Do You Know What An Insurance Broker Does?
Do You Know What An Insurance Broker Does?
Insurance was a business model unheard off in the past and has now become a major part of our everyday lives and so is the role of the insurance broker. In the past few decades the insurance industry really boomed and now one finds insurance companies or insurance products been sold everywhere. Even other business models such as food chain stores, have gotten on the band wagon. Anything you can think of can and is being insured these days, from your car, house and possessions, to your health and life and the lives of your loved ones, and even up to your pets! The argument of whether or not all this insurance is not just a type of craziness, which has us insuring everything out of fear, is best left for another article. Insurance products do have a definite benefit in our society though and has saved many people from massive amounts of loss, had they not had the insurance policy to claim against the loss.
So you have the insurance company, and then you have the person wanting insurance and then you have the insurance broker. The insurance broker is the person who negotiates, and meditate between the two parties, and in some cases also sells. The roles of an insurance broker, are varies and may change all the time depending what he is called to do and who needs his assistance.
Now one must also differentiate between an insurance agent and an insurance broker, as people may use these words interchangeably and some insurance agents pass themselves off as insurance brokers when in fact there is a difference. An insurance agent works for an insurance company and is only allowed to advice on and sell different insurance products from that insurance company. He cannot shop around- so to speak between different companies. An insurance broker on the other hand works principally on behalf of his client and he maybe self employed, or work for a brokerage firm. He works with a number of different insurance companies and goes about the business of sourcing the best policy for his client. He acts as an intermediary, and facilitator and negotiator between you and the insurance company.
Brokerage fees can be very high depending on various factors one of them being the product. Simple insurance products, such as household and car insurance for example should not have high fees at all. An insurance broker is either paid on commission basis only, or they can be paid a salary and a commission or just a salary.
How does the insurance broker help you?
One of the most important functions of the insurance broker is the explaining the fine print of the insurance policy. Sometimes insurance companies will do whatever they can to not pay an insurance claim, and one of the methods for doing this is by putting certain clauses, which ordinary people do not understand until time comes to claim against their insurance and they are told that they cannot claim due to some or other clause.
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 broker to get expert advice.
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