What is an Insurance Broker?
An insurance broker is a person that works on the behalf of clients to find sources of insurance for them, their loved ones or their employees. A broker discusses insurance needs with their client then work to find them the best rates and coverage. Insurance brokers will also help their clients file claims and settle them with the insurance company.
Rhode Island insurance brokers will help you acquire any kind of insurance;
- Health insurance
- Auto insurance
- Home insurance
- Liability insurance
Insurance brokers in RI work off of commissions that are paid by insurance companies. This doesn’t mean a policy through an insurance broker costs more though. When you make contact with an agency yourself an insurance agent will be the one to make the sale on the policy and receive the same commission. Continue reading to discover how agents and brokers differ.
Difference Between Rhode Island Insurance Brokers and Agents
Insurance brokers and insurance agents in Rhode Island share many of the same job responsibilities which is why so many people get the two confused. To add to the confusion insurance brokers are sometimes called independent insurance agents.
However, if you are trying to get the best offer possible on insurance of any sort then an insurance broker can provide you with better service than an insurance agent. An insurance agent is a representative of one specific insurance company which means they are really working for the company not you. In contrast, Rhode Island insurance brokers do not have an alliance with any particular insurance agency and sells policies for a number of companies.
Because of this significant difference an insurance broker in RI will be able to negotiate on your behave much better than an insurance agent.
Benefits of Using an Insurance Broker in Rhode Island
As mentioned previously the primary benefit of using an insurance broker in Rhode Island is their negotiation experience. They are on your side to get the best deal possible, no matter who the insurance provider is. They know what can be negotiated and have made contacts in the insurance industry that will help you get a great policy.
Their experience working with insurance companies is also another invaluable advantage of using an insurance broker. They know what insurance providers are prepared to give on, when’s the optimum time to buy insurance and are trained in the lingo of the insurance industry.
Though the internet has made it easier to research insurance policies, it can still be very time consuming and tedious to learn all of your options. Rhode Island insurance brokers will do the leg work for you and explain everything at no cost, so why not enlist their help and safe yourself all the hassle.
Finding the Best Insurance Broker in Rhode Island
Getting recommendations from family and friends is among the best ways to locate a reliable insurance broker in Rhode Island. There's also a number of resources online that will help you locate insurance brokers.
Regardless of how you find an insurance broker you’ll need to make sure they are licensed to work in Rhode Island. There are also additional certifications and continuing education which insurance brokers should participate in to best serve their clients.
It’s also preferable if they're members of the American Insurance Association. AIA insurance brokers have to follow ethical guidelines established by the organization if they want to be members in good standing.