Although the terms insurance brokers, agents, and agencies are often used interchangeably, there are subtle differences. Agents and brokers both must pass a similar licensing exam to sell or solicit insurance.
However, their points of allegiance may differ. The agent represents the company, while the broker represents the client. This distinction is more subtle than it seems. Both will deliver excellent results for businesses, provided that the business chooses the right agency or broker to assist them. For affordable medical insurance, you can also find medical insurance brokerage at https://www.trustedunion.com/.
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While agents are licensed and have credentials such as CIC (Certified Insurance Counselor), an agent who works for a broker may also have this designation. A group of agents working together in the same company is called an agency.
A broker or agency can have a huge range of sizes, with commissions ranging from less than $1 million to millions of dollars. Although the term "insurance broker" can be used to indicate that the entity is larger and more expansive than an agency, it may also convey that they offer a wider range of services, including consulting and risk management.
While an agency may offer fewer services, it can provide the full range of services. Again, the lines are blurred because the distinctions between these labels can be just as fuzzy as those between political rivals.
No matter what broker or agency you choose, it is important that businesses seek out an insurance agency/broker who is licensed in the state they are located in and has expertise in the industry.