If you're buying insurance for the first time, you might be wondering, "Do I need an insurance broker?" You can get insurance without one, so why involve a middle man? In this article we'll explore some of the perks of having an insurance broker.
Insurance Broker vs. Insurance Agent
They're the same thing, right? Wrong. Insurance agents represent one insurance company and their associated products. Insurance brokers work for you, the customer, and have relationships with many insurance companies and their products.
Perk #1: More options!
As mentioned above, insurance brokers have access to many different companies. You could receive multiple quotes from different insurers, all with one phone call. Based on your specific needs and exposures, your broker might recommend one insurance company over another based on the particular product or coverage they can offer you. Additionally, your broker will do your shopping for you each year to ensure you still have the best coverage for the best price.
Perk #2: Experienced and professional advice
Insurance brokers are licensed professionals and can offer unbiased advice regarding your insurance options. A broker's advice will always be in your best interest as your broker works independently from the insurance company. Although brokers receive commission, there are no incentives for them to recommend one company over another.
Perk #3: Advocacy
In the event of a claim, your broker will be there for you. If there are any issues throughout the claims process, your broker will act as your advocate to the insurance company to ensure the process is as fast and smooth as possible to get you back where you started. A broker can also use their connections with the insurance company to settle any disputes that may arise.
Perk #4: Accessibility
Sick and tired of waiting on hold with big insurance companies? In general, insurance brokers are able to provide quicker customer service and are more accessible to their customers to respond to your needs in a timely manner.
Perk #5: Peace of Mind
You can enjoy your home, drive your car, or conduct your business with peace of mind knowing that someone is looking out for your insurance needs.