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Specialized Insurance Agents & Brokers for All Your Personal & Business Needs in Los Angeles, CA
When you purchase an insurance policy, you're purchasing peace of mind. The right coverage can function as a safety net, protecting your home, family, and business from the loss of property and income due to unexpected accidents, illnesses, and disasters. Insurance is also required by many lenders and is necessary in California to keep your car legally on the road.
The challenge with buying insurance is that you're planning for the unexpected, so it can be difficult to determine what type and how much coverage you need. That can make choosing the right policy a frustrating, time-consuming proposition.
Specialized insurance agents and brokers throughout Los Angeles provide a valuable service for Angelenos, streamlining the process of policy selection and purchasing for individuals and businesses.
This guide outlines the benefits of partnering with a specialized agent or broker, describes the types of specialty insurance available, and offers tips for finding an insurance professional who can help satisfy your unique needs.
Reasons to Purchase Insurance Through an LA-Based Agent or Broker
Buying insurance on the internet has become commonplace, with many websites providing side-by-side quotes for convenience, but there are compelling reasons to consult an LA-based agent or broker before purchasing a policy. Not only can these industry professionals find you a suitable policy at a competitive price, but their knowledge of local regulations and regional risks can ensure that you won't realize too late that you were sold an inadequate policy. Local insurance agents and brokers also understand the specific needs of local businesses, such as tour bus operators and companies that work in the film and television industry.
A local agent or broker also brings a personal touch to the transaction, since they most likely know your neighborhood and maybe even your business. Face-to-face interactions can also set the foundation for trust, which is hard to find when interacting with a faceless online entity.
Agent vs. Broker: What's the Difference?
Although the terms agent and broker are often used interchangeably, there are significant differences between these two types of industry professionals and how they interact with their clients. Here are the main ways that agents differ from brokers.
Representation
- Agent: Agents work for insurance carriers. Whether you choose a captive agent who represents a single insurer or go with an independent insurance agent who contracts with multiple carriers, an agent can only sell you a policy from an affiliated company.
- Broker: Brokers work for you. They're not affiliated with an insurance company and can connect an individual or business with a policy from any carrier.
Approach
- Agent: Agents provide information on suitable policies that are available through their affiliated carriers.
- Broker: Brokers determine your specific needs and execute a broader search of the market to find suitable coverage at the most competitive rates.
Authorization
- Agent: Agents are authorized to sell policies for their contracted carriers. They can complete the entire purchase and bind the insurance.
- Broker: Brokers must turn over the client's account to a representative from the insurance carrier to complete the transaction.
Additional duties
- Agent: Since agents are representatives of individual insurance carriers, they may also act as intermediaries, serving as a point of contact for filing or checking on the status of claims.
- Broker: Brokers cannot perform these additional duties.
Fees
- Agent: Agents typically work on commission.
- Broker: Brokers typically charge clients a fee for their services.
Understanding the differences between agents and brokers can make it easier to determine which type of professional you should partner with to meet your specific insurance needs.
Agent vs. Broker: Which Is Right for You?
Working with an agent to find the right coverage can be very different from working with a broker, and there are upsides to each.
Four benefits to partnering with an agent
- Agents are experts in the policies they sell. They know the ins and outs of the company and the coverage and can update you on changes as they occur.
- Agents can often connect buyers with exclusive policies that aren't available for purchase elsewhere.
- Most agents don't charge an administrative fee for their services.
- As an authorized representative of the insurance carrier, an agent can handle the insurance transaction from the initial quote to the final purchase.
Four benefits to partnering with a broker
- By collecting your personal or business information, an insurance broker can determine the most suitable policy or policies for your unique risk profile and coverage needs. They often have detailed knowledge of the best companies and coverage for certain types of risks.
- As a representative for you, a broker must use reasonable judgment and care to help you procure coverage that will protect your financial health.
- Because brokers can search all available products, they provide broader access to insurance companies and available policies than agents can.
- Brokers can typically handle the complex insurance requirements generated by businesses or organizations that engage in high-risk activities, such as hazardous waste cleanup.
Is a Specialized Agent or Broker the Right Choice for You?
Many agencies provide a one-stop-shopping experience, letting you fulfill all your insurance needs in one place. Despite the convenience afforded by these multipurpose agencies, they aren't the ideal solution for everyone. For consumers and companies with complex or in-depth needs, specialized agents and brokers may be the better option.
Specialized agents and brokers typically focus on one or two types of insurance, bringing a depth of knowledge and experience that can't be met by agencies offering a broader array of products and services.
An agent or broker may specialize in any of the following insurance niches:
Health insurance
Agents and brokers who specialize in health insurance match clients with policies that provide medical, dental, vision, and prescription plans for individuals, families, or employees of businesses. They typically understand the ins and outs of the Affordable Care Act and have signed agreements to sell plans through HealthCare.gov so that eligible individuals may receive the premium tax credit.
Specialized health insurance agents and brokers can also assist companies that may be looking to enroll in the Small Business Health Options Program (SHOP). This marketplace program was designed to help provide affordable health care options to businesses and nonprofits employing fewer than 50 individuals.
Long-term care insurance
Often considered an offshoot of health insurance, long-term care insurance provides coverage for the daily services and supports required by an elder or disabled person, including personal assistance with activities, such as grooming, dressing, and eating. Long-term care insurance may be used to pay for in-home services or residential care facilities, such as skilled nursing homes and assisted living programs. It also covers hospice and respite care.
