Brokers do many things during the insurance transaction that separate them from direct writers or on-line platforms. An insurance broker works for the consumer rather than an insurance company. Insurance brokers are trained to use their professional knowledge and experience in order to help you properly assess your insurance needs, shop for the best value in insurance coverage and help you in the event of a claim.
Their services include:
Assessing your individual needs and obtaining quotes. Depending on the property, vehicle or business being insured, this might include performing an insurance valuation, taking photographs or obtaining an inspection report.
Comparing the coverage of different insurers to get you the best rates and conditions in an unbiased manner and making recommendations.
Searching for opportunities to reduce overall premiums by combining different types of insurance for discounts.
Explaining premiums, terms, conditions and any small print that you don’t understand.
Providing administrative follow-up, such as mortgage changes, certificates of insurance.
Providing advice and revisions at policy renewal or mid-term if material changes are necessary, such as a move or the sale of an asset.
Being available to answer questions after purchase. The vast majority of brokerages are well established in their community and insurance is their primary business.
Ensuring claims are fairly handled. They help you with the process and ensure a fair and speedy settlement. Brokers make a positive difference to an insurer’s payout in a substantial number of claims
A broker is paid a commission through the insurance company that you place your business with, and believes in complete transparency in this regard. For more information please see out referring resource http://www.ibac.ca/Why-Use-A-Broker/What-a-Broker-Does.aspx
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