What does an insurance broker do?

Insurance brokers are specialized insurance intermediaries whose primary responsibility is to help individual and business clients obtain insurance policies that are suitable for their needs. Here's what insurance brokers typically do:

1. Risk assessment: insurance brokers begin by working with clients to understand their personal or business risks. They will analyze the various potential risks that the client may face, such as property damage, liability risks, health issues, etc.

2. Insurance Market Research: Insurance brokers research the insurance market, including the various insurance companies and products. They learn about the policies, coverages, fees and terms of different companies in order to provide their clients with multiple options.

3. Customized insurance solutions for clients: Depending on the client's needs and risk profile, insurance brokers recommend suitable insurance policies. They may customize specific insurance plans for their clients to ensure that their needs are met to the fullest extent.

4. Compare different insurance policies: Insurance brokers compare different insurance companies and policies, including prices, coverage limits, deductibles, and riders, to help clients make informed decisions.

5. Assist in purchasing insurance: Once a client decides to purchase a specific insurance policy, insurance brokers will assist the client through the application and purchase process. They will handle the dealings with the insurance company and make sure that the client gets the required coverage.

6. Providing customer support: Insurance brokers not only help in purchasing the insurance policy but also provide customer support during the period of the policy. This includes assisting with the claims process, updating policies, answering customer queries and resolving issues.

7. monitoring insurance plans: insurance brokers regularly review their clients' insurance plans to ensure that they still meet their needs. If needed, they will recommend adjustments or updates.

8. Providing risk management advice: Insurance brokers can also advise clients on how to manage and minimize potential risks to reduce the likelihood of insurance claims.

In short, the job of an insurance broker is to act as a bridge between the client and the insurance company to ensure that the client gets the right insurance cover and is compensated when needed. Their goal is to provide their clients with the best insurance solutions to protect their property, health and financial security.