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What’s the Difference Between an Insurance Broker and Agent?

How is an Insurance Broker Different from an Insurance Agent?

Most people fail to understand how insurance brokers are different from insurance agents. After all, they both help clients get adequate coverage. However, learning about the differences can help you decide who would be a better choice for you, depending on your circumstances.

What Does an Insurance Broker Do?

An insurance broker tends to work for the clients. They will assess your unique needs and help you find the best coverage. They directly work with the best insurance companies and can provide you with multiple quotes. All you need to do is give them the relevant information so they can come up with suitable options.

Compare Multiple Policies

In addition to providing you with different quotes, they will also help you compare them, ensuring you understand the terms and select the right policy as per your needs.

Combine Different Premiums

Since they have access to different products, they know when bundling different insurance policies can help you save money. Thus, they can offer suggestions accordingly and help you get discounts.

What Does an Insurance Agent Do?

Insurance agents typically represent and work for one insurance company and sell their products to the clients. They are authorized to sell only a particular company’s insurance products. Although some agents who work independently can help you compare multiple quotes, they may not have access to all the policies.

Benefits of Working with an Insurance Broker

The major difference between an insurance broker and an insurance agent is that the former has access to different policies from the best insurance companies, whereas the latter represents one particular insurance company. This is why working with an insurance broker is a better choice in most circumstances.

Choosing a Suitable Insurance Policy

When shopping for insurance products with a broker, there are many aspects you need to consider, including reliability, cost, transparency, reputation, experience, professionalism, efficiency, and more. Doing so can help ensure you get an adequate policy at the right price.

When working with an insurance broker, you can rest assured that you are receiving quality, reliable service. This is because they provide full disclosure on commission rates and their effect on your premium amount. It allows you to make an informed decision when purchasing insurance coverage.

Get Reliable Coverage with Our Insurance Brokers

What’s the Difference Between an Insurance Broker and Agent?

If you are looking for experienced and professional insurance brokers in Ontario, we can help you! At Orr and Associates, we have a dedicated team of experts who can understand your specific needs and come up with the most suitable coverage for you. We work with the best insurance companies to ensure our clients get nothing but the best! In addition to ensuring you select adequate coverage, we will also help you make changes to it according to your lifestyle when required. Customer satisfaction is of the utmost importance to us, which is why we provide 24/7 assistance.

For more information about our insurance products and brokers, feel free to reach out to us by calling 905-833-6691 toll-free 1-866-521-5926. We’ll be happy to assist you!

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