At The CIB Group, we help insurance brokerages recruit and develop top quality new producers, typically from outside the insurance industry. Sometimes we come across the question: “What exactly does a commercial insurance broker do?” Here is some information to explain this important position.
Understanding the Commercial Insurance Broker Job Description
A commercial insurance broker acts as an intermediary between insurance companies and customers. Whereas an insurance agent typically works for one insurance company and is able to sell only their products and services, insurance brokers work only for their client, and sell services and products across many companies to get them the best coverage at the best price.
Retail vs. Commercial Insurance
As a commercial insurance broker, you won’t be selling auto or home insurance to families. That is the retail insurance field, where brokers arrange policies for individuals directly. The commercial insurance field deals with complex, high-value insurance policies for customers such as building contractors, sports arenas, large corporations, and more. No two customers are the same, and the types of coverage they need vary greatly, making commercial insurance a challenging and fast-paced field.
The Job Responsibilities of a Commercial Insurance Broker Include:
- Gathering information from clients, assessing their risk profile and insurance needs.
- Researching the client’s industry and keeping up with changes in the insurance industry.
- Researching the various policies of insurance companies and find the best policies for your clients at the best price.
- Making sure that your client understands the extent and terms of their coverage.
- Acquiring new clients and winning accounts against competitors, while building and maintaining relationships with ongoing clients.
- Advising your clients on risk management and how to reduce and avoid the need to make a claim.
Becoming a Commercial Insurance Broker
If you have a successful career in sales and want to transition to a fast-paced new industry, contact us today. The CIB Group is always looking to find recruits with great communication skills and an interest in financial services for insurance brokerages all across the county who have the skills and drive to succeed as a commercial insurance broker. Even if you have limited knowledge of the commercial insurance industry, our development specialists will give you the foundation you need to get started in your new career.