primarily investigate and settle insurance claims for carriers, use 524291.
- You provide Third-Party Administration: If you process claims or manage employee benefit plans for others, use 524292.
- You are a Reinsurance Carrier: If you assume risk from other insurance companies, use 524130.
Where Will You Need This Code?
Your NAICS code is essential for business identification and professional licensing. Here is where code 524210 will be required:
Business Registration. Most states require a NAICS code when you apply for your corporate entity (LLC or Inc) and when applying for your state-issued insurance producer or agency license.
SBA Loan Applications. The Small Business Administration requires your NAICS code on all loan applications. Lenders use it to assess the risk profile of the insurance industry for agency acquisitions or working capital loans.
Business Insurance. ironically, as an agent, you need your own insurance. Providers use 524210 to classify your risk for Professional Liability (Errors & Omissions) insurance, which is critical for agents.
Federal Contracting via SAM.gov. If your agency provides insurance or bonding services to government contractors or federal agencies, you must be registered on SAM.gov using code 524210.
Tax Filings and Compliance. The IRS and state tax agencies use NAICS codes to categorize businesses for statistical reporting and to monitor financial performance within the industry.
524210 in the NAICS Hierarchy
Every NAICS code sits inside a structured hierarchy. Here is exactly where 524210 fits:
| Level | Code | Title |
| Sector | 52 | Finance and Insurance |
| Subsector | 524 | Insurance Carriers and Related Activities |
| Industry Group | 5242 | Agencies, Brokerages, and Other Insurance Related Activities |
| NAICS Industry | 52421 | Insurance Agencies and Brokerages |
| National Industry | 524210 | Insurance Agencies and Brokerages |
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