Hemp Insurance Agency

What Hemp Insurance Agency does

Hemp Insurance Agency is a privately held, family-owned independent insurance agency headquartered at 211 E Madison St in Covington, Virginia. Founded in 1903, it is the oldest insurance agency in Covington and one of the oldest in the state. The agency is led by President Edward Hemp (41 years of industry experience) along with four licensed agents (Lynn Hemp, Michelle May, Amanda Brown, Lindsay Raether), all based in the Covington office. The firm operates as a multi-carrier aggregator, representing Erie Insurance, Progressive, American Collectors Insurance, Aegis Powersports, Northern Neck Insurance, and Wright Insurance Group, with Erie serving as the core partnership and providing access to a 12-state-plus-DC service footprint.

The agency distributes a broad portfolio of personal, commercial, life, and health insurance products. Personal lines span auto, homeowners, renters, motorcycle, boat and marine, ATV, collector car, condominium, flood, mobile home, RV, personal umbrella, personal watercraft, rental property, and valuable items coverage. Commercial lines include business owners package, commercial auto, commercial property, general liability, workers compensation, builders risk, business interruption, cargo, commercial trucking, commercial umbrella, contractors GL, cyber liability, D&O, EPLI, farm/agribusiness, garage, hospitality, key person, liquor liability, manufacturers, non-profit, product liability, restaurant and bar, special event, surety bonds, technology, and vineyard and winery coverage. Life and health offerings include fixed annuities, final expense, individual life (term, universal, whole), mortgage protection, and individual health.

The business model is straightforward commission-based agency revenue: Hemp Insurance Agency earns carrier commissions on policies placed, with no proprietary technology stack and no public-facing API. Distribution is sales-led, combining in-person office consultations, phone outreach, online quote request forms, a self-serve policy service center, and a referral program. Marketing relies on website content, an educational blog, social media presence on Facebook and LinkedIn, customer testimonials, and community sponsorships (youth league sports, coaching, Sunday school teaching, and a local community college scholarship). Primary served geographies are Covington, Clifton Forge, and Alleghany, Bath, Botetourt, and Highland Counties in Virginia, with formal expansion capacity via Erie into 12 states and DC.

Name

Hemp Insurance Agency

Legal name

Hemp Insurance Agency

Website

https://hempinsurance.com

Company type

Private

Founded year

1903

Operating status

Operating

Headcount range

1–10 employees

Short description

Hemp Insurance Agency is a family-owned independent insurance agency in Covington, Virginia, founded in 1903, representing multiple carriers (Erie, Progressive, and others) to deliver personal, commercial, and life insurance products to individuals, families, and small businesses across western Virginia.

Ownership category

akta.pro rank

Headquarters

HQ city

Covington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Insurance Commission Revenue: Hemp Insurance Agency operates as an independent insurance agency earning commissions from insurance carriers for policies placed. As independent agents, they represent multiple insurance companies (Erie Insurance, Progressive, American Collectors Insurance, Aegis Powersports, Northern Neck Insurance Company, Wright Flood) and earn commissions when customers purchase policies through their agency.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Hemp Insurance Agency is an independent insurance agency that places personal, commercial, and life insurance policies on behalf of customers by representing multiple insurance carriers. The agency consults with clients, performs needs assessments, and delivers comparative quotes across carriers such as Erie Insurance, Progressive, Northern Neck, American Collectors, Aegis Powersports, and Wright Insurance Group, then services the policies after placement.

