The purpose of having an insurance broker is to keep you, your family, your home, and your business protected. Unexpected occurrences happen in life, and you want to make sure that you have coverage. For example, if you ended up hurting yourself on the job, you would want to invest in disability insurance to still earn a certain percentage of your paycheck as you recovered. If one of your top performers on the job who kept the business afloat suddenly became ill, then key person life insurance may be what something to consider. Insurance brokers can specialize in one type of insurance, or multiple, and consultation is typically free! Keep reading for a breakdown of what an insurance broker does and the advantages of having one.
What Exactly Does an Insurance Broker Do?
Insurance brokers require state regulation and need to be licensed. To receive their license, insurance brokers must take several courses and pass an examination to prove their knowledge, skill, and value. Brokers typically have to keep renewing their license multiple times throughout their career to keep their license, especially if they haven’t been in the industry for a while. Insurance brokers are well-versed in explaining the risks, costs, and benefits of having a specific type of insurance. Without properly educating the potential policyholder, they will be unaware of what plan they need, how much coverage they need, and all of the liabilities involved.
Doesn’t An Insurance Agent Do the Same Thing?
The answer is no. An insurance broker works for a specific client and tailors their advice to fit the needs of the client while an agent works for an insurance company. Brokers also have access to multiple kinds of plans from different insurers while an insurance agent typically works to sell their insurance company’s specific policy.
What’s So Great About A Broker?
Going with an insurance broker saves you money. They not only want to find the best plan suited for your needs but they have a gift for finding some of the most affordable rates. After all, they’re working with your best interest in mind and not a company’s best interest. Finally, you’ll save a lot of time. Trying to find the best insurance policy can be a complicated process with a lot of research involved. An insurance broker’s job is to do all the research and explain in layman’s terms precisely the kind of insurance that you’ll need.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter,Facebook, and Linkedin.