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This question is about what an insurance agent does, what a broker does, and insurance agent.
Insurance Agent vs. Broker
An insurance agent is an insurance professional who sells insurance plans to buyers, while a broker is an independent insurance specialist who legally represents buyers.
An insurance agent works for an insurance company and sells that company's insurance products to customers. Insurance agents provide information about available policies from the insurance company to insurance buyers. They have contractual agreements with their company specifying policies they can sell and the compensation the agent receives.
A broker services clients by identifying insurance plans that will meet their specific needs. They also help small businesses assess situations and help them to understand the exposure to various types of risks that the company faces. They also recommend insurance products based on the needs of the business.
Here are the key differences between an insurance agent and an agent:
An insurance agent is a salesperson who works for an insurance company
A broker is an independent professional who acts as an intermediary between insurance buyers and insurance companies
A broker seeks to get the best fit of insurance plans for their clients in terms of cost and coverage
An insurance agent seeks to pitch their insurance company's coverage as the best option for a potential buyer
On average, insurance brokers have higher salaries than insurance agents
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