What is an insurance broker?

An insurance broker is an individual or business that acts as a middleman between an insurance company and a policyholder. Insurance brokers provide a wide range of services, from helping to find the best policy for an individual to working with an insurance company on negotiating rates or helping with claims. In California, insurance brokers are required to obtain a license from the Department of Insurance. Insurance brokers have a duty of care to the policyholder, meaning they must take care to ensure the policyholder is advised of the best possible coverage to fit their needs and is given accurate and unbiased information. Insurance brokers also work with insurance companies on behalf of the policyholder to negotiate better terms and better coverage. In addition, insurance brokers help with claims processing and can offer advice or assistance during the claims process. Insurance brokers are not employees of the insurance company, but are instead independent professionals who work on behalf of their clients. Because of this, insurance brokers are not bound by any rules or regulations imposed by the insurance company, but instead only by the laws applicable to insurance brokers in California. In summary, an insurance broker is an independent professional who works between an insurance company and a policyholder. They are responsible for finding the best policy for the policyholder, negotiating rates, helping with claims, and providing advice or assistance during the claims process. In California, insurance brokers are subject to licensing and other legal requirements.

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What is an insurance broker?

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