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

In Indiana, an insurance agent and a broker are two different roles within the field of insurance law. An insurance agent is a person with a license to represent and sell a certain insurance company’s products. They essentially act as the company’s representative when dealing with their customers. Agents typically work for a single insurance company, and therefore they have a limited range of products and services to offer consumers. On the other hand, an insurance broker is a person with a license who acts as an intermediary between insurance buyers and insurance companies. Brokers are independent and have direct access to multiple companies and the flexibility to compare and contrast different policies and coverage from several companies. This allows them to customize the insurance policy to a customer’s individual needs, and negotiate a better price for them. Thus, the key difference between an insurance agent and a broker is that while agents are tied to a single company and offer their limited set of products, brokers are independent and have the freedom to choose from various insurance companies and policies in order to find the best deal for their customers.

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

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