What is an Insurance Broker?
An insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her clients. A typical insurance agent works for one specific company, and chooses from within that company’s policies for clients. While an insurance broker is different from the typical agent in this regard, the two are otherwise similar. Both structure policies, settle claims, and usually work on a commission basis. In most states, both the agent and the insurance broker must be licensed, after having passed an insurance exam. While formal schooling or degrees are not necessarily required to become an agent or an insurance broker, they are helpful. Even if further education is not required for advancement, it definitely creates an advantage for the person who hopes to rise to the administrative level. Advancement and management experience are certainly beneficial for the agent who hopes to become an independent insurance broker. An agent o
Every small business owner knows the importance of having adequate business insurance. Having the right coverage may mean the difference between success or failure when faced with a natural disaster, accident, or a liability claim. But how can you be sure of buying the right coverage? There google_ad_client = ‘pub-2905054723170537’; // substitute your client_id (pub-number) google_ad_channel = ‘3393335763’; google_ad_output = ‘js’; google_max_num_ads = ‘3’; google_ad_type = ‘text’; google_feedback = ‘on’; google_targeting = “content”; are so many different kinds of policies, each with its own premiums and limitations, that it’s easy to get confused and even end up with the wrong coverage. That’s why many business owners choose to work with independent insurance brokers. If you have not reviewed your business insurance needs lately, it’s time to dust off those policies and make sure you have adequate coverage. If you’re already working with an insurance agent, you may be reluctant to sw
An insurance broker works for you instead of the insurance company. An agent works for a single insurance company and offers only their policies, but a broker works with all companies to get the best rate for you. The broker assists you with finding a policy that works best for your needs then helps you file claims and settles any problems, if needed. How do I find one? Word of mouth usually works best when finding an insurance broker. Ask your friends, relatives, co-workers who they use, and if they’re satisfied with the results. You can also look at the National Insurance Brokers of Australia website (www.NIBA.com.au) for help finding a broker in your area. What do I ask? Just as you would when hiring anyone to take care of your needs, you’ll want to ask your prospective insurance broker some detailed questions to make sure he/she is perfect for you.
Related Questions
- Do commercial policies include coverage for loss of business income, debris removal, power failure, frozen water pipes, water damage from frozen water pipes and collapse due to weight of ice and snow?
- Can you recommend a business insurance broker/agent that specializes in small management consulting firms?
- What is an Insurance Broker?
