What is the difference between an insurance agent and a broker?

An insurance agent and a broker are similar in that they both work in the insurance industry, but there are some key differences between them. An insurance agent typically works for a specific insurance company and is responsible for selling and servicing insurance policies for clients. An insurance agent is loyal to the insurer they work for and can only sell policies from that particular insurer. A broker, on the other hand, is an independent contractor who works with various insurance companies to find the best insurance policies and coverage for a client. A broker has the freedom to research different policies from many different insurers, helping them create a custom plan for their client. Brokers are typically more knowledgeable than agents since they must be familiar with the policies and coverage of various insurance companies. In Idaho, insurance agents and brokers are regulated by the Idaho Department of Insurance. This ensures that both agents and brokers are licensed to do business in the state, comply with regulations, and meet professional standards.

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What is the difference between an insurance agent and a broker?

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