The Benefits of Using an Insurance Broker

When shopping for insurance, it's a good idea to compare your options to ensure you're getting the best coverage at the best rate. That's where an insurance broker can help. 

Insurance brokers shop the market and work on your behalf to help you find the right coverage to suit your needs. An insurance broker also acts as your advocate with politicians, provincial regulators, and insurance companies. Read on to learn about the key benefits of using an insurance broker.

Save on your insurance rates
A broker works with several insurance partners in order to find the best deal on insurance coverage that’s right for you. They will assess your personal needs and make impartial recommendations that serve your interests – not the interests of the insurance providers. Additionally, since your insurance brokerage will have relationships with several insurance partners, they can negotiate competitive group rates and add applicable discounts. 

Get advice from an experienced professional
It is your insurance broker’s job to provide you with personalized support so that they can advise you on the coverage options that are best suited to your particular needs. Unlike an insurance agent whose recommendations and experiences are limited to their own company’s products, a broker works with a range of products and services from multiple insurance partners. This provides your broker with a larger knowledgebase of product options and member experiences to draw from when advising you.

Receive faster claims payouts
In the event of a claim or a loss, your broker will help you through the process. They will be there to answer any questions that come up and, more importantly, to serve as your advocate in ensuring that the payout you receive is fair and delivered to you promptly. 

Protect yourself from dishonest conduct
All insurance brokers in Ontario are licensed by the Registered Insurance Brokers of Ontario. This institution regulates the licensing, continuing education, professional competence, ethical conduct, and insurance related financial obligations of all insurance brokers in the province. Working with a broker allows you to feel confident that you will be treated fairly and that your broker will always represent your best interests. 

A broker’s primary responsibility is to serve your insurance needs. They will ensure that you have the coverage you need at the best possible rate. They will work with you to answer your questions, make honest recommendations, be your advocate, and to always put your interests first. 

If you’re shopping for insurance, contact an OTIP insurance broker today at 1-844-576-9587 to realize the benefits of working with an insurance broker for yourself.