An insurance broker is a licensed professional who acts as an intermediary between insurance companies and individuals or businesses seeking insurance coverage. Insurance brokers provide advice, guidance, and assistance in selecting and purchasing insurance policies that meet the specific needs of their clients.
Insurance brokers typically work with multiple insurance companies and have access to a wide range of insurance products and services. They evaluate the insurance needs of their clients and help them identify the appropriate types and amounts of insurance coverage needed to manage risk and protect against potential losses.
In addition to helping clients purchase insurance, insurance brokers also provide ongoing support and assistance throughout the policy term. They may help clients file claims, provide advice on policy changes, and assist with policy renewals.
Insurance brokers are typically compensated by receiving a commission from the insurance companies on the policies they sell. Some insurance brokers may also charge a fee for their services, although this is less common.
Overall, insurance brokers play an important role in helping individuals and businesses navigate the complex and often confusing world of insurance, and in helping them secure the coverage they need to protect themselves and their assets.