What does a Broker do?
May 2, 2012
Unlike other insurance providers, an insurance broker works for you rather than an insurance company. Brokers use their professional knowledge and experience 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.
Many brokers will help you with a quote on line or over the phone, but personal consultations are encouraged, to answer any questions you may have, ensure there are no misunderstandings and no detail is overlooked.
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 mortgagee 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.
There is no extra cost to you for all the services that a broker provides.
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, contact the Insurance Brokers’ Association of Saskatchewan or find a local insurance broker at www.ibas.sk.ca