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

Insurance agents and brokers are both licensed professionals who help people find and purchase insurance coverage. An insurance agent represents a single insurance company, while a broker represents multiple insurance companies and works to find the best coverage options from different insurers. An insurance agent is an employee of the insurance company and is responsible for providing advice to customers, setting up policies, and handling customer service issues. Agents provide customers with quotes from their company and do not sell policies from other companies. A broker, on the other hand, is an independent contractor. Brokers have access to multiple insurance companies and can search for the best policies and prices for customers. Brokers are also allowed to receive commission payments from insurance companies, giving them an incentive to find the best policies for their clients. Insurance agents in Washington must be licensed to legally sell insurance policies, just like brokers. In addition to meeting the licensing requirement, agents and brokers must complete continuing education classes each year in order to stay current with changing regulations and new products. In summary, the main difference between an insurance agent and a broker is the scope of their services. Insurance agents represent a single insurance company while brokers represent multiple insurers in order to find the best coverage options for their clients.

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

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