At the moment, there are over 1.2 million insurance employees, agents, and most importantly, brokers in the United States. Ever since the country bounced back from the 2008 recession, the number of insurance workers has remained relatively steady.
As you can tell from that number, there’s a big need for insurance workers. That’s because, when thinking of buying insurance for the first time, many people get easily confused. If you’re thinking about insuring something for the first time, you really need an insurance broker.
Today, we’re going to discuss:
- What’s the job of an insurance broker
- Why you really need to work with one
- What to consider when choosing one
Let’s start with the most obvious question:
What Do Insurance Brokers Do?
An insurance broker works with clients to help them understand their risks, explain how insurance can protect them, their business, and/or assets, and help them get a policy.
Insurance brokers will also explain what are the potential risks of buying certain policies, help you lower that risk, and tell you about different insurance products for you. Firms like Petra Insurance Brokers use in-depth knowledge to help you pick the most sustainable policy.
Even a relatively new insurance broker has knowledge about a wide variety of policies available on the market. More experienced ones have large networks of industry workers that help them negotiate the best policy deals for their clients.
Brokers have a lot of useful knowledge. That’s for certain. Is that the only reason why you should work with one? Far from it…
Why Work With an Insurance Broker?
In the United States, insurance brokers and agencies earn more than $163 billion every year. That’s a while lot of dollars. Why are insurance brokers so sought after in the US? Here are a few reasons why so many people put so much trust in the abilities of their brokers…
Cost Effective Expert Guidance
Almost all brokers get paid commission by the insurance provider for selling their insurance. You don’t actually have to pay your broker anything while they’re shopping around for the best insurance policy. On the contrary: they only get paid when they do their job.
Increased Insurance Options
There are lots of insurance policies out there. Even if you go directly to an insurance agency, chances are, they won’t offer you every single type of cover they have. By employing a broker, you’ll be able to find out which options work best for you, even if they weren’t initially offered.
All of the Claims Taken Care Of
Reporting an insurance claim can cause you a headache. If you need to make a claim, your broker will speak to the loss adjuster departments and save you a lot of hassle in the process.
How to Choose an Insurance Broker?
Insurance brokers are trained to become insurance practice experts that can help anyone save money, no matter how experienced they do or don’t have. Once you explain your personal situation to your insurance broker, here’s what you can expect:
Risk Assessment
You’ll be able to pick your insurance policy a lot easier. For most people, all of those exclusions, coverage, and limits are too hard to understand. But your broker will understand all of those policies, see whether they’re suited for your situation, and explain the risk to you.
No Hidden Fees
Brokers are obliged to advise their clients of the fees charged for their services. With trusted brokers, there are no hidden costs. To make sure everything is in order, ask the broker for a Statement of Advice, to check if the costs are as discussed.
Time Savings
Most brokers specialize in certain insurance product types. Some focus on vehicle while other specialize in group health insurance. Based on your needs, you should find the right broker whose knowledge of the matter will help you save a lot of time.
Find an Insurance Broker Today!
When it’s all said and done you have to remember one thing: your insurance needs will be better met by an experienced broker than you. That’s the reality of things. By working with an insurance broker, there’s a better chance you’ll have more choices at lower prices.
If there’s anything you should remember, it’s this:
- Insurance brokers make a living finding the best insurance for their clients
- If you want to save money and time, you should work with a broker
- That way, you’ll have objective opinions and honest advice on insurance
That’s what you can expect from your insurance broker.
