Decisions we make regarding the placement of insurance are always guided by the best interests of our clients and prospective clients.
Our Business Practices:
We offer our clients the benefit of our relationships with multiple, top-tier insurance companies. These relationships enable us to offer a variety of competitive insurance coverage choices for small businesses and independent professionals in a growing number of professions. This disclosure notice has been prepared to describe the various ways we are compensated for providing these services.
Our Commission and Fees:
As an insurance agent or brokerage or as a wholesale insurance brokerage or MGA, our primary compensation for the services that we offer is commissions, fees or a combination of the two. Commission is paid to us by the insurance companies that we partner with. The percentage is set by the insurance companies and is included as part of the insurance premium that you, as the customer, pays. If there are fees charged for services, these will always be clearly indicated on the premium proposal that is displayed or shared with you. We may also receive additional income as follows:
Additional or supplemental commission payments that may be based upon factors such as profitability, volume, retention of clients, and/or growth.
Interest earned on premiums received from you and forwarded to the insurer(s) through our bank accounts.
Interest income earned for the placement of premium finance contracts.
The standard and additional commission amounts paid by the insurance companies typically change annually and is often due to the market conditions, insurer profitability by line, overall financial performance, and operational efficiency. The amount of actual compensation from the insurer(s) to us for the placement and servicing of your insurance can vary over the term of the policy.
Other than what is outlined above, we do not charge any other fees or obtain any additional commission income for the placement of your insurance policy.
If you have any questions regarding this Compensation Disclosure Statement, please contact your insurance agent or broker at the number that is listed on the website.