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7 Reasons Why to Work With An Insurance Broker

When you are seeking insurance, an independent insurance broker in the GTA can assist you to find the insurance that fits your needs at an affordable price. These and many other reasons outlined below are reasons why you should consider working with Russ Bastow Insurance Broker Ltd.

1) Advice
If you are not sure what type of coverage and limit you need, an insurance broker is your personal advisor at no additional cost. If you require coverage that you have limited knowledge of or if there are certain features that you are seeking, our brokers have the experience to advise you of your options.  

For example, your existing home insurance or service-provided coverage may fall short of protecting you in the event of a loss, should you have tenants in your home or are registered with Airbnb. An insurance broker can step in to provide options for short-term coverage. Your insurance broker can also help you find coverage for more expensive or collectable items in your home.

If you need auto insurance, such as for a new vehicle or if you are moving to a new area, an insurance broker can provide a competitive quote. Your broker can also help if you need additional insurance because you now have multiple drivers or new drivers in the household.

If you need business insurance, an insurance broker can be of great assistance. He or she is trained to explain the different optional coverages that are available and can assist you in calculating the value of your assets, making sure that your business is properly protected.

By contrast, when buying insurance yourself on-line, your choices will be limited and you may find you are not fully insured if you are not familiar with your obligations under the policy. An insurance policy is a contract and coverage is dependent upon the accuracy of the information you provide to the insurer.  

2) An Insurance Broker Works for “You”
Insurance brokers sell a wide variety of insurance products. However, their responsibility is to you as a consumer first and foremost. Your insurance broker at Russ Bastow Insurance Brokers Ltd. is not obligated to any one insurer or a specific company’s products. Our brokers, are governed by RIBO (Registered Insurance Brokers Of Ontario) and are bound by the organization’s Code of Ethics to advise you of the best coverage at the best price that is available for your specific needs.  We are also long standing members of the IBAO (Insurance Brokers Association of Ontario).

By contrast, insurance agents who are hired to represent a specific company can only recommend products, limits or coverages that the insurer offers.  An insurance agent only has access to their own company’s products, which may or may not be the right coverage or limit for your specific insurance requirements.

3) Registration with the Insurance Brokers of Ontario
At our insurance firm, brokers are licensed through the Registered Insurance Brokers of Ontario (RIBO). RIBO authorizes the licensing of brokers who have met RIBO’s educational standards for all general insurance in Ontario. RIBO requires brokers to meet RIBO requirements in professional competence, ethical conduct, and insurance related financial obligations and it is self-regulated.

4) Ongoing Education and Expertise
RIBO requires brokers to complete mandatory continuing education courses every year to ensure they are up-to-date on the latest developments in the insurance industry. RIBO also offers member brokers with optional continuing education opportunities so they can improve their knowledge and skills.  

5) Save Your Valuable Time
Finding the right type of home, auto, business, life or other insurance coverage at a reasonable cost can be time-consuming. If you are dealing with agents, you will have to make detailed notes to compare coverages and premiums.  

As a business owner, insurance coverage and premiums can vary widely. Not all coverages are as standardized as personal automobile, tenants or homeowners’ policies in the GTA.

An insurance broker will be able to advise you about which companies have the coverages that best fit your needs as they have contracts with many insurance companies. Brokers are far more efficient at cross checking policies than consumers and you can rely on getting the coverage you need for an affordable price.

6) When You Have an Insurable Loss and Need to Submit a Claim
Your independent insurance broker is helpful should you need to make a claim. He or she will help to ensure that you receive fair and prompt payment. In the event of a dispute, your broker will act as your advocate with the insurance company.  

7) Security of Personal Information
Shopping for insurance yourself on the internet is now an option; however it requires disclosing a lot of your personal information. Your personal information cannot be retrieved once you have submitted it.

Insurance brokers are more experienced and better equipped to deal with specific insurance questions asked directly by the customer.  An insurance broker can give you the reassurance that your personal information is protected.