It can be confusing trying to navigate the industry as you shop around the insurance market. That’s why people reach out to professionals for guidance and advice. You might be uncertain whether you need to advise an insurance broker or an insurance agent. Both are different and can serve you in different ways. Keep following along to learn the differences and to learn which one is the best option to turn to as you search for the right insurance solution.

Let’s start with insurance brokers …

Insurance brokers are single businesses that stand alone, yet have partnerships with a variety of insurance companies. Working with an insurance broker can benefit you in many ways. They are well experienced with providing insurance to customers and know the ins and outs of the industry. They can save you money by notifying you of discounts and determine whether you are eligible for discounts or not. Since they have partnerships with insurance companies, they have access to a variety of prices and coverage. This means you are able to receive the coverage you need and they will vouch for you from company to company to get you the best possible price. The experience insurance brokers have means an array of knowledge for you to benefit from which can help you save money on insurance.

You can trust their knowledge since they must go through the RIBO licensing education program to be a registered and licensed broker. They need to work for a firm that is  RIBO registered, in order to sell you insurance. In addition, they need to complete 8 hours of continuing education yearly to continue to hold their RIBO title. This means they are always growing and advancing with the industry, to provide the best knowledge and to serve you better. Lastly, their services come at zero cost for you; they do not charge you for their service. Instead, they will charge their services to the insurance companies you’ve received insurance from.

Now what about insurance agents?

An insurance agent is an individual who works for one specific insurance company only. This agent will be an absolute professional in all coverage and policies for their insurance company only. What they lack is the variety and options to shop around for you, which is a luxury only insurance brokers have. Like insurance brokers, they will not charge you for their service but the lack of options to choose from might cost you money, if you’re not shopping around. Unlike insurance brokers, they do not need to be licensed to sell you insurance.

Now that you know what makes insurance brokers and insurance agents different from one another, it’s up to you to decide what works best for you. Should you want a broker who will shop around to find you the best price and assess your situation to find the right exposure contact Oracle RMS today. By putting your trust in a licensed and experienced insurance broker, you will have them in your corner should something go wrong. If you have any questions as you shop around the insurance market, the licensed professionals at Oracle RMS will be happy to help guide you.

Insurance Broker vs Agent Differences