What Exactly Does an Insurance Broker Do?
Who wants to deal with insurance, let alone shop for it?
That is where an insurance broker comes in.
An insurance broker collects all the necessary information, helps you understand your options, and provides the best coverage and policy that fit your life.
They make insurance feel less complicated and save you from mind-numbing web searches.
What is an Insurance Broker?
An insurance broker is a licensed professional who helps people find insurance coverage from one or more insurance companies. Instead of being tied to a single insurer, brokers work with different providers and help match you with coverage based on your needs, budget, and priorities.
Think of it this way: if insurance policies are all sitting on a shelf, your broker is the person who helps you figure out which ones to grab and which ones can stay right where they are.
The role of an insurance broker is to make everything simple.
They help you understand what you are buying and what it covers.
Insurance Agent vs. Broker
An insurance agent typically represents one insurance company. Their job is to sell that company’s products.
An insurance broker works more independently and can compare options from different insurers. Their job is to help you find coverage for whatever you might need: personal home, business, specialty insurance, travel insurance, and everything in between.
That does not mean one is automatically good and the other is bad. But let us put it this way.
Canada, and Alberta specifically, have higher-than-average insurance costs. That also means insurance options with one company can be limited. Wouldn’t you want to be able to access more options and pay less?
A Broker Helps Translate Insurance into Language You Get
Like we said, insurance is b o r i n g.
One of the best things a broker does is break things down into the language you need:
“What am I covered for?”
“How do I make a claim?”
“How much is my deductible?”
Simple information leads to smarter decisions.
Do Insurance Brokers Only Help When You Buy a Policy?
Not at all.
Another major part of an insurance broker's role is ongoing support. Insurance is not usually a one-and-done decision. Life changes, and your coverage may need to change with it.
A broker can help when you:
Buy a home or move to a new one.
Add a new vehicle or change how you use your current one.
Start a business or take on a side hustle,
and review your current policies to make sure they still fit.
They can also help guide you through questions about renewals, coverage updates, and claims. And if you work with our team, we’re reaching out about your renewal before you’re even thinking about it.
And maybe this is us ‘tooting’ our own horn more, but something that sets us above the rest is that we will help throughout the claims process.
Are you frustrated with how your claim is going or not going? Call us. We will get involved behind the scenes and work our hardest to get an answer. Brokers normally do not get involved in claims at all; they steer clear of that.
But that’s just the added bonus when you work with us.
When Using an Insurance Broker Makes the Most Sense
Some people know exactly what coverage they want and are happy to handle everything on their own. Power to you! But many people want help sorting through all the information out there.
Working with a broker can be especially useful if:
You are buying insurance for the first time.
Your situation involves more than one type of coverage, like home, auto, and business insurance.
You want someone to walk you through your options without making any commitment.
You can always ask for a quote or review without any commitment. That’s part of what we do.
What Should You Ask an Insurance Broker?
Usually the first question people ask is, “What will this coverage cost?” A fair question, but we’re not going to be able to answer it without some questions first.
What do you need covered, and what do you want covered?
Are you willing to bundle to potentially save on your premium?
Do you want to pay monthly or yearly?
If you have been putting off an insurance decision because you just don’t want to deal with it, talking to a broker might be the best plan of action.
Sometimes the smartest move is simply having the right person pick up the phone and have a chat.
And wouldn’t you know it, we love to pick up the phone.
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