What is an insurance broker?

An insurance broker is a professional who helps individuals and businesses to select the right insurance coverage for their needs. In Minnesota, a person must be licensed to sell and provide insurance advice. Insurance brokers are responsible for researching and comparing the different types of insurance policies, helping clients to understand the terms and conditions of policies and negotiate the best rates for their clients. They can also provide advice to clients about how to reduce risks and minimize the impact of a loss. In addition, they are responsible for ensuring that all paperwork is completed correctly and submitted promptly to the insurance company. The broker is responsible for understanding the legal obligations of the insurance company and making sure that the client’s insurance coverage meets their needs and provides them with adequate protection. Insurance brokers must adhere to a code of conduct and they are bound by professional and ethical standards of practice. They must also stay up to date on the changing insurance market and laws to provide the best advice to their clients.

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