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Securing insurance coverage can be confusing! With so many insurance companies, policies, and coverage options out there, it’s almost impossible to navigate on your own—which is exactly what drives so many Canadians to work with insurance brokers each year.
Insurance brokers work to bridge the gap between you and the big insurance companies selling you policies. They can advocate on your behalf, support you with claims, and they’ll use their extensive knowledge and connections to get you the best available coverage options at the most affordable prices. In our opinion, if you need insurance, then you need an insurance broker!
Keep reading to learn more about what insurance brokers do, how they help, and why working with a broker is a great idea.
An insurance broker is someone who is licensed to sell insurance and does so as an intermediary on behalf of their clients. They sell, solicit, and negotiate insurance policies with multiple insurance companies in order to serve their clients, and they receive compensation for doing so.
Insurance brokers can access a wide range of products, coverage options, and prices. They’ll shop around and compare different options, looking to get their clients the best possible coverage at the most affordable price. If you have an insurance broker, this is great for you because it means they’ll be able to source the very best insurance option for your individual situation.
The primary difference between an insurance broker and an insurance agent is who they represent. Both brokers and agents are licensed to sell insurance products, but a broker represents their clients, so they can work with a variety of different insurance companies, whereas an agent represents only one insurance company.
Bottom line: As a client, working with an insurance broker has many more benefits!
As a client, there are so many advantages to using an insurance broker:
At the end of the day, as a client, you can feel good knowing that your broker has your back.
An insurance brokerage receives commissions from different insurance companies whenever they sell one of that company’s policies.
On top of paying them a salary, some brokerages pay their brokers a commission from the compensation they received for placing the business (in other words, when they successfully match a client with a policy).
Yes, brokers can work with and advocate for their clients when it comes time to file a claim. As a client, your broker can provide you with information and put you in touch with the claims department of your insurance company. They will also follow up with you, and provide as much advocacy as they can as your claim advances.
However, it’s important to note that insurance brokers are not the ones who will decide whether or not your claim is paid. That decision lies solely with the insurance company itself, and it’s subject to that company’s policy guidelines.
The role of an insurance broker is similar at most brokerages, but that doesn’t mean every broker — or every brokerage — is the same. Your insurance broker could be by your side through tough times that require filing insurance claims, so the qualities you would look for in any trusted relationship apply here.
We recommend looking for a brokerage that:
You may also want to find a brokerage that represents a multitude of insurance companies so that they can provide you with the most competitive options.
At Winnipeg Insurance Brokers Ltd, we call our brokers Insurance Consultants. They’re here to work with you to determine your unique needs and provide recommendations and consultation on what’s best for you. Read up on our vision, values, and why to see if we might be the right fit for your needs.
Already sold on us? That’s great! Whenever you’re ready, feel free to get in touch. Together, we’ll get the ball rolling, and get you the insurance coverage you need.