What Is an Insurance Broker and Why Do You Need One?


15 Mar

 An insurance broker makes money by selling insurance to people or companies. Most brokers sell all major insurance types, such as life insurance, homeowner insurance, automobile insurance, business insurance and annuities, to clients across the country. The majority of brokers have direct relationships with major insurance companies. They receive a cut or commission for selling the insurance to their customers. Many insurance brokers have their own offices and work from there. But some work online, and operate through their own websites. Insurance agents work with people who are purchasing insurance policies. Brokers have the expertise to help you find the right policy for your needs. They can review your insurance needs, explain the different types of coverage available, and recommend the best policies for you. Insurance agents earn a commission for any policies sold, so working with them requires you to purchase insurance through their office. This ensures that you get the best rates possible. When you purchase insurance policies through an insurance broker from this link, you pay them a fee instead of paying the premium directly through the company. This fee is called a Broker's Commission. Different insurance companies pay commissions in different ways, but the average broker pays about two percent of the total premium. You should not expect to pay much more than that. In order to become a licensed insurance broker in North Carolina, you will have to pass the NC Utilities Commission exam. There are several exams, and you will want to take each one very seriously. Although it does not guarantee your license, the exams guarantee that you have taken the time and made the effort to learn everything you can about becoming a licensed broker in North Carolina. The right insurance broker will take all of the right courses and will have at least four years of experience in the field of insurance. If you are interested in purchasing insurance through an insurance broker in North Carolina, you will need to contact several insurance companies. After you find a good one to work with, you should call them all up and discuss a price. You should not offer to buy insurance through the broker until you have talked to them all and gotten a good idea of what they charge for the types of coverage you are interested in. For instance, if you are interested in purchasing auto coverage, you will probably be able to get a better deal if you choose a broker who specializes in that. On the other hand, if you wanted to buy homeowner's insurance coverage, you might find a broker who works with several insurance companies. Here’s a good read: https://en.wikipedia.org/wiki/Category:Insurance_agents. In order to save the most money, you should get at least three quotes before making a decision on which company to use as your insurance broker in North Carolina. You will find that the prices can vary quite a bit from company to company. However, it is still a good idea to shop around before deciding on the right provider for you. You will be glad that you did. After all, you should always aim to get the best deal possible for your small business insurance policies and plans. You may learn here to get facts.

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