Insurance Agent

Insurance Broker

Represents a single insurance company

Broker represents multiple insurance companies

Can only sell insurance products offered by the company they represent

Can offer insurance products from several insurance companies

Insurance agent earns a commission from the insurance company they represent

Insurance broker earns a commission from both the insurance companies they represent, as well as from the policyholder

May have a vested interest in selling insurance products from the company they represent

Insurance broker has a fiduciary duty to act in the best interest of their clients and find the best coverage at the best price

Insurance agent may offer advice based on the insurance products they offer

Insurance broker offers impartial advice and can compare coverage and prices from several insurance companies

Insurance agent may offer limited services

Insurance broker offers a wide range of insurance-related services, such as policy review, claims assistance, and risk management

Insurance agents must be licensed

Brokers must also be licensed

Insurance agents typically have a good understanding of the products offered by the company they represent

Insurance brokers have a broad knowledge of the insurance market and multiple insurance products

Insurance agents have a closer relationship with the company they represent

Insurance brokers have relationships with multiple insurance companies and can act as an intermediary between the policyholder and the insurance company