A Broker Or An Agent? Find Out Who is Right for You
No matter what type of insurance policy you purchase for your business, the success of insurance plan would also depend on the professional you hire. There are actually two types of insurance professionals: the agent and the broker.
Agents branch out into two categories: a captive and an independent agent. The former works and sells policies only for one company. The latter, on the other hand, works for different insurers.
Meanwhile, a broker is one who offers a multitude of insurance products. They are also required to be licensed. In other words, the broker is likely to have more experience. The drawback, however, is that you’d pay more premium if you hire a broker.
If you have a larger business, like a hotel, for example, you could use a broker. The same goes if you have a big number of employees or vehicles. If, on the other hand, you have fewer employees, vehicles, and reviewing the insurance plan wouldn’t be that of a chore to you, then you could hire an agent instead. It’s more practical that way.