Who typically forms a purchasing group?

A purchasing group consists of individuals or entities that share similar insurance requirements and come together to purchase insurance collectively. This approach allows members of the group to leverage their collective bargaining power to obtain better coverage options and pricing from insurance providers. By pooling their resources and needs, these consumers can negotiate more favorable terms than they might be able to achieve individually.

In this scenario, the focus is primarily on the needs of the consumers, which distinguishes this option as the correct one. Purchasing groups are particularly beneficial for small businesses or individuals who may otherwise struggle to find adequate insurance coverage at competitive rates on their own.