What is an insurance broker?

An insurance broker is a professional who helps individuals and businesses purchase the best insurance policies for their specific needs. In New Jersey, insurance brokers are licensed by the Department of Banking and Insurance (NJDOBI). Insurance brokers typically work with many different insurance companies and have access to a variety of different policies. When a client comes to an insurance broker, they can explain their insurance needs and the broker can recommend policies that fit these needs. For example, a client may come to an insurance broker looking for car insurance. The broker can review the client’s driving record and other factors and recommend the best policy for the client. In addition to helping individuals and businesses purchase insurance policies, insurance brokers can also provide counseling on different coverages. They can explain different types of coverage, what the risks are, and how much coverage is recommended. Finally, insurance brokers are also responsible for managing the claims process. When a client files a claim, the broker can review the claim to make sure it is valid and process the claim with the insurance company. In short, insurance brokers are responsible for helping individuals and businesses purchase the best insurance policies for their needs, providing counseling on different coverages, and managing and processing claims.

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