Independent insurance broker versus captive insurance agent…whom to trust the insurance protection of your family or business.

Posted on May 7, 2012 by Svetlana Peker No Comments

Choices, Choices, choices….

We are making choices in every aspect of life, so choosing an insurance professional is part of that decision making process. One bad accident or catastrophe can put your family in financial trouble or close the business operation. It is very important to develop a long term relationship with an insurance professional who can find you not only the coverage for your specific family or business insurance needs but also intuitively feel your personality for much better and more efficient service.
There is a difference between a captive insurance agent and an independent insurance broker — and the one you choose can make a big difference in the type of service you get and the choices you may be offered.

Captive insurance agent represents just one insurance company. As a part of the business agreement, can only offer that company’s products, services, and coverage. The duty to the customers is limited to the administrative rather than examining every client’s potential financial risk exposure.

Independent broker offers products from different competing insurance companies and can find not only the right mix of coverage and rates but also eliminate some work for you. Insurance broker has the duty to analyze every client’s business and secure correct and adequate coverage.

I have been in a both sides of the aisle: represented Farmers Insurance group as a captive agent for 8 years and now I am independent insurance broker who found Mix & Match Insurance Brokerage LLC. There is no greatest feeling than a feeling to be completely honest to each of my clients by finding the best insurance solution for them. An independent insurance broker can shop around among competing insurance carriers for the best possible insurance coverage and price while captive insurance agent represents only one company and as a result has limited insurance choices within the rules of that one company. Most of the time products offered by a captive agent are not competitive. I hated getting phone calls where my clients would apologize and leave my agency due to the price. To be honest, I felt helpless at those moments, because I could not fulfill my professional duty for them. All I could off do is to apologize back. Lately, going through recession after recession price is a big factor for the family or business financial planning. That is why an independent insurance broker can shop around for the ultimate mix in price and insurance protection without sacrificing coverage and great service.

Personally, I am very proud of the title broker, because it comes not only with more responsibility and higher duty to their clients but also with the duty to analyze every client’s business and secure correct and adequate coverage. This is a higher duty than the pure administrative duty of the captive agent. Besides – spending hours gathering quotes from various companies, you can get it done with one simple call or visit to your independent broker.

Let us become your broker of choice….

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