It’s important to have the right insurance coverage to protect your family and assets. Yet, shopping around for insurance can be overwhelming, there are so many options out there, it can be difficult to find the right insurance for your needs. It helps to have an expert in your corner who can guide you through the process. This is where an insurance broker can be helpful, they will act as a personal advisor on insurance matters.
Based on the type of insurance you are looking for an insurance broker starts by helping you assess the level of risk you need coverage for.
After the insurance broker determines this, they shop for the insurance on your behalf by comparing insurance options and finding a range of quotes from different insurance companies.
They then make unbiased recommendations to you about these different insurance options. Unlike an insurance agent, an insurance broker doesn’t work for a specific company. Instead, they work for you! You can have comfort in knowing that their role is to work in the interests of their clients, not to sell a particular policy on behalf of an insurance company.
After you decide on an insurance policy, an insurance broker can be a resource for additional questions about the policy. If you ever need to submit an insurance claim, they will help you settle it, so you can get your money quickly.
Types of insurance brokers
There are many types of insurance that you can purchase depending on your needs. Insurance brokers can help you determine the right coverage for any of these types of insurance. Here’s a list of the most common insurance types:
Automobile insurance – By law, all vehicles need to be insured, an auto insurance broker can help you find the right car insurance. However, many people also purchase additional insurance to protect against damage to their vehicles such as collision and comprehensive coverages.
Home insurance – Homeowners are NOT legally required to insure their property in case of loss or injury to those who visit the property, but it is highly recommended! A home insurance broker can help to find the appropriate option for your property. Although, many people also insure their personal belongings inside and outside of the house.
Life insurance – A life insurance broker can help you find the right insurance to protect your loved ones if you were to pass away unexpectedly.
There are a few types of business insurance:
a. Liability insurance for businesses can protect against harm that results from negligence, mistakes or failure to perform.
b. Commercial property insurance covers business equipment, inventory, furniture and more in the event of a fire, storm or theft.
c. Businesses interruption insurance is used for protection from loss of income when events cause temporary business disruption, affecting operations.
Should I use an insurance broker?
There are many reasons why using an insurance broker can put you at an advantage:
Insurance brokers are highly knowledgeable about all aspects of insurance. They can advise on how much coverage you may need to ensure you are fully protected.
Some policies can be complex and difficult to understand. Insurance brokers are available to answer questions about the policy as the years go by. They can explain any of the “fine print”, including terms and conditions of the policy that you may have difficulties with.
The price that an insurance broker can get you is usually better than if you were to cut out the middleman. Many brokers have access to insurance companies that don’t sell directly to customers. They’ll shop around for you to find the appropriate coverage at the most competitive rates.
Insurance brokers will also advocate for you to get a quick and fair settlement following your insurance claim. If the insurance company disputes the claim an insurance broker can use their experience and contacts to get the claim resolved.
How do insurance brokers get paid?
You won’t need to worry about paying an insurance broker for using their services. Insurance brokers are not paid directly by the customer. Instead, the insurance company you choose to purchase your policy from will pay the insurance broker a commission.
Find the right insurance broker
Almost everybody can benefit from working with an insurance broker. They can help you find the best coverage for your unique needs whether it’s business, automobile, home or life insurance.
However, you will need to decide which insurance broker is the best fit for you personally. Ensure you find an insurance broker that you can trust and is working in your best interests. They will be helping you make incredibly important decisions, that will affect your future and financially protect you.
Our team is highly knowledgeable and experienced to find insurance options that will fit your lifestyle seamlessly. Get in touch and we’ll help you explore the best insurance solutions for your needs.