Is there a difference between Insurance Broker, Agent or Producer? What do I want when I shop for insurance for my home, car, health, or Medicare plan? How does it all work? Who is Wenatchee Insurance? Who are Matt, Shayla and Suzie?
Imagine you’re shopping for a pair of leather work boots.
Insurance Agent
Insurance Agent: This person works at a specific shoe store and will show you all the shoes they have in stock. They might have a great selection, but they can only offer you what’s in their store. If they are a Nike store then they will only sell you Nikes, if you are in a Converse store then they will only sell you Converse….you get the idea. In insurance terms, this agent represents one or a few insurance companies. They’ll help you pick the best shoe (policy) from what they have.
Insurance Broker
Insurance Broker: Now, think of this person as your very own shoe shopper. They don’t work for any specific store. Instead, they run around town, checking every store that they have access to find you the perfect pair of shoes at the best price. In the insurance world, a broker shops around with different insurance companies to find the best policy for you.
There is also a Surplus Lines Broker and that is a special license to sell products for carriers not admitted in our state. This would be like someone who could sell you a pair of $10,000 pair of Dolce & Gabbana when there were no stores in the state.
Insurance Producer
Insurance Producer: This is a fancy term that covers both agents and brokers. (It is the legal term in Washington State). If you’re a producer, you’re licensed to sell insurance, whether you’re helping people pick shoes from one store (agent) or shopping all over town (broker).
A Example:
Imagine you’re about to go on a hiking trip, and you realize you need a pair of sturdy hiking boots (let’s say the boots represent your insurance policy).
If you go to an Insurance Agent, they’ll show you all the boots they have in their store. “These are great boots!” they’ll say. And they are! But they’re the only ones they can sell you because that’s what their store offers.
If you go to an Insurance Broker, they’ll say, “Wait here!” and dash off to five different stores to find the best hiking boots in town. They might come back with three pairs and say, “Here, try these. They’re all great, but this one has the best grip, and it’s on sale!”
And if someone says they’re an Insurance Producer, they’re just telling you they can help you get insurance, whether they’re sticking to one store or shopping around.
So, next time you’re “shopping” for insurance in Washington State, now you know who does what—and who’s more like your personal shoe shopper!
So is Wenatchee Insurance Broker , Agents or Producers?
At Wenatchee Insurance we are Insurance Producers licensed in the state of Washington. We use exchanges to shop for products for our clients. We are contracted with many different companies for Health, Life, Travel, Medicare, Homes, Autos, and Businesses. We also work with several different brokers for additional support for our clients. We can recommend plans and do not add fees for our services.
Yes, we have been writing policies like Apple Health for clients for years without receiving a dime because it is the right thing to do for our community.
