What Can You Expect When Working with an Insurance Broker?

The role of an insurance broker is often misunderstood, as these industry professionals are often mistakenly referred to as insurance agents. Without going into too much depth as to the differences between the two professionals, let’s say this: insurance brokers work for their clients, not for any single insurance company. Working with a broker is vastly different from working with an agent because insurance brokers have access to a wide array of policies offered by a multitude of companies.

Below, we’ll tell you what you can expect when you recruit the services of an insurance broker.

What Does an Insurance Broker Do?

Insurance brokers provide a multitude of services, all of which have to do with getting their clients into the right insurance policies for their needs. After they ask some questions relating to the insurance buyer’s needs, they will look through a wide assortment of offerings that are provided by many different insurance companies.

The biggest benefit of hiring an insurance broker is their access to policies from a range of insurance companies. They might be able to connect you to an insurance company you’ve never heard of but can provide great coverage at competitive rates. They may even be able to show you policy bundling options with your current or a new insurance company that can drive down your premiums.

Essentially, an insurance broker works to save you money and get you the coverage that you need. They do this without being loyal to a particular insurance company, so there’s no bias in helping you to get the coverage required.

Why are Insurance Brokers Better for You Than Insurance Agents?

If you’ve already got a great relationship with your current insurance company, you may feel that there’s no need to hire the help of an insurance broker – and that’s fine. But if you’re looking to change your policy under a new insurance provider, insurance brokers become an invaluable resource.

Here are the benefits to choosing an insurance broker when shopping around for a new insurance policy:

• Insurance brokers work with many different insurance companies, thus providing you more options.
• Insurance brokers are obligated to be 100% honest and upfront about their commission costs.
• An insurance broker may expose you to options that you didn’t know you had, like bundling different types of insurances to reduce your premiums.
• Because insurance brokers don’t work for any one company, their focus is solely on helping you get insurance at a great rate.