Whether you want to protect your home, business, farm, or vehicle, choosing to work with an insurance broker is a smart move. They can help ensure you get great rates and a service guarantee to safeguard your best interests. Although hiring a broker comes with many benefits, most people often overlook them because of a few common myths. Learning more about the misconceptions about insurance brokers and knowing the truth can help you make an informed decision.
Common Misconceptions About Insurance Brokers
Insurance Brokers Work for the Insurance Companies
This is the most widespread myth about brokers. Brokers work on behalf of their customers. They are independent professionals committed to ensuring the clients get the right insurance products they need to protect their assets.
Brokers Typically Only Sell Particular Policies
Insurance brokers have extensive resources and access to a wide variety of policies from different providers. Moreover, they are not committed to any one insurance company to sell their products. They will understand your needs, obtain quotes from multiple providers, explain the terms and conditions, help with the comparisons, and offer unbiased advice. This gives you more options from a wider variety of companies than if you worked with an insurance provider directly.
Insurance Brokers Do Not Work with Their Clients
Some people think that brokers bring customers into the insurance company and then leave as soon as you buy a policy. However, brokers place the utmost importance on professionalism and are available every step of the way to answer your questions. They will help you through the claims process and provide accurate solutions as per your needs. Moreover, working with them is particularly beneficial during policy renewal because they can go through your coverage and recommend any changes to make the policy better for your changing needs.
Brokers Charge Their Clients
This is a common myth that many people believe. It helps to know that you are not liable to pay them any fees. They have a wide range of policy options available, and when they sell one, they get a small percentage as commission from the insurance company for brokering a deal.
Brokers are Not Insurance Experts
A broker is a qualified expert when it comes to insurance needs and risk assessment. They can assist you in the following ways:
- They will determine any potential risks and offer advice accordingly to reduce their impact before requesting a quote.
- They can help you correctly assess the risk factors and shop around for policies to find suitable coverage.
- Insurance brokers have the expertise and skills to recommend products that meet unique needs.
- They can inform you about the updates in the industry that can modify your risk profile.
Insurance Brokers are Not Trained
They are highly trained professionals and required to receive their accreditation by completing a licensing exam. Brokers must also stay updated with the regulatory requirements and be aware of the recent updates in the insurance industry.
Brokers are Too Expensive
Most people believe hiring an insurance broker is costly because act as a middleman and work for a fee. However, they do not charge their clients and instead get their payment from the insurance company. This makes them more flexible when it comes to negotiations, and they will work towards finding the best insurance products for your needs.
Brokers Can Only Help You Buy Certain Types of Insurance
There are many different insurance options available. Whether you are looking for protection for your home, vehicle, business, or farm, brokers have the knowledge and resources to recommend a suitable policy. It is best to get in touch with a reputable brokerage to ensure you get the right coverage at the best prices.
Our Brokers Can Offer Expert Assistance on Time
At Orr & Associates, we are customer-oriented and believe in providing high-quality service. Purchasing your coverage through our insurance brokers in Ontario rather than directly from a provider helps protect you against the risks that may arise from not selecting the right coverage options.
For more details about our insurance brokers in Barrie, Newmarket, and throughout Ontario, please call us at 905-833-6691 or toll-free at 1-866-521-5926. You can also fill out our online contact form if you have any questions about getting personalized guidance. We’ll be happy to assist you with finding the best coverage for your needs.