Insurance Broker Vs Insurance Agent

There are so many things to consider when purchasing insurance.  How much coverage do you need? Who has the best rates?  What kind of customer service will you experience if you need to file a claim?

If you are looking for help to find the right coverage at the right cost for you, reaching out to an insurance broker just may be the answer you’ve been looking for.

Is there a difference between an Insurance Broker and Insurance Agent?  

There are significant differences between the two.  The most important thing to note is that an Insurance Broker works for their client while an insurance agent works for their company.  This means that while an insurance agent can provide policies based only on the products offered by the company that they work for, an insurance broker has access to products offered by multiple insurance companies.  This is because insurance brokers establish partnerships with multiple reputable, and financially secure insurance providers.   Put simply, an insurance broker works with their multitude of suppliers to provide their clients with the best possible options and rates.

There are several good reasons to work with an Insurance Broker:

1. Options- an insurance broker does not have to promote the products of only a single supplier, so they are able to equip you with options and solutions from multiple insurance providers. Their suggestions will be based on their extensive knowledge of the various products offered by each of their partners.
2. Time Savings- instead of you having to call around to a variety of insurance companies for policy options and rates, you make a single call to an insurance broker who has those comparisons at their fingertips. They have the necessary experience with dozens of insurers to know which will provide the best options for you, at the best rates.
3. Transparency- because insurance brokers work for their clients and not a specific insurance company their focus is on finding the right policy at the right price for each client; it is not on how many products or services they can sell on behalf of their company.
4. Regulation- insurance brokers in Ontario are regulated by the Registered Insurance Brokers of Ontario (RIBO) which ensures that each member is properly licensed, that they are professionally competent, and that they conduct themselves in an ethical manner.
5. Help and Guidance- insurance brokers work for their clients so if a claim needs to be filed, they can help with that; if a claim is denied an insurance broker will help their client understand why and whether an appeal should be made and then offer guidance throughout that process.

If you are looking for an insurance brokerage in Toronto, Ontario do not hesitate to contact All-Risks Insurance Brokers (Danforth).   Our team of friendly, knowledgeable professionals want to help you Protect What Matters Most.