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This question is about what an insurance broker does, what an agent does, and insurance broker.
Insurance Broker vs. Agent
An insurance broker is an independent insurance specialist who legally represents buyers, while an agent is an insurance professional who sells insurance plans to buyers.
An insurance broker helps clients identify insurance plans that will meet their specific needs. They also help small businesses assess their situations, and help understand the exposure to various types of risks that the company faces. They also recommend insurance products based on the needs of the business.
An agent or insurance agent works for an insurance company and sells that company's various insurance products to people. Insurance agents provide information about available insurance policies to insurance buyers. Insurance agents have contractual agreements with their company that specify the policies they can sell and the compensation they can receive.
Here are the key differences between an insurance broker and an agent:
An insurance broker is an independent professional who acts as an intermediary between insurance buyers and insurance companies
An agent is an insurance salesperson who works for an insurance company
An insurance broker seeks to get the best fit of insurance plans for their clients in terms of cost and coverage
An 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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