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Brokerage

Last updated: October 18, 2017

What Does Brokerage Mean?

A brokerage, in the context of insurance, refers a company that connects insurers and potential clients to help individuals and businesses find insurance policies that represent a good value for their specific needs. Insurance brokers are often the people who represent the brokerage in this work.

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Insuranceopedia Explains Brokerage

Companies often use the services of brokerages because it can be time-consuming to navigate the insurance world to find the best deals on various policies. Oftentimes, these policies can be complex. Thus, hiring a brokerage is often an efficient choice for companies.

Brokerages, of course, charge fees for their services. However, the amount of money that a company pays to a brokerage can pale in comparison to the amount of money it can lose if it accidentally purchases a bad insurance policy or fails to get proper coverage.

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InsuranceThe Insurance Business

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