An insurance broker is a person who finds insurance for his or her customers. Insurance brokers do not offer insurance themselves; rather, they help people who need insurance purchase it from other insurance companies. Think of an insurance broker as a matchmaker: he or she connects people who need insurance with the right insurance companies.

Insurance can be complicated. Choosing an appropriate amount of insurance coverage that won’t leave you unprotected or lead you to waste money on insurance you don’t need is important. However, doing this on your own can take a lot of time. An insurance broker is an independent professional with extensive knowledge of the insurance industry. His or her expert advice can save you time and hassle and, often, money as you search for the right insurance.

Most insurance brokers specialize in helping you buy insurance coverage for your car, home, business, or pet. They may also sell travel insurance or more specialized insurance products such as event insurance, sports insurance, and some types of financial insurance. If a broker has no experience with the kind of insurance you need, he or she will be able to refer you to someone who does.

Insurance brokers usually earn their income through commissions from the insurance company that you end up purchasing your policy from. Brokers usually receive an upfront commission from the insurance company for referring you to them, and may also receive continuing commissions for the life of the policy you purchase.

Although insurance brokers earn their income from insurance companies, they work independently of these companies. Since brokers earn commission from multiple insurance companies, they are under no pressure to push you into purchasing a particular insurance policy.

Yes. Insurance brokers are insurance experts. If you're not sure what kind of insurance you need for your home, car, or business, a broker can help you. He or she will talk to you about your activities, risks, and insurance needs and help you find the right insurance policy.

Not at all. You’re always free to purchase any insurance policy you like. If your broker recommends a policy that you don’t feel is right for your needs, you are under no obligation to purchase it. If you let your broker know why you feel the policy isn’t right for you, he or she can use that feedback to continue searching for the right insurance product for you. You should never feel obligated to purchase anything your broker recommends. His or her goal is to make sure you find insurance that you’re happy with, and nothing else.

Insurance brokers can help you save money in several ways. First, they can help you narrow down your insurance needs and find the right policy for you. This advice can prevent you from wasting money on insurance you don't need.

Second, insurance brokers can make sure you don't err on the side of too little insurance. Not having enough insurance can cost you a lot of money should anything happen. Insurance brokers can help you avoid this financially disastrous situation.

Third, brokers can access a range of quotes from different insurance companies and help you choose an insurance policy that's not only suitable but also competitively priced.

Insurance brokers in the UK are regulated by the Financial Services Authority. You can check if your insurance broker is registered on the Financial Services Authority’s website at www.fsa.gov.uk. Certain kinds of financial and life insurance products are subject to other regulations, but any broker selling general insurance products must follow the FSA’s regulations.

An insurance broker is an independent insurance expert who works for him or herself. An insurance agent works for one or more insurance companies. Both insurance brokers and insurance agents have expert knowledge of the insurance market and the right kinds of insurance for you or your business.

The most important difference between a broker and an agent is that a broker has no vested interest in steering you towards an insurance contract with any particular company. Their goal is to find you insurance that fits your needs and budget.