An insurance broker is a specialist in insurance and risk management. An insurance broker negotiates, and sells policies. He or she acts as intermediary between insurers and customers and receives compensation. An important role of an insurance broker is to help insurers to assess the types of risks they face. Risks include natural hazards such as bad weather, hurricanes, tornadoes, fires, and floods. At the same time, insurance brokers act on behalf of and in the interest of customer/insurer. They do comparison shopping amongst the best insurance companies to find the best deals and offer policies from more than one insurance company. Insurance brokers also help their clients to outline risk management strategies, which are suitable for their profile. There are different types of risk to look into, including natural disasters, car accidents, credit risks, cash flow problems, legal liabilities, and others. Sometimes an insurance broker will act as agent of an insurer, but where this occurs the situation should be fully explained to you.
There are two types of brokers that specialize in different covers and policies. Retail insurance brokers are professionals who act on behalf of companies and individuals. They offer policies such as health, travel, home, and car insurance, along with private and public liability and employer’s liability plans. Commercial insurance brokers specialize in areas such as gas, oil, marine, and aviation and offer complex and high value policies. Commercial insurance policies cover equipment, machinery, and real estate in the event of theft or damage.
The most important part of any insurance broker is good product knowledge. A good insurance broker will be able to offer a comprehensive selection of products and services that can meet any reasonable need a client might have. Second to good product knowledge is that customers have to be able to get hold of their insurance brokers when they need them are much more likely to stay happy and reassured.
At Status Insurance Brokers we strive to a timely response to inquiries and phone calls, to be reliable, competent and available or at least have a good reason as to why we can’t. One of the major complaints of those who buy insurance policies is that there is no one around to answer their questions after they have purchased the policy.
Imagine you’re searching for an insurance company to manage and protect everything in your life that’s important to you: Your home and all your belongings. Your car. Your business. Even your family’s future. This company would hold the keys to your peace of mind and, possibly, your financial future. Would you hire them on the spot or seek an expert’s advice first? Would your number-one criteria be finding what’s inexpensive, or finding a company you know you can trust?
At Status Insurance Brokers, we’re dedicated to making insurance straightforward and honest.