What is the difference between an Insurance Agent and Insurance Broker?

Introduction In the world of insurance, there are two crucial roles that often get intertwined: insurance agents and insurance brokers. While both play pivotal roles in helping individuals and businesses secure insurance coverage, they have distinct differences in how they operate, their responsibilities, and who they represent. In this article, we'll delve into the nuances of insurance agents and insurance brokers, shedding light on their contrasting roles and how they can assist you in finding the right insurance solutions. Understanding the Basics Defining an Insurance Agent An insurance agent is a representative of an insurance company. They work directly for one or more insurance carriers and act as intermediaries between the insurance company and the policyholders. Insurance agents are typically trained and licensed to sell specific insurance products offered by their affiliated companies. The Role of an Insurance Broker Conversely, an insurance broker is an i...