What is the role of an insurance broker?

In Washington, insurance brokers are individuals or companies who act as the mediator when someone purchases insurance. They are licensed and regulated by the Washington State Office of the Insurance Commissioner (OIC). The broker’s role is to provide advice and guidance to clients about insurance coverage. They will help clients understand the type of insurance they need, explain the coverage options available, and provide competitive quotes on insurance policies. Insurance brokers must be knowledgeable and up-to-date about insurance products, regulations, and changes in the insurance market. When a client purchases an insurance policy through an insurance broker, they are typically responsible for filing any claims. Insurance brokers also maintain relationships with insurance carriers to help secure the best coverage for their clients. They will often negotiate the terms of an insurance policy so clients do not have to pay more than necessary. In addition to helping individuals purchase insurance, insurance brokers often specialize in assisting businesses. Businesses depend on insurance to protect them from financial losses that may occur due to certain risks. Insurance brokers can help businesses secure the right coverage for their specific needs while also ensuring they get the most value out of their purchase. Overall, the role of an insurance broker is to provide advice and guidance on risks, policy coverage, and costs. Insurance brokers are knowledgeable about insurance products and regulations and can help clients understand their options. They are also responsible for filing any claims and negotiating the terms of insurance policies to get the best coverage for their clients.

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What is the role of an insurance broker?

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