Who are Brokerage Owners typically classified as?

Brokerage owners are typically classified as self-employed because they operate their own businesses within the insurance market. This classification signifies that they have the autonomy and responsibility of running their brokerage, building client relationships, and managing operations independently. Being self-employed means they are not on the payroll of another entity, such as a government or an insurer, allowing them to represent multiple insurance companies and provide clients with a range of options. This independence is a key feature of the brokerage model, distinguishing them from agents who may be directly employed by insurers or other entities.