Where does a broker fit into insurance?
Consumer
You, as the consumer or insured, are the person or entity purchasing insurance. You purchase insurance from your broker.
Broker
That's us! We shop the market for the best coverage at the best price for you. We also act as your advisor.
Insurance Company
Your premiums are paid to the insurance company, and they will pay out your claims should you have any.
What are the "basics" of insurance?
Your insurance policy is a contract between you and your insurance company. In exchange for paying your annual premium, your insurer will compensate you should you suffer an insured loss.
Insurance is based on two main principles:
1. The premiums of the many pay for the losses of the few.
When you pay your premiums, you, along with thousands of other policyholders, are contributing to a shared pool. This pool is where payments for claims come from. If, in one year, everyone filed a claim for something, the insurance company would become insolvent.
2. The premium charged must correspond with the risk.
This means that the premium the insurance company charges must match the level of risk they are taking. For example, if you are a driver with a history of two at fault accidents and three speeding tickets, you present a much higher risk to the insurance company than someone with no history of accidents and tickets. In the world of auto insurance, things like tickets, license suspensions, and a history of accidents mean that you may be more likely to file a claim in the future. Therefore, you will pay a higher rate than the driver with no tickets, license suspensions, and history of accidents. This priniciple holds true for all classes of insurance: property, commercial, farm, etc.
What kinds of insurance do you sell?
We're glad you asked! Click on any of the links below to learn more.
Auto Insurance
Commercial Insurance
Special Event Insurance
Property Insurance
Bonding
Travel Insurance