An insurance broker does many of the same activities as an insurance representative, but an insurance representative is a licensed agent that works for one particular company. The insurance broker represents many companies but works for himself.
The insurance broker solicits business from clients. He schedules appointments to evaluate their needs and attempts to find appropriate insurance policies. He presents the insurance options to the client.
When the broker initially starts his business, his primary job is to find prospective clients. As the business grows, prospecting for clients never ceases but becomes secondary to other parts of the job. Prospecting may include participation in charitable organizations or community functions.
Insurance brokers often specialize in a particular type of insurance. Commercial insurance brokers sell to businesses. Health insurance brokers sell health policies. Property and casualty brokers sell auto and homeowner's policies. Occasionally, an insurance broker specializes in personal lines, which include property and casualty, life, health and investment products.
In order to understand policy differences and financial needs, an insurance broker also takes continuing education classes.
Part of the job of the insurance broker is to manage his expenses and income. He owns and operates his own business, which means he also pays the bills, the self-employment tax and social security, provides his own benefits and keeps his own records for bookkeeping.
Lunchtime often involves business for the insurance broker. The broker meets with busy clients during lunch hours. Frequently, he has more than one lunch appointment per day.