A Broker Must Have Professional Indemnity Insurance: A Broker Must Demonstrate Financial
A broker must have professional indemnity insurance: A broker must demonstrate financial probity by keeping the client's money (the premiums) separate from his or her own working capital. A broker must satisfy certain educational standards and show practical broking experience.
Many registered brokers are members of the brokers' professional body, which is the British Insurance Brokers Association (BIBA) (www.biba.org.uk). This has 14,500 broking firms, comprising 255,000 employees. The Association represents the interests of insurance brokers and provides back - up technical services remotely. There are around 19,000 brokerage companies in the UK, but, of these, only some 1270 are allowed to place insurance at Lloyd's. A broker may set up in a office with a couple of staff, or even a website or social media site alone and deal mainly with individuals.
Slightly larger companies employ several staff and deal with local small businesses. At the other end of the scale there are the dozen largest brokerage houses, which each employ around 22,000 people throughout the UK, handle an annual premium income of £ billion and make annual profits of around £240m. These large companies can have regional offices and call centres. Career Opportunities: Career opportunities vary with the size, type and location of broking companies.