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Specialized Insurance Agents & Brokers for All Your Personal & Business Needs in Boston, MA
It only takes a single accident or disaster to derail even the most successful business or household, which is why insurance is a vital part of emergency planning. By purchasing and maintaining the right policy, you can protect your business and family from the financial hardship that can be brought about by unexpected events.
The challenge lies in finding and purchasing the right coverage. Thankfully, the solution may be as simple as partnering with specialized insurance agents and brokers.
This guide explores the different types of insurance available, the benefits of working with a specialized agent or broker, and how to connect with a Boston professional who can help you satisfy your personal and business needs.
The Benefits of Using an Agent or Broker
Although many insurance companies sell policies directly to the consumer via the internet or over the phone, there are benefits to using an agent or broker. These industry professionals have a ready knowledge of regulations, risks, coverage, and pricing that can help you find and purchase adequate insurance for your unique business or personal needs.
Whether you're opening a new policy or shopping for a better rate, agents and brokers can save you time and money by cutting through hundreds of unsuitable policies and presenting you only with viable options that are competitive in the Boston market.
The Difference Between Agents and Brokers
The terms agent and broker are often used interchangeably. Although both types of industry professionals have the knowledge to help individuals and businesses choose and purchase appropriate coverage, there are several significant differences between the two.
- Agents are contracted with and represent insurance carriers. Captive agents typically only represent a single insurer, while independent insurance agents may represent multiple carriers. Brokers, on the other hand, are not affiliated with a company. They represent the consumer.
- Agents have the authority to complete insurance transactions, while brokers must turn over each account to an insurer's representative for completion.
- Agents provide information on the policies they have available through their affiliated insurance companies. Working off of your specific needs, a broker can execute a broad search of the local insurance market to find the best coverage and rates available.
- Agents typically work off of commission, while brokers charge a fee for their services.
- Agents act as intermediaries and may serve as a point of contact when filing claims.
Whether you choose to work with an agent or a broker likely depends on the complexity of your needs and a multitude of other factors. There's an upside to working with each type of industry professional.
The upside of partnering with a broker
- An insurance broker has a fiduciary duty to help you select products that will protect your financial interests.
- A broker collects your personal or business information to match you with the most suitable policies.
- A broker can provide the widest access to insurance companies and products.
- Brokers know which companies provide the best coverage for certain types of risk.
- Many brokers can find insurance policies for businesses or organizations with unique needs or those that are engaged in high-risk activities, such as amusement parks.
The upside of partnering with an agent
- An agent may have access to exclusive policies that are not available elsewhere.
- Agents have specialized knowledge of the policies offered by the companies they represent and can keep you updated on changes.
- Agents typically don't charge an administrative fee.
- Agents can expedite the process of purchasing insurance.
Why Choose a Specialized Agent or Broker
Specialized agents and brokers focus on narrow areas of the insurance sector, and they often have a deeper level of expertise in their niche. Although a specialized insurance professional may not offer the one-stop-shopping convenience of an agency that sells a wide array of products, this industry knowledge can benefit businesses and consumers seeking specific types of policies, providing them with coverage options they may not have even known existed.
Agents and brokers may specialize in the following types of insurance:
Health insurance
Health insurance includes policies that provide medical, dental, prescription, and vision plans for individuals, families, or employees of businesses. Although many people receive health insurance benefits through their employers, the gig economy has meant that more and more workers need to secure coverage on their own.
Agents and brokers who specialize in health insurance must possess signed agreements to sell plans through the HealthCare.gov marketplace. This enables qualified individuals to receive the premium tax credit.
Insurance professionals who specialize in health insurance may also assist companies looking to enroll in the Small Business Health Options Program (SHOP). This marketplace program helps businesses and nonprofits with fewer than 50 employees provide affordable health care options.
Life insurance
Life insurance policies pay out a death benefit, typically a lump sum payment, to a designated beneficiary upon the death of the insured. Policies vary widely to meet a multitude of needs and preference and may include the following:
- Term life insurance, which ends after a designated number of years
- Whole life policies, which accumulate cash value over the lifetime of the insured
- Final expense insurance, which offers a small death benefit for smaller premiums and is often used to cover burial expenses
- Guaranteed issue policies, which are issued to high-risk individuals, such as those with diagnosed medical conditions
Life insurance policies may be ideal for parents of minors or children with special needs, families whose financial situation may make it difficult to pay for funeral costs, and individuals who want to ensure that spouses or other family members can maintain their current standard of living if the breadwinner passes away. Life insurance policies may also be purchased as investments, and certain policies may be cashed in to pay for costs incurred later in life.
