Business Glossary

independent broker who searches for the best insurance coverage at the lowest cost for the client. Insurance brokers do not work for insurance companies, but for the buyers of insurance products. They constantly are comparing the merits of competing insurance companies to find the best deal for their customers.

representative of an insured, not of an insurance company. Acts of a broker are not the responsibility of the company, and notice given by an insured to a broker is not the same as notice to the company. The broker searches the insurance marketplace for a company in which to place the insured's business for the mostcoverage at the best price. The broker is not restricted to placing business with any one company.

independent broker who searches for the best insurance coverage at the lowest cost for the client. Insurance brokers do not work for insurance companies but for the buyers of insurance products. They are constantly comparing the merits of competing insurance policies to find the best deal for their customers.