An insurance broker is a person or company who has in-depth knowledge of various insurance companies and the packages they offer, and can help you to find a suitable insurance portfolio for your specific needs.
Generally, an insurance broker will start off by assessing your needs and requirements against what is on offer in the industry. Insurance brokers fees are built into the monthly or annual premiums you pay.
Women’s insurance and brokers
As women we have different needs and priorities from our insurance policies than men do and using an insurance broker could be a valuable way of ascertaining which women’s insurance policy would best suit those needs and priorities.
As a woman, it might be an idea to find a female insurance broker since she might better understand and assess your needs.
Insurance broker versus insurance agent?
An insurance broker is different from an insurance agent in that an insurance agent is paid to manage your insurance policy and deal with any claims that need to be made. An insurance broker, on the other hand, is paid to know exactly what you need from a policy and to ensure that you have the best policy to suit your needs as they change and develop.
An insurance broker should always be made aware of changes to your circumstances so that they can update your policies as required. One great advantage of using a broker is that they are there to explain the ins and outs of the policies which, at times, can be confusing.
Do I need an insurance broker or an insurance agent?
Many insurance companies deal direct with the public now, cutting out the insurance brokers.
Such 'direct insurance' companies claim that this means that the policy holders get lower premiums as there is no brokerage commission involved. But direct insurance companies do pay commission to those who bring them the business and some brokers also deal with such companies.
One advantage (even if it does cost a bit more) in dealing with an insurance broker is that you have someone 'on your side' when it comes to a disputed claim. Brokers may not be able to perform insurance miracles but it can help a lot to have someone knowledgeable in your corner when the time to claim comes.
