When choosing an insurance broker, it’s important to understand whether they are captive or independent, as this directly affects the coverage and options you’ll receive. For more information please visit ipswichinsurancebrokers

1. Captive Insurance Brokers

  • Definition: A captive broker (or agent) works for a single insurance company.
  • Products Offered: They can only sell policies from the company they represent.
  • Advantages:
    • Deep knowledge of their company’s products.
    • May offer discounts or specialized programs exclusive to that insurer.
  • Limitations:
    • Limited choice — they cannot compare across multiple insurers.
    • Less flexibility if your needs change.

2. Independent Insurance Brokers

  • Definition: An independent broker works with multiple insurance companies.
  • Products Offered: They can shop around and provide options from various insurers.
  • Advantages:
    • Wider choice of coverage and pricing.
    • More objective advice since they’re not tied to one provider.
    • Ability to adapt policies if your situation changes.
  • Limitations:
    • May not have the same level of insider knowledge about a single company’s products.
    • Some insurers only work through captive brokers, so certain plans might not be available.

3. Which One is Right for You?

  • If you prefer brand loyalty and want simplicity, a captive broker might work well.
  • If you value choice, flexibility, and competitive pricing, an independent broker is usually the better option.

✅ In short:

  • Captive brokers = one company, limited options.
  • Independent brokers = many companies, more flexibility.