A licensed insurance professional who represents the buyer rather than the insurance company. Unlike agents, brokers shop the market across multiple insurers to find the best coverage and price for their clients.
Related Terms
Agent
A licensed individual who sells insurance policies on behalf of one or more insurance companies. Captive agents represent a single insurer, while independent agents can offer policies from multiple carriers, giving consumers more options to compare.
Premium
The amount you pay to an insurance company to maintain your coverage, typically billed monthly, quarterly, or annually. Premiums are determined by factors such as risk level, coverage amount, deductible, location, and claims history.
Certificate of Insurance
A document issued by an insurer or broker that verifies a policy exists and summarizes its key coverages, limits, and effective dates. Certificates are commonly required by landlords, lenders, and business partners as proof of coverage.