» Captive or Contract Insurance Brokers
Captive or Contract Insurance Brokers
What is a captive or contract insurance broker?
If you want to get insurance then you will probably choose to meet with an insurance broker. This broker or agent will help you to determine what kind of insurance is right for you and your family. There are a couple of different kinds of agents out there. You will find some insurance brokers that are independent ones and others that are known as captive brokers.
What a captive or contract insurance broker is all about
A captive insurance broker is much different than an independent broker. A captive broker will be working only for one particular insurance company. They will sell all of the products from their company, there are usually numerous products for you to choose from. It is not often that you, as a captive insurance broker will have trouble finding a good fit for your customers. The bigger insurance companies are chock full of great insurance products for you to sell them. And it is easy to make all of the products sound good because insurance on the whole is always worth the money spent.
Want to be a captive insurance broker
If you are considering becoming a captive insurance broker then you will need to know a little more about it first. People who become an independent broker have more to learn than their captive counterparts. As a captive broker you will only have to learn the products of the company you are working with, rather than all of the products at several of the different insurance companies. This will still be a lot of work but nowhere near as much.
As a captive or contract insurance broker you will not actually be an employee of the company whose products you are selling. You wills till be considered an independent contractor. You may be able to collect an allowance from this company for office supplies but that is about it. Most companies will simply supply you will all of the paper and pens and such that you will need to do your job day after day.
You may also be eligible for some benefits from the insurance company that you work with as a captive or contract insurance broker. Just what benefits you will get will depend upon the insurance company that you choose to work with.
You will be required to fill out a contract with the insurance company and they will do a background check on you. This check is usually done at the start of your training. If you have an arrest record then you may not be able to get hired as an insurance broker captive or otherwise.
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