Brokerage
Brokerage in insurance refers to the business of intermediating between insurance buyers (policyholders) and insurance companies. Insurance brokers act as independent agents who represent multiple insurance carriers, offering a variety of insurance products to meet the needs of their clients. Unlike insurance agents who typically represent a single insurance company, brokers work on behalf of the client, providing objective advice, comparing policies from different insurers, and helping clients choose coverage that best fits their needs and budget.
Insurance brokers play a crucial role in the insurance marketplace by facilitating transactions, negotiating terms, and assisting clients in understanding complex insurance policies and options. They provide personalized service, advocating for clients’ interests and ensuring they receive comprehensive coverage tailored to their specific requirements. Brokers earn commissions from insurers for policies sold, and their expertise helps clients navigate the insurance landscape to make informed decisions about protecting their assets and managing risks effectively.