An insurance broker works on behalf of the client and acts as a professionally trained personal advisor on insurance matters. Brokers provide expert, unbiased advice for your individual needs. We want to ensure that you, your family, your business, and your possessions are properly protected in order to provide you with peace of mind. A broker’s job doesn’t finish at the point of selling a policy; your broker will explain coverages, help you make changes to your policy, guide you through the claims process, and help to ensure a swift and fair settlement by your insurance company.
Your insurance premiums do not change if you use an insurance broker because a broker is compensated by the insurance company, not the client. In fact, broker pricing is often better than direct insurers. Since brokers work with numerous insurance companies, they have access to more markets to shop around for the best price.
Absolutely. Using an insurance broker takes away the guesswork for the client. As experts in the field, your broker will be able to guide you to the proper products that you need, make the necessary changes to your policy, and answer your questions quickly and accurately. You will especially notice this when you have an issue which is less common, particularly later in the policy life cycle.
Insurance rates (also known as premiums) are based on risk and exposure. Risk refers to the likelihood of a loss, while exposure refers to the impact of a loss. Insurance companies use statistics to measure these factors, along with individual factors such location, age, value, among others.