The Three Most Popular Insurance Policies for Brokers

As an independent insurance broker, it’s your job to know the different types of insurance policies available and which will best suit your customers’ needs and lifestyle. While the number of insurance policies out there can seem overwhelming at first, there are three main categories that you can use to group them all together. By understanding these three main categories and the policies they include, you can make an informed choice when deciding on a policy that’s right for your client base.

Life Insurance

Protecting your family is one of the first things you should consider when starting a business.

Protecting your family is one of the first things you should consider when starting a business. Life insurance can be an important part of a broker’s financial plan. Independent insurance brokers have traditionally been self-employed, so having life insurance to replace income in the event of death is essential. The most common type of life insurance protection for brokers is term life insurance which provides coverage for a set period (usually 10-30 years) with no cash value at the end.

Health Insurance

An independent insurance broker needs health insurance because they are not eligible to be covered under their clients’ policies. This is due to the fact that brokers work on commission and therefore cannot be a policyholder in order to ensure that they can’t profit from their own sales. Additionally, brokers are often in more hazardous situations than office workers, so it’s important that they have coverage just in case something happens.

Property and Casualty Insurance

This type of insurance includes property and casualty insurance as well as other types. Property and casualty insurance can cover your business against damages to its property, injuries or death to its employees, and also liability. Coverage options may include protection against natural disasters, employee dishonesty and accidents on company premises. As an independent broker, you will need a variety of plans tailored to the risks faced by different businesses such as retail stores or restaurants. You should understand the most popular coverage plans in order to best match customers with appropriate policies.

At Prince Insurance, we understand all the insurance policies for brokers and other industries. Contact us today for more information on how we can help you and your company!

Best Coverage Plans for Brokers

Union Station Denver

As a broker, you spend all day trying to make other people’s lives better, but you also need to make sure that you are protected. It’s important to cover yourself, your family, and your business with robust policies. Depending on the type of business you run, you should consider lumping your policies into one plan. If you’re responsible for a team of employees, then you need to make sure they’re covered, too. Finally, remember to include your office space! Here’s how to understand the right insurance policies for brokers.

Doing business comes with risks, but you can protect yourself with insurance policies for brokers.

Popular plans for insurance brokers 

Most brokers, due to their line of work, understand the importance of covering their own liability. This means personal, property, auto, and home. But there are also important policies that can cover your business and the people in it. These include professional liability insurance, workers compensation, and commercial general liability. When selecting insurance policies for brokers, it’s generally best to bundle your policies into a business owners policy (BOP). 

Understanding your field and knowing your customers

To be successful in business, you need to stay connected with your customers. Many brokers specialize in a particular field or industry. This increases the chances that you’ll be seen as an expert in that field. Once you do this, you can study the ins and outs of that industry. Knowing the field and knowing your customers is the key to success! It allows you to customize your offerings depending on your customers’ needs. It’s okay to tell your customers that you don’t specialize in a certain type of coverage. You can’t be all things to all people, after all. This can even build trust with your customers, showing them that you have no problem admitting what you don’t know.

If you’d like to get a quote, please reach out. You deserve coverage for you and your customers that does the job.