Workers' Compensation Brokers

What is a Retail Agency?

A retail insurance agent typically works directly between an insurance company and a customer in order to quote, service and renew insurance coverages. The agent may be captive to one insurance company or an independent agent contracted with multiple insurance companies. Retail agents do not have the authority to place insurance coverage for other retail agents. Instead, retail agents utilize wholesale insurance brokers in order to get access to insurance companies when they do not have an agency contract with one or more of the insurance companies they want to access.

What is Wholesale Insurance?

Wholesale insurance provides retail agents with access to insurance carriers when they are not appointed to write business with the carrier. Most often, wholesale brokers work between the insurance companies and the retail agent, rather than the agent and customer. However, they may function as a retail agent in some situations. Brokers are authorized to place business for other retail agents. Wholesale brokers typically have expertise in particular lines of coverage and are held to higher production standards than retail agents. They often have greater influence over underwriters, which helps place more difficult risks.

How to Become an Independent Insurance Agent?

Regardless of what type of insurance you choose to pursue, a state insurance license is required before you can sell insurance. Once licensed, an insurance agent may seek appointments with insurance companies or the may join forces with an independent insurance agency. Since getting carrier appointments can be a challenge for agents who do not have millions of dollars in premium, most agents choose to work with independent agencies.

Our brokerage firm works with insurance agents on a No-Volume Requirement basis. Many of our agent partners work from home and have very little overhead. Other agents or agencies we work with specialize in other lines of coverage and utilize our services to increase their revenue and round out accounts. Agency partners may utilize our agency software and service center for customers and prospects under some circumstances. Contact us for more details.