A specialized insurance agent or broker can help you navigate available policies to determine which suits your family's needs, and when is the best time to buy this type of policy.
Long-term care insurance
Although it's often lumped together with health insurance, long-term care insurance is a specialty in its own right. This type of insurance provides coverage for the services and support an elder or disabled person needs to complete essential daily activities, such as bathing, dressing, and eating. This coverage may pay for hospice or respite care, and it can cover the costs of residential programs, such as assisted living and other long-term care facilities.
Costs for this type of policy can vary significantly, depending on the age of the insured when the policy is purchased, the per-day and lifetime maximum payouts, and the addition of optional benefits.
A specialized agent or broker can provide comprehensive information on the limitations of coverage and help individuals purchase this specialty insurance at the right time in their lives. They may also help purchasers navigate any medical underwriting concerns.
Disability insurance
Short- and long-term disability insurance, which is sometimes known as income protection insurance, protects individuals if they become sick or injured and cannot work. This type of policy is designed to pay part of the insured's income for the period of time they're unemployed.
Although many people receive disability insurance through their employers, it can also be purchased through specialized insurance agents and brokers.
Property insurance
Whether you own or rent your home or business space, property insurance can provide coverage against damage or loss that occurs due to fire, flooding, weather, theft, vandalism, and other unexpected occurrences. In addition to covering damages to the property itself, this coverage typically protects belongings stored on the property. It may also include liability insurance, which protects the insured party if an individual is injured on the property.
There are numerous types of property insurance.
- Homeowners insurance
- Renters insurance
- Condo and co-op insurance
- Landlord insurance
- Mobile Home insurance
- Flood insurance
- Earthquake insurance
Depending on the terms of the specific policy, property insurance may pay the actual cash value of an item, the replacement costs, or offer extended replacement costs.
Auto insurance
Although auto insurance is often included under the umbrella of property insurance, it's a large enough part of the industry that many brokers and agents specialize in this type of coverage. They can help consumers understand the different types of coverage available, including:
- Automobile liability coverage
- Comprehensive coverage
- Collision coverage
- Personal injury protection
- Uninsured and underinsured motorist protection
- Medical payments coverage
Whether you're purchasing auto insurance for your personal vehicle or a fleet of company cars, Boston auto insurance agents and brokers can help you navigate Massachusetts' requirements for automobile insurance, ensuring that your vehicle(s) can be legally registered and driven.
Marine and boating insurance
Individuals and businesses in coastal cities, such as Boston, often have unique coverage needs, including boating insurance, which covers loss or damage to recreational watercrafts, and marine insurance, which protects businesses, such as charters and cargo transports.
If you're a commercial fisherman, run a ferry service, or just love to take your sailboat out to cruise around Cape Cod on weekends, local insurance agents and brokers are the ideal partners for finding the right insurance for you.
Your Guide to Finding the Right Insurance Agent or Broker in Boston
Your insurance agent or broker may be your partner for years, helping your business and family stay protected from the unexpected, so finding the right fit is a must. Here are eight tips for finding the right insurance agent or broker for your personal and business needs.
- Ask for referrals. Check with other area business owners to see who they're using, especially those that have been in the area for a long time or have a similar risk profile to yours.
- Consider location. If you like to do business in person, then a local insurance agent with an office in your neighborhood may be your best bet. When you work with a local agency, you can stop by and check on the status of a claim, get a quote for a new policy, or ask any burning questions.
- Explore their website. Most company websites include a brief history of the business, highlight any special experience, break down available services, and introduce you to key employees. A website may also give you an idea of how easy it will be to get a quote and often provides customer testimonials.
- Determine what means of contact are available to you. Check to see if they can be reached by phone, email, or online form and if they have in-person representatives that you can chat with face to face.
- Verify licensing. The agent you choose should be licensed by the state of Massachusetts.
- Ask about credentials. Depending on their specialty, an insurance agent or broker may have additional credentials that let you know this professional has kept up with their education.
- Check for complaints. The Better Business Bureau or the Massachusetts Division of Insurance can provide you with information about registered complaints.
- Interview prospective agents. A good agent should be able to explain policies in terms you can understand. They should also be able to help you determine the products, coverage, and limits that your business needs. A good agent or broker should be willing to listen to your needs and will never pressure you to purchase a policy.
- Get references. A reputable agent or broker should have plenty of satisfied customers that are willing to provide a reference, so don't hesitate to ask.