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An insurance broker is a regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of cover you need and recommend a suitable policy at a price you can afford.
Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider. Insurance brokers represent the consumers who use them and can help them shop for policies from multiple providers.
Being an insurance agent can be a rewarding career, but that doesnt mean it doesnt have its share of frustrations. Like any job, selling insurance comes with pressure to perform and job related stress.
Insurance brokers identify and organise suitable insurance cover for commercial organisations and private clients. Insurance brokers liaise between clients and insurance companies, finding the client the best deal for their insurance cover.
Disadvantages of insurance brokers Working with an insurance broker can be more expensive than getting a policy alone. This is especially true if you get a policy from a larger company that offers quotes online because youll miss out on getting a discount for buying your policy online.
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