Commission from the carrier
CoverMatch is paid a commission by the insurance carrier when you buy a policy through us or move an existing policy to us with a broker-of-record letter. The commission is a percentage of the premium. It is part of the carrier's filed rate, so it does not add to what you pay. Rates differ by carrier, by line of coverage and sometimes by state, and the carrier may keep paying a commission when the policy renews.
Other compensation from carriers
Some carriers pay agencies additional compensation based on the total volume, growth or claims experience of all the business the agency places with them over a year. This is sometimes called contingent, profit-sharing or supplemental commission. It is not tied to any one customer and it never changes the premium on your policy. We recommend coverage on fit and price for your business, and we tell you which carriers quoted and which declined.
What we never charge you
CoverMatch does not charge customers a broker fee, policy fee, service fee, technology fee or renewal fee, and it does not fold any fee into a down payment. The price you see on a quote is the carrier's price. Carrier taxes, carrier fees and premium-finance charges, where they apply, come from the carrier or the finance company and are shown before you buy.
Partners who refer businesses to us
Payroll services, accountants, lenders, software companies and associations can refer their small-business customers to CoverMatch. A referral partner only points you to CoverMatch: our licensed agents quote, advise and service your coverage, and the partner does not discuss coverage or price with you.
CoverMatch may pay a referral partner in one of two ways, set in the partner's written agreement:
- A fixed referral fee for each qualified lead, meaning a completed quote request. The fee is the same whether or not you buy, so it never depends on the sale of insurance.
- A share of the commission CoverMatch earns on policies bought by the businesses the partner referred. This is available only to partners who hold an insurance producer license where the law requires one.
Referral payments come out of CoverMatch's own revenue. They are never added to your premium and they do not change which quotes we show you or how they are ordered. Where a partner offers CoverMatch on its own website or app, the page says that the partner may be compensated for the referral.
Payment information
When you pay, your card or bank details go to the carrier or to a payment processor for that payment only. CoverMatch does not store them.
Questions
Ask a licensed agent about compensation on any policy at any time, before or after you buy. Our contact details and licenses are on the Licenses page.