Agents and brokers who specialize in long-term care policies help clients understand the benefits, costs, and limitations involved in this type of coverage. They can also help potential buyers select additional coverage options, such as shared care, which permit spouses to share the total coverage, and help individuals navigate any hurdles that occur with medical underwriting.
Disability insurance
Unexpected illnesses and injuries can pose a threat to your income and that of your employees. Short- and long-term disability insurance is designed to protect individuals who can't work due to illness or injury. Sometimes referred to as income protection insurance, these policies pay a percentage of the insured's income while they're unemployed.
Whether you're an employer looking for group coverage or an individual looking to protect your livelihood, disability insurance can be purchased via specialized insurance agents and brokers.
Life insurance
Life insurance provides a monetary death benefit to a designated beneficiary or beneficiaries upon the death of the insured. Whether your goal is to help your employees cover burial expenses or to ensure that loved ones can maintain their preferred lifestyle after the death of the primary breadwinner, an agent or broker who specializes in selling life insurance helps individuals and businesses navigate the wide array of coverage options available.
Types of life insurance include:
- Term life insurance, which offers protection for a predetermined period of time and is a popular choice with young families or people on a tight budget
- Whole life policies, which build in value over the insured's lifetime
- Final expense insurance, which provides a modest death benefit that's typically used to cover burial expenses
- Guaranteed issue policies, which insure high-risk individuals, such as those who have life-threatening conditions
Specialized life insurance agents and brokers can also advise individuals and businesses about policies that may be purchased as investments and those that may be cashed in to pay for long-term care and other later-in-life expenses.
Property insurance
Whether you're opening a trendsetting cafe in Silver Lake or setting down roots in picturesque Santa Monica, property insurance can protect you from financial loss if your home or business suffers damage due to fire, floods, severe weather, theft, vandalism, and other unfortunate events. It can also protect on-site belongings or goods and may cover injuries that happen to visitors on your property.
An agent or broker who specializes in property experience can help you navigate the different types of property insurance, which include:
- Homeowners insurance
- Condo and co-op insurance
- Mobile home insurance
- Renters insurance
- Landlord insurance
A good agent or broker will make sure your property is covered for concerns specific to LA residents, including floods, earthquakes, mudslides, and wildfires.
Auto insurance
Many LA brokers and agents specialize in automobile insurance and can help consumers understand the ins and outs of policies, including options such as:
- Comprehensive coverage
- Collision coverage
- Automobile liability coverage
- Personal injury protection
- Medical payments coverage
- Uninsured/underinsured motorist protection
Whether you need to insure a single vehicle for personal use or protect a fleet of buses, LA auto insurance agents and brokers can walk you through California's minimum policy requirements as outlined by the state's DMV.
Boating and marine insurance
Because Los Angeles is a coastal city, certain individuals and businesses may be required to maintain boating or marine insurance. For Angelenos running charter fishing expeditions or engaged in open-sea cargo transport, a specialized agent or broker can help secure the insurance needed to keep their businesses running smoothly.
Tips for Choosing the Right Insurance Agent or Broker in LA
The agent or broker you ultimately select will work with you to safeguard your business and family from the unexpected, so it's important to choose wisely. Follow these eight tips for finding a specialized insurance agent or broker to accommodate your personal and business needs.
- Location matters. Choosing a local insurance agent who maintains an office in your LA neighborhood means you can do business face-to-face. Doing business in person can also be a great way to build trust for a successful long-term partnership.
- Get referrals. Often, the best way to find a reputable agent or broker is by asking people you trust. If you have contacts at other area businesses, ask for recommendations. References from companies with a risk profile that's similar to yours or businesses with a longstanding history in your neighborhood are particularly valuable.
- Visit their website. A good website should provide vital information about the agent or broker you're considering. At a minimum, it should list available services, special experience or knowledge, and qualifications, such as industry affiliations or credentials. Many company websites also include a brief history of the business, introduce you to key employees, and provide testimonials from satisfied clients.
- Verify licensing. The agent or broker you choose should be licensed by the state of California. The California Department of Insurance offers a simple website for checking the status of licensing online.
- Contacting an agent or broker should be painless. Most reputable professionals offer a variety of contact methods, including phone, email, social media, and occasionally, online chat. A reputable agent or broker will respond to your inquiry or concern in a timely, professional fashion.
- Check out complaints. Before doing business with an agent or broker, check for complaints filed against them. Although a complaint doesn't necessarily mean the broker or agent isn't reputable or trustworthy, some issues may raise red flags that are worth further exploring. To find formal complaints, check out the Better Business Bureau or the California Department of Insurance. Social media sites are another great way to see what other customers are saying.
- Ask questions. The best agents and brokers can explain policies and coverage terms in language you can understand, so when you're searching for an insurance professional, always ask questions. The person or agency you want to partner with should answer questions willingly and should never make you feel rushed or pressured to purchase a policy.
- Get references. Ask potential agents or brokers if there are current or previous clients that you can contact for a reference. Satisfied customers are often the best measure of a professional.
Safeguard Your Business and Family With Specialized Insurance Agents and Brokers in LA
There are few things more important than protecting your family, business, and livelihood and having adequate insurance is a vital part of that process. From the glitz and glamour of Beverly Hills to the Bohemian charm of Venice Beach, specialized insurance agents and brokers throughout Los Angeles can assist you in choosing a policy that suits your needs and your budget. Let us help you find specialized agents and brokers that can provide solutions to all your business and personal insurance needs.