What Do Insurance Brokers Do?
Insurance brokers work directly for their clients and specialize in insurance and risk management. They do not work for insurance companies. Insurance brokers find clients the best insurance policy options for their particular needs. Depending on the stage of the sale, insurance brokers may charge a brokerage fee, commission, or both. Any fees or commissions are costs that cover researching specific coverage plans, terms, conditions, and coverage quotes.
What Are the Different Types of Insurance Brokers?
There are typically two types of insurance brokers: retail and commercial. Retail insurance brokers act on the behalf of companies and individuals and offer health, home, travel, and auto coverage. Commercial insurance brokers specialize in specific industries, like oil and gas, and offer more complex policies for issues like equipment failure or damage.
What Are the Traits of an Innovative Insurance Broker?
Qualities of great insurance brokers include: an outgoing personality with entrepreneurial spirit, ethically sound in values, and a genuine people-person willing to lend a helping hand.
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