Why chose a broker?

If you’ve never worked with an insurance broker before, you may have a lot of questions. To help, here is a closer look at what an insurance broker does and how they can help you.

Insurance Brokers Explained

Insurance brokers are licensed, educated professionals who solicit, sell, and negotiate insurance contracts to clients. Their job is to survey the market, get quotes, and share appropriate options for their clients to choose from.

Whether their client is an individual, family, or a business, insurance brokers work for them and help them find the best coverage options that work within their budget. Insurance brokers can also provide assistance during the claims process. 

In Ontario, insurance brokers are regulated by RIBO (Registered Insurance Brokers of Ontario) and they must obtain the licenses required to operate.

The Difference Between an Insurance Broker and an Insurance Agent

Insurance agents represent a single insurance company, meaning they act as sales representatives for insurers.

On the other hand, insurance brokers represent you, the client.

They have access to multiple insurance companies, meaning they can provide you with many different options at various price points to suit your needs. Both agents and brokers are paid commissions or fees by insurance companies.  

4 Benefits of Using an Insurance Broker

There are several key benefits of using an insurance broker when shopping for insurance. Here are a few:

1. Their job is to help you

• Insurance Brokers are on your side. They work with you by listening, understanding your needs, and helping you shop insurance companies and policies.

2. They have access to numerous insurance companies

• Brokers have access to numerous insurance companies. That means they can offer you several different options for coverages and price.   

3. They are experienced professionals

• Brokers are licensed and educated professionals. They understand the market and can provide you with the practical advice needed to help you make the best choice.  

4. They can act as your advocate

• In the event of a claims situation, an insurance broker can act as your advocate. You don’t have to go up against insurance companies on your own, brokers are there to assist and help throughout the claims process.