What are the disadvantages of using an insurance broker? An insurance broker typically doesn't know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of when suggesting an insurance company or specific policy.

The largest insurance brokerage by revenue is Marsh McLennan. The 15 largest insurance brokerages earned over $82 billion in combined revenue in 2022. Large brokerages provide a wider range of services than smaller brokerage firms.

An Insurance Agent works for a company and thus represents it. However, an Insurance Broker/Advisor is chosen by you, the buyer, so they will always represent you and not any of the company policies they present to you. An Insurance agent works for the company, while a broker works independently.

Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider. Insurance brokers represent the consumers who use them and can help them shop for policies from multiple providers.