Product overview

Hemp Insurance Agency is an independent insurance agency in Covington, Virginia, founded in 1903, offering a comprehensive portfolio of insurance products across personal, business, and life insurance categories. The agency functions as an aggregator, representing multiple insurance carriers including Erie Insurance, Progressive, Northern Neck Insurance, Aegis Powersports, American Collectors Insurance, and Wright Insurance Group to provide customers with comparative quotes and policy options. Personal insurance offerings include auto, homeowners, renters, motorcycle, boat & marine, ATV, collector car, condominium, flood, mobile home, motor home/RV, personal umbrella, personal watercraft, rental property, and valuable items insurance. Business insurance products encompass builders' risk, business interruption, business owners package, cargo, commercial auto, commercial property, commercial trucking, commercial umbrella, contractor's general liability, cyber liability, directors & officers, employment practices liability, farm/agribusiness, garage, general liability, hotel & motel, key person, liquor liability, manufacturers, non-profit, product liability, restaurant & bar, special event, surety bonds, technology, vineyard & winery, wholesalers/distributors, and workers' compensation insurance. Life insurance products include fixed annuities, final expense, individual life (term, universal, whole), and mortgage protection insurance. The agency also offers health insurance and the ERIE YourTurn mobile app for driving rewards.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance Coverage for vehicles including liability, collision, comprehensive, medical payments, and uninsured/underinsured motorist protection for individual drivers and families through to fleet operations.
• Homeowners Insurance Protection for homes against damage from various events, covering the structure, personal possessions, liability, and additional living expenses for homeowners.
• Renters Insurance Coverage for personal property, liability, and loss of use for renters of homes, apartments, condos, or duplexes.
• Motorcycle Insurance Protection for motorcycles including collision, comprehensive, bodily injury, liability, and coverage for custom parts or classics.
• Boat & Marine Insurance Coverage for various watercraft including speed boats, jet skis, yachts, and sailboats with options like Agreed Hull Value and Actual Cash Value policies.
• Collector Car Insurance Specialized coverage for classic, vintage, or antique vehicles including agreed value, replacement parts, and coverage for shows and exhibitions.
• Flood Insurance Protection for homes and personal property against flood damage, required in high-risk zones and available for all areas.
• Personal Umbrella Insurance Extra liability coverage that supplements auto, boat, homeowners, and other personal insurance policies for additional financial protection.
• Business Owners Package Insurance (BOP) Bundled coverage combining property and general liability insurance for small and medium-sized businesses.
• Commercial Auto Insurance Protection for business vehicles and fleets against property damage, medical costs, liability, and uninsured/underinsured drivers.
• Commercial Property Insurance Coverage for business facilities, equipment, inventory, furniture, and signage against storms, fire, theft, and vandalism.
• General Liability Insurance Protection against claims of bodily injury, property damage, damage to rented premises, medical payments, and advertising errors.
• Workers' Compensation Insurance State-mandated coverage providing medical treatment and partial wage reimbursement for workers injured on the job.
• Cyber Liability Insurance Coverage for costs related to data breaches, ransomware attacks, business interruption from cyber incidents, and legal expenses.
• Commercial Umbrella Insurance Additional liability coverage providing $1 million to $5 million in protection for catastrophic settlements.
• Individual Life Insurance Policies including term, universal, and whole life insurance providing death benefits and cash value accumulation for individuals.
• Fixed Annuities CD-type retirement investment issued by insurance companies offering tax-deferred growth and guaranteed future payments.
• Final Expense Insurance Whole life or term policy covering end-of-life costs including funeral expenses, burial costs, and outstanding debts.
• Mortgage Protection Insurance Coverage paying mortgage balance upon death or disability, protecting families from losing their home.
• Health Insurance Individual health insurance products crafted to meet specific family health coverage and benefits needs.
• Specialty Commercial Insurance Lines A portfolio of specialized commercial insurance coverages addressing industry-specific risks for contractors, manufacturers, hospitality, food service, agriculture, technology, non-profits, transportation, wholesalers/distributors, and other small business categories.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, secondary and minor.

• Erie InsurancecoreChannel Partner/ Reseller/ DistributorHemp Insurance Agency is a proud partner of Erie Insurance, specializing in their auto, home, life and business insurance products. Erie Insurance sells through a network of independent agents in 12 states and the District of Columbia. The agency promotes Erie's YourTurn rewards program and provides direct links for Erie quotes, bill pay, and account access.
• The Progressive CorporationsecondaryChannel Partner/ Reseller/ DistributorThe agency represents Progressive Insurance, offering their competitive auto and commercial insurance products through the independent agency channel.
• American Collectors InsurancesecondaryChannel Partner/ Reseller/ DistributorSpecialty insurance carrier serving collector vehicle owners. The agency offers collector car insurance through this partnership.
• Aegis PowersportssecondaryChannel Partner/ Reseller/ DistributorInsurance carrier specializing in powersports coverage including ATVs, motorcycles, and other recreational vehicles.
• Northern Neck Insurance CompanysecondaryChannel Partner/ Reseller/ DistributorRegional insurance carrier offering property and casualty insurance products in Virginia.
• The Wright Insurance Group, LLCsecondaryChannel Partner/ Reseller/ DistributorInsurance carrier providing flood insurance and related property coverage products.
• Alleghany Highlands Chamber of CommerceminorGTM or Marketing PartnerThe agency is a member of the Alleghany Highlands Chamber of Commerce, supporting local business community and networking opportunities.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Brown & Brown: Large publicly traded insurance brokerage placing P&C and benefits coverage with multiple carriers for individuals and businesses. Operates the same intermediation role as Hemp, but at national scale.
• Allstate: Large national P&C carrier with a captive (exclusive) agent distribution model. Comparable to Hemp in the personal/commercial intermediation role, though via exclusive rather than independent agency structure.
• Hub International: Large insurance brokerage placing P&C, life, and benefits coverage with carriers for individuals and businesses. Comparable as an independent intermediary at significantly greater scale.
• State Farm: Largest US personal lines insurer, distributing primarily through exclusive captive agents. Comparable in intermediating personal and small commercial insurance to consumers, but via the exclusive model.
• Arthur J. Gallagher & Co. Global insurance brokerage and risk management firm that places commercial and personal coverage with carriers. Comparable in the intermediation business model, though serving enterprise clients.
• Marsh McLennan: Global insurance brokerage and risk advisory firm placing coverage with carriers for commercial clients. Comparable as a brokerage intermediary, but at enterprise scale with no retail consumer footprint.

Others

• Erie Insurance: Hemp's primary carrier partner and a regional P&C insurer that distributes exclusively through independent agents in 12 states plus DC. Directly comparable as a counterparty in Hemp's GTM motion.
• Progressive: National P&C carrier that distributes through both direct channels and independent agents like Hemp. Comparable as a counterparty carrier whose commission schedule directly affects Hemp economics.

Direct peers

• Integrity Marketing Group: Acquirer and platform supporting independent insurance agents distributing life, health, and annuity products. Comparable because it operates and consolidates independent agency relationships similar to Hemp's model.
• Goosehead Insurance: Public insurance distributor that operates an independent agent/franchise model, offering personal and commercial coverage across multiple carriers. Highly comparable in business model, though at much greater scale than Hemp.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Hempinsurance
• LinkedInlinkedin.com/company/hemp-insurance-inc/about

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hemp Insurance Agency