The Benefits Of Working With An Insurance Broker
People often ask us whats the difference between an insurance agent and an insurance broker? Sure, the titles are similar, but they are in fact very different. What differentiates an insurance broker from and insurance agent is exactly what makes the insurance broker your best ally when the time comes to shop for auto, home, life or commercial insurance.
Torontonians lead very busy lives, and their insurance policy may not be something they think about on a regular basis, unless a change has come about, such as moving to a new home, the purchase of a new car, a new addition to the family or a new driver in the household. Nevertheless, its a good idea to review your insurance annually, to make sure your coverage is adequate and that you have not forgotten anything (like a recent home renovation or a new significant purchase.)
An Insurance Broker Works for You
Insurance agents have the responsibility to sell the products provided by the insurance company to their customers. They are the sales representatives for the insurance company. Insurance brokers, on the other hand, aren’t affiliated with one specific company or its products. As such, a broker can search among the offerings of several insurance providers to find the one that will best serve your needs at the most affordable price.
What this means is, when you request a quote from an insurance agent, you will receive the best price that the company can offer from its own range of products. However, when you request a quote from an insurance broker, you’ll get the best quote and product from the many insurance companies within their portfolio. At DMW Insurance, for example, we work with some of the top insurance companies in Canada, including Intact Insurance, Wawanesa Insurance, RBC Life Insurance and Travelers Canada, to name only a few.
A Depth and Breadth Of Experience To Provide You Unbeatable Service and Advice
Since an insurance broker draws from a wider range of insurance products, they are uniquely qualified to find precisely the best policy to meet your specific needs. As a representative working on your behalf with larger insurance companies, your insurance broker can provide fast and personalized support. We often advise our customers about whether or not they should submit a claim based on the loss they have incurred and provide guidance through the sometimes stressful and confusing claims process.
Added Peace of Mind from Working with a Licensed Insurance Broker
All insurance brokers operating in Ontario must be licensed by the Registered Insurance Brokers of Ontario (RIBO), the regulatory body that oversees the industry. In addition to regulating licenses, RIBO also establishes a standard ethical code of conduct and the professional competence requirements for all insurance brokers in the province. Brokers must earn relevant educational credits each year to maintain their competence within the industry.
RIBO’s code of ethics obligates brokers to disclose their compensation, which is included in the clients premium payments. They must also advise clients of any association with a specific insurance company that would represent a conflict of interest.
When you work with an experienced insurance broker like DMW Insurance, you’ll have a partner working for you to make sure you get the very best product at the most competitive price for your insurance needs. You’ll also have a professional expert who can review your current policies to make sure you are adequately covered, and one who can also advocate on your behalf with the insurance company when you make a claim.