What Is an Insurance Broker?
Why would you want to consider using an insurance broker vs. the traditional insurance agent?
Insurance brokers are typically independent insurance advisors that represent more than one company and in some cases dozens of carriers. Having a broker that represents multiple insurance companies can be a great benefit when shopping for lower premiums; without the hassle of calling lots of insurance companies for quotes.
What kind of insurance does an Insurance Broker sell?
Insurance brokers can be found representing many different types of insurance including but not limited to auto, home, life, health and commercial business insurance. An insurance agent will represent only one company and works for the company directly as a sales representative. In other words, an insurance broker works for you not the company. Many insurance brokers also can sell insurance products sold by insurance agents that are captive to only one company, which is a tremendous advantage.
Additionally, insurance brokers can be of great benefit with annual review of policies if faced with high rate increases. Most carriers will have small annual rate increase but if you’re faced with a higher than normal rate jump you’d need to start contacting multiple insurance agents looking for a more reasonable premium; the benefit of an insurance broker is they already have all your information to start shopping again. With today’s technology many insurance brokers have the ability to automatically be notified if large rate increases for your policies will happen before the renewal notice is sent out, and with a push of a button re-shop all their companies.
In most cases Insurance Brokers do not charge a fee for their service as they are paid the same as insurance agents by commission from the insurance company you buy the policy from.
For more information on insurance brokers or to receive your own personalized quote please visit: www.InsuranceBrokersGroup.com or call 800-459-6060