Difference Between Insurance Agency and Insurance Brokerage
Both insurance agencies and insurance brokerages are very similar because they both sell insurance for insurance carriers.
Sometimes the meaning is actually interchangeable when someone is throwing insurance words around on a day-to-day basis.
The meanings can be nominal and sometimes people use them interchangeably BUT when it comes down to the official insurance terminology and language, there is a difference. When it comes down to insurance terminology there are differences.
Meaning of Word Insurance Agency
Insurance agencies sell insurance. Insurance agency actually represents the insurance carriers. Mostly all of the time an insurance agency will be captive but sometimes companies that represent multiple carriers can refer to themselves as a agency.
Meaning of Word Insurance Brokerage
Insurance brokerages sell insurance too. Official terminology of insurance brokerage means that they actually represents the client. Or are in favor of the person who buys the insurance from the insurance company.
Conclusion. Sometimes the terms insurance brokerage and insurance agency are used interchangeably! But the official terms mean in favor of two different sides. Don’t sweat the actual meaning too much. If you want a insurance broker from an insurance brokerage who represents the client and are in favor of the purchasers of insurance then call Insurance Broker Resources today! Insurance Broker Resources is dedicated to the client to get them multiple quotes to try to save them money and get them insurances that will successfully cover them in case of a legitimate claim!
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