What is the primary function of an insurance broker?

The primary function of an insurance broker is to act as an intermediary between clients and insurance companies. Brokers work on behalf of their clients to identify their insurance needs, search for suitable coverage options, and negotiate terms and prices with various insurers. This role is crucial because brokers provide personalized service, helping clients understand complex insurance products and ensuring they select appropriate policies that meet their specific requirements.

Brokers are distinct from agents, who typically represent one insurance company and sell its products directly. By operating independently, brokers can offer a wider selection of insurance solutions and are in a position to advocate for their clients' interests, making them a vital component of the insurance process. Their ability to compare policies from multiple insurers allows clients to make informed decisions and often find better coverage at competitive rates.