When shopping around for insurance, a couple of terms probably came up that you may not have even noticed: “Captive” and “Independent.” The reason they may have passed you by is because they’re more well-known within the insurance community itself. So what do these words mean in regard to insurance? And more importantly, how do they affect you? That is what today’s article is all about. You may be surprised to learn that it’s one of the defining traits of our insurance company versus others.
What is a Captive Insurance Agency?
Captive insurance agencies are insurance agents are contracted to work for a single insurance company and sell only that carrier’s policies (with a few exceptions). There’s not much shopping around for the best price (if at all), because they represent only one insurance market. The Captive agent benefits by selling policies, but there’s not a whole lot of benefits to the consumer - in this case, you. When you contact a captive agency about a policy, they mostly have only one option.
What is an Independent Insurance Agency?
Unlike with captive insurance agents, independent insurance agents are not forced to work with only one company. They can sell policies from multiple insurance companies, offering you a wide range of choices to best fit your needs. They can even sell specific lines of insurance coverage from many different companies on a non-exclusive basis. With such a wide range of access to many different companies and insurance types, they can be a tremendous provider of “one-stop-shopping.”
Why is an Independent Insurance Agency Better?
With connections and knowledge of the market, independent agents can usually find a better value for your money than you might find searching on your own. But most importantly, at Freeman & Sherburne, we’re able to offer our clients policies from multiple insurance providers, giving you the freedom of choice among a much wider selection of coverage options. There’s no need for you to accept one quote from one company, and there’s no need for you to spend time filling out many different online applications to get your own independent quote comparisons. Not only do we find you competitive pricing, but we also make sure you are adequately covered based on your own personal needs.
Indeed, perhaps the best aspect of Freeman & Sherburne being an independent insurance agency is the “personal touch” we’re able to have with you. You can almost think of us as a life coach of sorts, here to help you through everything life throws at you - be it marriage, a new home, a new child, a new driver, or any number of important milestones. We literally want to be here for you for life’s journey, offering you important guidance, protection, and advice every step of the way.
Since 1875, Freeman & Sherburne has been serving the insurance needs of clients by coupling a small-town approach with the most current tools to serve you best. We are licensed in Virginia, Maryland and Washington D.C.
As independent professionals, we provide all our clients with the best insurance solutions from a wide range of companies and programs. We make insurance simple, straightforward and economical. Reach out today and experience the way our agency works.