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Benefits of Working with an Insurance Broker vs Agent

benefits of working an insurance broker vs agent.

For many first-time business owners, finding the right person to help choose insurance policies and coverages for their business can feel a bit overwhelming. When your business holds a dream that you’ve worked hard to manifest, you want to make sure you’re working with someone who cares about its success just as much as you do. The first step to finding the right team to help you protect yours, is by understanding the difference between an insurance broker vs agent.  

“While a broker represents the insurance buyer, an agent represents one or more insurance companies.” – BBG

Insurance Brokers

Insurance brokers, unlike agents, work specifically for you and your business rather than the insurance companies themselves. They are very versed in insurance and risk management and use their knowledge and expertise to uncover your unique needs to provide you with plenty of options. 

Because brokers are working with you and not the insurance companies themselves, they are able to compare the coverage of various insurers to get you the best rates and conditions in the market. In simpler terms, they provide you with the most unbiased, cost-effective, and strongest policy recommendations.

Insurance Agents

Insurance agents typically represent one particular insurance company, acting as a conduit to provide information to business owners. Because insurance agents are working in favor of the insurance company, the policies they can offer are often limited, with low flexibility and higher price points. 

In simpler terms, insurance agents typically work in favor of the insurance company, not your business, selling to you the policies that will make them the most money.

Benefits of Working with Insurance Brokers

When looking for insurance policies, there are generally a few key things that business owners consider: cost, plan flexibility, security of data, and peace of mind. Since insurance brokers deal with a wide variety of products and services, they’re able to hit each of these checkboxes.

The benefits of working with brokers goes deeper than what you see on the surface level. By working with brokers, you also receive:

  • Better quality support
  • More personalized service
  • Full disclosure on commission rates 
  • Better plan options…

…and above all else, people who genuinely care about your business. At Snellings Walters, our team of knowledgeable brokers work hard to lead complex businesses like yours into safety and security. By living out our four core values – authentic, accountable, curious, and engaged – our brokers ensure that you always leave our office feeling heard, protected and with peace of mind. 

Reach out to us here to learn more about how we can help your protect your business.