The Insurance Broker Advantage
With so many options for buying insurance, the process can feel overwhelming. Different companies, different policies, different prices—what is a consumer to do? Although it can be tempting to look for a quick deal online, it’s important that you have the right coverage for your actual needs in case of disaster. A broker like Leo Martin Insurance Brokers Ltd can make sure you get the best coverage for your unique circumstances and they’ll find you the best price, too.
Six Ways You Win by Working with a Broker
- Choice: Insurance brokers get access to a huge selection of top Canadian insurance providers, most of whom do not sell directly to the public. Once your broker has properly assessed your individual insurance needs then they do the shopping for you, to get the right coverage at a competitive price.
- Good Advice: Insurance brokers are licensed professionals. They act as your personal insurance advisor and can make impartial recommendations. A broker’s advice is independent of any insurance company, so their recommendations are always in your best interests. Brokers are also available to provide advice and revisions at policy renewal or mid-term if material changes are necessary (such as a move or the sale of an asset).
- Flexibility: Most of your dealings with a broker can be done in whatever way is easiest for you, whether that’s in-person, by telephone or email. Some brokers are even willing to come to you! Insurance brokers can flex to meet your needs so you get the service that’s right for you.
- Advocacy: Working with a broker can help you avoid the disappointment of a denied claim. If you have to make a claim, your broker is there to make sure that you receive fair and speedy payment. In the event of a dispute, your broker will act as your advocate with your insurance policy provider. A broker’s knowledge and industry contacts can often help settle a disputed claim so your life can get back to normal.
- Knowledge: Insurance brokers are knowledgeable on all aspects of insurance. They have the information to make sure that you get all applicable discounts on the insurance you buy. They are also experts at risk assessment and know how to protect your assets and future. Professional education in the insurance industry is ongoing, so you can rest assured that the coverage you get is the right coverage for you.
- Time-saving: There are over 200 companies providing insurance to Canadian consumers and each one offers its own unique coverage, so comparing products can be a very time-consuming job. Working with a knowledgeable insurance broker can help you find the right coverage at a competitive price with little fuss.
Why a Broker? Why Not an Online Provider or Agent?
The main difference between using an insurance broker versus all other insurance providers (buying direct or through an agent) is that brokers work directly for you, not for a company they represent.
Most people deal with insurance companies on the rare occasions that they need to make a claim—an intimidating process, right? But brokers deal with insurance companies every single day. They understand the insurance industry inside and out, and they can lend their expertise from pre-purchase research right through a difficult claims process.
In other words, they take the guesswork out of the insurance process. And that’s something you can’t buy online.
Before You Buy
As we mentioned earlier, insurance brokers act as your personal advisors. They’re equipped to provide expert, unbiased advice on your unique insurance needs. When you work with a broker, your interests come first. It is this focus on the customer’s needs that distinguishes them from all other insurance buying options.
For example, after listening to your needs and asking specific questions, a broker can recommend the right type and amount of insurance. They will not waste your money by suggesting you “overbuy” insurance that is unnecessary in your circumstances. Just as important, they’ll make sure that you do not “underbuy” insurance, leaving you vulnerable to a lawsuit or a denied claim.
In the Event of a Claim
An insurance broker works for the policy holder, not for the policy provider. This means that in the unfortunate event that you need to make a claim, you will not have to navigate the claims process alone. A broker will be available to answer your questions, assist you through the claims process and even advocate for you in the case of a dispute. Evidence shows that brokers make a positive difference to an insurer’s payout in a substantial number of claims.
In Case You Were Wondering…
A broker is paid by the insurance companies they represent. There is no extra cost to you for all the services a broker provides. Instead, they are paid commission by the company you use for your insurance. This does not impact the cost of your policy.
Buying direct from an insurance company does not mean lower premiums. These companies have to spend big money on marketing and administration costs, and these costs are then passed on to their customers. Insurance brokers are free to shop among many possible providers on your behalf, and deliver the best possible price for the coverage you need.
Insurance Changes Regularly
The insurance industry is a fast-paced industry that changes regularly. Even if you do careful research in selecting the right policy for your needs, changes in government guidelines or insurance technicalities could leave you vulnerable without you even knowing it.
It is a broker’s full-time responsibility to remain apprised of all industry changes and how they could impact their clients. By working with a broker, you can be alerted to changes that require your action.
Purchasing your insurance through a broker means that you will have them as a resource after your purchase. The assistance they provide does not end with the sales transaction.
Get the Help You Need
When you work with a broker like Leo Martin Insurance Brokers Ltd, you don’t have to spend your valuable time doing research or second-guessing your insurance purchases. We’ll take the guesswork out of the process and be there every step of the way if you need to make a claim.
Give us a call with any of your insurance questions at 613-932-0083. We’d be happy to help.
