Do you know your insurance broker gets paid?
Warren Cleveland, ACI, CIC, AAI
We help independent insurance agents use captives with their best clients and prospects.
Do you know your insurance broker gets paid?
As an insurance broker, I understand the importance of transparency in the industry. Especially when it comes to what I’m paid.
Unfortunately, many brokers are not fully transparent about how they get paid, which can greatly impact the advice they give to clients.
Have you ever wondered how your broker gets paid?
When you pay a premium, your broker will typically receive a commission equal to a percentage of your premium, which is typically 10%-20%.
In addition, they may also receive an additional bonus if they sell a certain level of business with your insurance company. This additional bonus commission could be as high as 10%-20% above the commission they’ve already received.
This presents a problem for you.
With this type of compensation structure, your broker may not be giving you the best advice. Their advice may be tied to the commission opportunities they have with a specific insurance company. Good for their wallets but not your bottom line.
This is why it's crucial you work with an insurance consultant who is 100% transparent about their fees and commissions.
It is important you know exactly how they’re paid and what you’re paying them.
Transparency gives you total control over every dollar coming out of your budget.
If you’re not quite sure what you’re paying your broker or how they’re paid, let’s talk.
The first step is easy. Click the link below and schedule a free call today.