What is the difference between independent and captive insurance agents?

Independent and captive insurance agents are two different types of insurance agents who are responsible for helping customers secure the right kind of insurance. Independent insurance agents are independent contractors who work with multiple insurance companies to compare rates, coverage, and policies. They offer customers a range of policies from all the companies they “represent,” and make recommendations on which insurance company to use based on the customer’s needs. In West Virginia, independent agents must be licensed by the West Virginia Office of the Insurance Commissioner, and are required to stay up to date on insurance laws and regulations. Captive insurance agents, on the other hand, are employed by a single insurance company. They are responsible for selling insurance from their employer and are not authorized to sell insurance from any other company. They have an in-depth knowledge of their company’s products and can offer more comprehensive advice to customers about the products their company offers. In West Virginia, captive agents must also be licensed by the Office of the Insurance Commissioner, and must adhere to the same rules and regulations as independent agents.

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What is the difference between independent and captive insurance agents?

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