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Tuesday, 29 July 2014

Insurance Terms 101: What is a Broker?



If you have not done so already, be sure to read the first blog post in our "Insurance Terms 101" series. Do you know what a deductible is?

In the insurance world, a term that is widely used by people is "insurance broker".

The truth is that not everyone is aware of what a broker is, let alone what the benefits of hiring one are. If you are among those people, here is what you need to know: A broker works for you, and not for insurance companies.

A broker's main job is to sell insurance policies, regardless of what company those policies belong to. His or her second job is to ensure that your insurance needs are well taken care of. In other words, a broker is there to advise you on what type of policies will benefit you in both the short term and long term.

Along the way, a broker is also there to answer any insurance question that you might have, offer advice regarding deductibles and premiums and help you find the most effective and cost-effective insurance policies available on the market. Because of this job's nature, brokers always have to be completely unbiased and focused on their client.

While some people do well without a broker, there is no reason why you should not hire one. The world of insurance is vast and confusing, and it always feels good to have someone who knows their way around it close at hand.

And you know what the good news is? If you are are not sure whether or not an insurance broker is for you or not, many of them enjoy giving out free consultations to prospective clients.

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