How Much Does an Insurance Broker Cost?

Insurance — and its benefits, costs, and policies — is too often shrouded in mystery. As such, it can be more efficient to collaborate with an insurance broker, someone who has your best interests at heart and whom you can directly deal with instead of going back and forth with pesky customer service teams. Unlike agents who serve their insurance company, brokers exclusively serve their clients, mapping out the best plan and strategy for the types of insurance they deem practical.

Because brokers deal with individuals, they do not receive a commission from insurance companies; instead, they charge something akin to a broker’s fee. This amount is disclosed transparently as a cost separate from insurance, and it varies depending on the size of your group.

Fixed Small Group Broker Fees

If your company has between two and 50 people, rates are pre-determined and are filed with the State. This rate includes a broker’s commission, and since the premiums are the same whether or not you use a broker, it makes little sense to deny using one.

Customized Individual or Large Group Broker Costs

Larger groups of 51 or more people have somewhat more malleable rates: they are negotiated on a case by case basis, varying based on the amount of outsourcing a client requires. Still, to save time, allow your company to focus on its work, and not worry about the headache of insurance policies, a broker may be the best way to leave the paperwork and logistics to the experts.

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