Insurance Broker: What is the cost of hiring?

Why hire an insurance broker?

An insurance broker will provide insurance policies that can cover an individual or business for a variety of different reasons. An insurance broker will make sure that you get the best coverage for your budget and can make sure you and your company stay safe from unwanted expenses.

Contributions of a great insurance broker:

• Will provide options for your insurance coverage
• Can explain insurance policies
• Monitor insurance claims

What are the different types of insurance brokers?

Insurance brokers can create policies for individuals or businesses. This means that a trained insurance broker can go down a variety of avenues depending on their interests. Some insurance brokers will work with various types of insurance, while others will only offer one type. The following is a list of different types of insurance that insurance brokers can work with:

• Health insurance: Offer insurance for certain health care providers that are not covered by public health insurance.
• Auto insurance: Insure cars for accidents or theft.
• Home insurance: Insure homes for incidents such as fire or a break-in.
• Liability insurance: Cover individuals or businesses in case of a lawsuit.
• Commercial insurance: Cover large commercial properties and businesses.

Where to find an insurance broker

To find the right insurance broker for your business, consider trying out a few different recruiting strategies:

• Professional associations: Insurance brokers have local and national professional associations to help regulate the profession. These associations are a great place to look for an experienced insurance broker. Most professional associations will allow you to post your insurance broker jobs on their job boards, meaning you have access to candidates with the proper qualifications.
• Colleges with insurance programs: Many colleges have insurance programs and can help you find new graduates in the business. A recent graduate would have all the up-to-date information on insurance, which would be an asset to anyone looking to hire an insurance broker.
• Networking events: Try attending a networking event for people in the insurance business when looking for an insurance broker. That way, you can meet people with the appropriate amount of experience in the industry.
• Referrals: Asking friends, family and colleagues for reference can help you find an experienced insurance broker for your company. Getting a referral from an acquaintance will ensure that you have someone reliable and with the skills you are looking for.

Post your job online: Try posting your insurance broker job on Indeed to find and attract quality insurance broker candidates.

Skills to look for in a great insurance broker

A great insurance broker candidate will have the following skills and attributes as well as work experience that reflects:

• good communication skills
• strong business and sales skills
• excellent analytic skills
• proficiency with insurance software systems
• strong negotiation skills
• personable attitude

Writing an insurance broker job description

A thoughtful description is important for finding qualified insurance broker candidates. An insurance broker job description includes a compelling summary of the role, a detailed list of duties and responsibilities, and the required and preferred skills for the position.

When writing your insurance broker job description, consider including some or all of the following keywords to improve the visibility of your job posting. These are the most popular search terms leading to clicks on insurance broker jobs, according to Indeed data:

• insurance broker
• insurance agent
• broker
• insurance
• health insurance
• car insurance
• life insurance

Interviewing insurance broker candidates

Strong candidates for insurance broker positions will be confident answering questions regarding:

• Experience with the successful negotiation of insurance deal
• Successful sales numbers
• Experience dealing with difficult clients
• Ability to explain insurance policies to the public
• Experience with following up on insurance claims

Need help coming up with interview questions? See our list of interview questions for examples (with sample answers).