The line that separates the difference between an agent and broker is a blurred one. Both an agent and a broker have the ability to solicit insurance quotes that will adequately protect your business, but the way they go about it is a little different.
As a representative for the insured(Client), brokers will approach several insurance companies in an attempt provide quotations and coverage to adequately insure the client's exposures. The broker will ascertain the client's needs, gather information and submit the information to several insurance companies.
The Insurance brokerage firms have the ability to secure coverage for every type of risk. They tend to compartmentalize the coverage to provide experts in each field of insurance.
An insurance broker acts as an intermediary between clients and insurance companies. Clients may be either individuals or commercial businesses and organizations. Brokers use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies. Insurance brokers, unlike tied agents, are independent and offer products from more than one insurer to ensure that their clients get the best deal.
The broker has to highlight the soundness, solvency and expertise of the company. He will also highlight the levels of service that can be expected of the company.