What is an insurance broker?

An insurance broker is a professional who helps customers shop for and obtain the appropriate insurance coverage. In South Carolina, insurance brokers must be licensed by the South Carolina Department of Insurance. Insurance brokers act as a bridge between customers and insurance companies, negotiating with insurance companies to get customers the best coverage at the lowest price. An insurance broker typically begins the process by assessing a customer’s needs and goals. This information is then used to shop for the best possible policies on the customer’s behalf. The broker is responsible for fully understanding the insurance coverage that is available and explaining the options to the customer. If the customer decides to purchase a policy, the broker will file the paperwork on the customer’s behalf. In addition to finding the best coverage at the lowest price, insurance brokers provide additional value to their customers by offering helpful guidance, answering questions, and providing ongoing support. They take the time to explain the nuances of the policy and ensure the customer is comfortable with the coverage and the claims processes. In South Carolina, insurance brokers must have an active license and abide by the rules and regulations set forth by the Department of Insurance. The broker must also adhere to any ethical standards set forth by their professional organization.

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