Benefits of Working with an Independent Insurance Broker

Captive and Independent Brokers     

When looking for medical malpractice insurance, there are two types of brokers or agents a medical professional can work with: a captive insurance agent or an independent insurance broker. The difference between these two is that a captive agent works FOR an insurance company while an independent broker works WITH many different insurance companies. The ability to work with multiple insurance carriers allows independent insurance brokers to choose from many different options for their clients. In most cases , independent brokers receive a commission from the insurance carrier, which means working with an independent broker does not make buying insurance more expensive.

Guide Through the Insurance Process

Most people are not insurance experts and finding the right insurance can be a difficult course to navigate. Insurance brokers are experts on the subject, who are prepared to guide you through the process of finding the right insurance for you.

      Often, medical professionals do not have time to spend looking for medical professional liability insurance. Working with an insurance broker allows medical professionals to spend time doing what they need to do, while the broker handles all their insurance issues.

Long-term Professional Relationship

      Over time, insurance brokers build a professional relationship with each of their clients. This broker- client relationship helps brokers learn their clients’ insurance needs, wants and priorities. Each client has their own insurance needs that brokers become more familiar with over time, which helps them to assess each client’s insurance situation and suggest changes that can be made.

Insurance Carrier Choices

When a client is unhappy with their medical malpractice insurance coverage, independent insurance brokers can shop around for them for new insurance coverage from multiple companies and select the right one. Independent brokers can advocate for their clients without a conflict of interest that captive agents might feel because of their obligation to the insurance company they work for.

Perhaps the best reason to work with an independent insurance agent is their ability to work with multiple insurance companies. By working with multiple insurance companies, brokers can help find the right insurance for their clients based on multiple factors such as premium cost, coverage options and insurance carrier rating.

For more information about independent insurance brokers, call Presidio Insurance Solutions at 805-499-7300.