The Truth About Insurance Broker

About Insurance Broker

An insurance broker plays such a big role in our society and that is because over the last decade insurance and the business of insurance has really boomed. Insurance, which was an unheard of concept in the past, is now an everyday topic.

Companies now offer cover for almost all aspects of our lives. From motor plans to health plans to the insurance of pets and even body parts, it seems that there is not an aspect of life which the insurance market has not managed to capitalize on.

Now whether the need for such extensive coverage is necessary is debatable, but it is true that selling of insurance does serve as a major security blanket for millions of people.

If you were ever in a car accident or if your house was burgled and you could claim against your insurance you would know what a relief it was to have that cover.

Now the broker is usually the face behind the insurance industry. These agents can be considered to be the middleman between the insured and the insurance provider, and their roles are many, at some moments acting as agents at other moments as facilitators and negotiators.

A broker may either work for an insurance company or independently for him- or herself. When an insurance broker works for a particular company, he is not, strictly speaking, a broker but an insurance agent.

He sells different products which are on offer by the company for which he works. And he is only allowed to sell their products.

An insurance broker on the other hand, works as an independent body, and who is an expert in the field. In this role, he will search the market and scout for an insurance product which best suits your needs from a number of different companies.

He usually has a list of insurance companies with which he works, and then acts as a mediator and facilitator between you and the company.

An insurance broker is either paid a full salary by the company, or is paid a wage and a percentage in commission, or he is paid on a commission only basis. Broker fees can be high, depending on various factors, such as if he works independently etc.

How does the broker help you?

When you visit an insurance agent and you have the need to ensure something, this person will get the best quotes of different policies on the market.

He or she will then explain the benefits or disadvantages of the different policies, he has found for you.

The agent will explain in detail what the fine print means before you buy a particular product.

Insurance brokers also have access to special rates and deals, which you as an individual will not be able to get for yourself. So in order to get the best deals and the best cover, speak to an insurance agent to get expert advice.

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