Insurance agent or broker? Do you know the difference between the two? An insurance agent is a person who works for an insurance company. If you have chosen to deal with a specific insurance company, you will be working with one of their numerous agents, who will offer you products sold by this insurance company.
You may also choose to work with an insurance broker who has business arrangements with specific insurance companies. Such insurance brokers can offer you access to more products, but will tend to favour those offered by the businesses who compensate them. Such brokers are not completely impartial, and must therefore inform you of their business links.
Finally, you can choose to deal with an independent insurance broker who, contrary to other insurance representatives, will work exclusively for you, not for an insurance company. Such brokers are not insurance salesmen, but rather insurance counsellors.
In this article, find out the 3 main advantages of dealing with an independent insurance broker when comes the time to buy coverage for your car, home or business.
1. Personalized counselling and services
Independent brokers take the time to evaluate their client’s needs in order to offer them the best insurance coverage available on the market at the very best price possible. Since the brokers are independent, they have access to a broad range of insurance products, and also have access insurance companies who do not deal directly with the public.
Brokers are on the watch for market fluctuations which means that, year after year, they are able to offer you various products at the best possible price. Brokers also make sure to find out about any rebate that could apply to you.
Also, independent brokers offer you more flexibility since they can easily adapt to your personal schedule and even go to your home if you cannot come to the office or wish to meet them in a more private venue. Independent brokers will always make sure to offer you the meeting time and place that best suits you.
2.Your interests are your broker’ number one concern
Independent brokers are partners who look out for your best interests. They always make sure that your interests come before that of the insurance company they are dealing with. If a claim has to be made, they will take care of the paperwork, answer all of your questions and defend your interests in case of litigation with the insurer.
All of their recommendations are made to best serve your interests. Independent insurance brokers are impartial and that means that you are always given a clear picture!
3. Trust and expertise
Independent brokers are licensed professionals. Their knowledge and professional judgement is tested every day in the insurance workplace. They are therefore the best placed people to evaluate what your specific needs are.
Their first and foremost concern is to you, and they will act in your best interest. Independent brokers don’t receive any financial compensation from the insurance companies they work with. You can therefore be sure that they will be entirely transparent in their dealings with you, which means that you can trust them.
Moreover, when you choose to work with an independent insurance broker, you get expert advice without any additional fee! Indeed, your broker’s commission is always the same, whatever the insurance company chosen. That means that the broker will want to serve you, not the insurance company since he or she has no financial incentive to do so.
In conclusion
Insuring your property is a serious matter. You must make sure that you have adequate coverage in order to avoid any unpleasant surprises if something happens. That’s why it’s so important to be well informed!
Assurances Multi-Risques is an independent insurance firm and our impartiality is what makes us proud. When we choose an insurance product for a client, it’s because we are convinced that it’s the best possible choice for this person.
If you have additional questions regarding our work or if you would like a quote for your car, home or business insurance, don’t hesitate to contact us. We’ll be happy to serve you!