What Does an Insurance Broker Do


An insurance broker acts as a liaison between people seeking insurance policies and the insurance companies that offer them. They listen to their clients’ coverage requirements and search the marketplace to find policies that match those requirements, often finding deals that aren’t available through comparison websites.

They also provide ongoing service, assisting clients with policy changes and renewals. In return, they earn commissions from the insurance providers.

They Help You Find the Right Coverage

Because they aren’t employed by any particular insurance company, brokers are free to search the market for policies that meet their clients’ needs. They also understand that insurance can be complicated and oftentimes it isn’t clear what a policy covers or excludes, so they take the time to help their clients make an informed decision.

Brokers also rely on repeat business and referrals, so they have an incentive to find the best policies and ensure their clients are satisfied with their coverage. This way, they can help their clients in the long run with any future life changes that may require them to update their policies.

Insurance agents are sales-driven and may not always have their clients’ best interests in mind. With brokers, this isn’t the case. They are able to provide the right coverage to meet their clients’ needs. Whether it’s a home, business, or car insurance policy, they have the experience to help their clients with all of their liabilities concerns.

They Help You Save Money

Insurance brokers don’t just help you find a policy, they also can help you save money on your premium costs. This is because insurance companies give brokers special rates because they know that brokers can help them get more coverage for their clients. This means that you’re less likely to make unnecessary claims and that you’re more likely to be insured for the right amount, which ultimately saves the insurance company money.

Because insurance brokers are not tied to a single insurer, they search leading insurers for the best policies and rates available. They then help you select the best option for your unique needs. And they will also re-negotiate your policy at renewal to ensure that you continue to have the most cost effective cover available.

While they may charge a fee for their services, this can be well worth it if they save you money on your premiums each year. They also save you time by doing all the leg work and ensuring that you’re fully aware of your coverage options.

They Help You Get the Right Coverage for Your Business

Whether you’re looking for a policy for your home or business, picking the right insurance can be a daunting task. Insurance brokers are able to help you navigate through the insurance process, ensuring that you get the coverage you need. They can also explain legal terms, conditions, and exclusions in a way that you can understand. Insurance brokers rely on repeat business, so they have an incentive to make sure you’re satisfied with your policies.

Experienced insurance brokers have connections throughout the industry, allowing them to provide clients with options from many different insurers. They can also help you select coverage that is tailored to your business, reducing the chance of costly surprises down the road. In addition to finding you the right coverage, insurance brokers can also offer advice on risk management and conduct regular reviews. They can even negotiate with the insurers on your behalf, which may result in better premium prices. This is an invaluable service, especially if you have complex or unique insurance needs.

They Help You Get the Right Coverage for Your Home

Insurance brokers listen to your needs and find you the right coverage to meet those needs. They know the key differences in coverage options and clearly explain them to you. They also understand what policies cover and do not cover.

Insurance agents and brokers earn a commission on each policy sold. While some companies offer incentives, this doesn’t mean that they will sell a particular policy over another. However, some insurance brokers receive bonuses and gifts from companies they work with. This might influence their choice of policies to sell you.

While some insurance brokers are independent, others work on commission. Unlike agents, insurance brokers do not represent insurers. This means that they cannot bind coverage themselves, and instead must work with an agent or insurer to confirm your policy in place. Regardless of how they are compensated, insurance brokers must always act in their clients’ best interest. They are held to a fiduciary standard and must disclose all sources of their compensation. courtier assurance