Insurance agents are insurance professionals that serve as an
intermediary between the insurance company and the insured. As a broad
statement of law, an agent’s liability to their customers is
administrative. That is, agents are only responsible for the timely and
accurate processing of forms, premiums, and paperwork. Agents have no
duty to conduct a thorough examination of your business or to make sure
you have appropriate coverage. Rather, it is your obligation to make
sure you have purchased needed coverage.
Insurance agents can be either:
Insurance agents can be either:
- Captive – A captive agent is an agent who works for only one company and is a “captive” of that company. A captive agent will sell policies only for that insurer.
- Independent – An independent agent is one who works as an agent for a variety of different insurers. An independent can produce policies from several insurers and offer some comparisons of different insurance policies.
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