Misconceptions About Insurance Brokers in Rockford, IL

by | Jan 5, 2020 | Blog, Insurance Brokers in Rockford IL |

Choosing an insurance broker in Rockford is a smart move for anyone looking for great rates and a service guarantee that always protects your best interests. There are many benefits to using a broker, but these can often be overshadowed by a few common misconceptions.

Brokers Work for the Insurance Companies

In fact, insurance brokers in Rockford IL work specifically on behalf of their customers. They are not employed by insurance companies; rather, they are independent professionals that act as agents, connecting clients with the insurance products they need to protect their homes, vehicles, businesses, property and interests.

Brokers Must Sell Certain Policies

Brokers actually have access to a number of policies from numerous providers, and they are not obligated to sell any one of them in greater numbers than another. Brokers obtain quotes from multiple providers and offer unbiased comparisons of the terms and conditions related to various options and policies. When you go directly to an insurance provider your choice are far fewer, and chances are they actually have been directed to push one policy more than another.

Brokers Never Work with Their Clients

Some think that brokers just procure customers for insurance companies, and as soon as you sign on the dotted line they are out of the picture. This is simply not true. We are available at all times to answer your questions, help you through the claims process and advocate on your behalf. Working with an insurance brokers in Rockford, IL is especially advantageous during home and auto insurance renewal time, as we can assist you in going through your policy offer carefully and determining any changes that should be made.

Brokers Charge Their Clients

An insurance broker’s services are free. We actually act a lot like a retail storefront. We have a number of products and policies available, and when one is “sold” the majority of the profit goes to the insurance company, with a small percentage going to the brokerage for having literally “brokered” the deal.

Brokers Are Not Insurance Experts

As a matter of fact, brokers are experts in risk assessment. We can:

  • Identify specific risk factors and give advice to clients on steps they can take to reduce their risk before requesting a quote or buying a policy.
  • Correctly value risk factors, then shop around accordingly; some insurance companies place a premium on certain risk factors, and brokers know how to navigate the insurance industry’s complex landscape.
  • Recommend policies and products designed to close coverage gaps.
  • Submit updates that could change your risk profile and help you qualify for lower premiums.

Brokers Are Not Trained

Insurance brokers in Rockford, IL are highly trained and must complete a licensing exam before receiving their accreditation. Rockford has three levels of licensing available through the Independent Insurance Brokers Association of Rockford (IIBAA).