An insurance broker is a qualified professional whose job is to guide individuals and organizations to find the best insurance policies based on their specific needs. An insurance broker offers expert advice and recurring service to ensure that you and your assets are safeguarded against unforeseen circumstances.

But this is not all an insurance broker does. There is a lot more that goes with it. Hence, we have prepared an in-depth guide of what an insurance broker does in Canada and where to find one that is best for you.

What Is An Insurance Broker?

The job of an insurance broker is to find insurance for business organizations, entrepreneurs, families, and individuals. Their job is to reach out to several insurance companies looking for the best products and services based on their client’s insurance needs. The following is a list of insurance policies an insurance broker can provide:

• Business Insurance
• Farm Insurance
• Home Insurance
• Life Insurance
• Recreational Insurance
• Seasonal Home Insurance
• Vehicle Insurance
• Health Insurance
• Asset Insurance

The role of an insurance broker entails asking as many questions as possible to determine your exact insurance needs in order to find the best insurance policy that works for you. 

Advice from insurance brokers can help you identify potential risks that are not apparent to everyone. They will let you know how you can cover these risks with insurance. They will also provide detailed information about the coverage, price, terms, and conditions of each insurance policy. With all the information on hand, you can make the best choice according to your budget and insurance needs.

Independent Insurance Brokers VS Insurance Agents

Independent insurance brokers work with multiple insurance providers in your best interest. They also provide recurring services. For example, even after signing a policy if you ever require additional insurance, or feel that you need to change your policy, file a claim, get advice, or simply ask questions you can rest assured they will always be on hand to guide you accordingly. 

Insurance agents or direct writers only work with one insurance company. Their primary goal is to sign up new clients for their employers. It is the reason they are known as direct-writers. Do not expect to get the same level of personalized service from a direct agent after they make a sale.

A direct writers’ main objective is to get a higher commission from the insurance company they represent by making more sales. Sometimes direct-writers work from corporate call centers that represent colossal corporations. 

Independent insurance brokers establish a reputation by representing a diverse clientele and providing personalized service as time goes by. They commit to providing personalized insurance advice and services because their clients are acquaintances in the same community.

Choosing between the two largely comes down to your needs. If all you seek is the best price possible on a policy you can either shop around yourself dealing with multiple direct writers or hire an independent broker to find the best deal for you. 

Advantages Of An Insurance Broker

You can get many benefits by reaching out to an insurance broker for your insurance needs. Some advantages include:

1. Insurance Coverage
2. Competitive Rates
3. One-Stop-Shop For All Types Of Insurance
4. Save Time And Money
5. Speedy And Easy To Understand Service
6. Customized Mode Of Communication

Let’s look at each benefit to get a better understanding.

1. Insurance Coverage

People want to make sure they have insurance based on risk assessment. Every individual has a different definition of risk. Insurance brokers can find insurance policies that correspond to your way of life. Their goal is to ensure their client’s insurance protection.

2. Competitive Rates

You can get the best bang for your buck by contacting an insurance broker. Insurance brokers know the insurance market inside out because they deal with many insurance companies in Canada. You can choose from different rates and coverage options. Broker-only markets encourage insurance brokers to deal with a variety of companies.

An insurance broker is not a sales representative for one insurance company. This means you have the ultimate liberty to choose from multiple options of insurance at different rates.

3. One-Stop-Shop For All Types Of Insurance

Business, car insurance, home insurance, life insurance, recreational insurance, seasonal insurance, and all other insurance products are available for an insurance broker.. Their job is to make sure they can provide solutions for all of your insurance needs so you do not have to contact anyone else. They facilitate the process for new clients by delivering personalized service with each category of insurance. You could get a better deal by combining multiple categories of insurance in a single insurance package.

4. Save Time And Money

Potential insurance policyholders do not have comprehensive knowledge of the insurance market in Canada. Certain factors can come into play for specific policyholders and they can get discounts. Whether it is car insurance, home insurance, life insurance, or business insurance, insurance brokers are aware of all the terms and conditions of each insurance policy. You might spend a long time trying to find the right policy for you and still not get the best rates or discounts available on the market.

Working with an insurance broker, you can save time and money.

5. Speedy And Easy To Understand Service

Insurance companies hire insurance agents that use complicated jargon to provide answers to simple questions. They use abbreviations and terms for simple situations that can leave us all confused in the alphabet soup. Insurance brokers can help you cut through all the legal jargon to get to the crux of the matter. You can decide much faster when you fully understand all the terms and conditions of a particular insurance policy.

6. Customized Mode Of Communication

Some people like to meet their insurance provider. Others do not have the time to meet and would rather conduct their business over the phone or through a text message. Insurance brokers contact clients in any way that is convenient for them. For example, if you don’t want to change a particular policy over the weekend, they will call or email you on Monday.

How To Find A Good Insurance Broker?

The best insurance broker is considerate of your choices and judgment. That is why McIver Insurance based out of Nova Scotia, Canada, strive to deliver the best-personalized service for all their clients. 

At McIver Insurance, we strive to build long-term business associations with our clientele to establish a positive business presence and continued trust. Give us a call today to speak to one of our highly accredited insurance brokers for the best policy rates and the most personalized service in Canada.