An insurance broker is an invaluable ally for the consumer. An insurance policy is a promise to pay in event of an insured claim. Purchasing insurance can be complicated as insurance policies are legal documents and not every policy is the same. Purchasing insurance through an insurance broker will give you Peace of Mind.

In Canada, you can purchase insurance a) directly from an insurance company; b) from an agent who represents only one insurer and can only offer that company's products; c) on the Internet; d) through an insurance broker who can offer a choice of coverages from various insurance companies.

An insurance broker's foremost duty is to his or her client. An insurance broker works for you. That's the reason.

As a consumer of insurance, it is in your interest to find a suitable P&C broker to handle your business. You have the responsibility to provide fair and honest information about your insurance needs.

Working with an independent broker offers many advantages.

With A Broker, Your Needs Take Priority
Brokers Are Experienced in Assisting You, Should a Loss Occur
Brokers Are Highly Skilled Professionals
Brokers Protect Your Privacy
Broker Disclosure

Agents are authorized to sell only the products of the companies they work for. An independent broker, on the other hand, maintains relationships with several insurance companies. He or she will carefully assess your insurance needs, then search for the product that best meets your requirements. If your circumstances demand it, your broker will negotiate a tailor-made policy for you.

Your broker will make every effort to ensure you receive the most extensive coverage possible for the price paid. Simply put, working with a broker allows you to purchase customized insurance that would be impossible to access on your own, or to comparison shop for the product that gives you the best possible coverage.

Independent brokers pride themselves on offering personalized, caring service to their clients. They understand the confusion and stress felt when a loss occurs. They will help guide you through the claims process.

If you ask your broker for help, you can rest assured that you won't reach one stranger after another at a call centre. Instead, you will be supported through a stressful period by your broker and his or her knowledgeable staff, individuals who have taken the time to build trust in their business relationships with you.

Licensed brokers must demonstrate a full complement of technical and personal skills as mandated, in Ontario, by the Registered Insurance Brokers of Ontario (RIBO). Established by the Ontario government in 1981, RIBO is a self-governing body that regulates the licensing, professional competence, ethical conduct, and insurance-related financial obligations of all general insurance brokers in Ontario.

To remain licensed, a broker must meet RIBO requirements in daily practice and obtain additional education credits annually. When you deal with a broker, you deal with a skilled, highly educated professional whose knowledge of the insurance field is comprehensive and current.

Both the ethical code of conduct and laws under which licensed brokers operate stipulate that they are obligated to uphold your privacy. When you work with an independent broker, confidentiality is guaranteed.

Broker disclosure commitments are made in the best interest of you, the consumer.

Regardless of who you use to assist with your buying decisions, be certain you are well informed. When dealing with an Agent or Direct Writer, make sure you understand the relationship they have with their insurer, as most work for only one insurer and are not able to provide you with alternatives. When you are dealing with a call center or 1-800 numbers, ask them where they are located, where you are calling, will they visit your home to discuss your needs; if you call back, who will you speak with if you have a problem?

The role of the broker is to provide you with the best insurance value that combines coverage, service, and price. Brokers also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, brokers are your advocate using their professional experience to best represent your individual interests.

As a consumer, you must ensure you are knowledgeable of the relationship that exists between your Broker and the Insurer being recommended. Understanding brokerage compensation is an important part of your buying decision. Brokerage compensation is part of your insurance premium. The level of compensation that is included in your premium will be provided to you by the broker at the point of sale. Every Broker in Ontario will provide you with a statement on broker compensation. At the point of sale, the Broker will show each of their insurers by class and include range of commissions for each insurer the Brokerage represents. In addition, should commissions be increased, you will be notified.