Insurance agents are often your go-to when you want to purchase insurance, and wouldn’t they be? They save you money, they save you time, and they have better knowledge of the insurance sector, helping you select the best plan for your family and yourself. This is why it becomes an important decision for you to hire an insurance agent that “clicks”. There’s a lot that depends on your choice, complicating things a bit albeit.
Business and commercial insurance appointments can then seem to be a tedious task, making it even harder to find that perfect agent. A considerable amount of time goes into setting up such appoints, be it commercial or business. With more options to choose from, you are bound to get confused, which can only result in more confusion. There’s something that everybody should know about insurance agents, which might help in eliminating the confusion.
An Insurance Agent Is Not A Broker
A common misconception that exists is insurance agents are brokers, which is false. Insurance agents usually represent the interests of the insurer (which is the insuring company). Such agents usually are either captive or independent, that is, they either represent one company or more. Brokers, on the other hand, solicit quotes and or policies on behalf of the buyer. Such brokers generally charge a certain fee for the services provided, which is charged to the buyer.
Independent Insurance Agents
Insurance agents which are independent never stick to one company but sell policies from a variety of companies. This results in a better choice for the buyer, thus catering to specific needs of specific customers. Compared to captive agents, these agents have the upper hand because of the in-depth knowledge they possess and the amount of time they help you save throughout the procedure and even during claims.
How They Help You
Insurance agents tend to provide you unbiased advice which is very beneficial when making a decision. Insurance agents also help you save a lot of money if, which you would have otherwise lost if you opted to purchase insurance yourself. Because the insurance agent is unbiased, they would not focus on just one particular company but help you choose from amongst a bunch, an option that is feasible to you.
Insurance agents usually act as a one-stop-shop for you, covering all your insurance needs and saving up on a lot of time. Such agents also don’t charge you a fee, rather, they charge the company a commission for every insurance sold, thus cutting costs for you. These agents are also helpful when there are any claims to be made because they do not have to follow any strict protocol set by a particular company and they can represent you.