The purchase of an insurance policy is one of the most important decisions that we make in our lives. It protects the assets that we have worked hard to acquire, including our Homes, Automobiles, or Businesses.
What Do Brokers Do?
Insurance brokers are trusted advisors who have a professional responsibility to make sure they are offering the best service and products to meet their clients individual needs.
Many brokers will help you with a quote on line or over the phone, but personal consultations are encouraged, to answer any questions you may have, ensure there are no misunderstandings and no detail is overlooked.
Their services include:
- Assessing your individual needs and obtaining quotes. Depending on the property, vehicle or business being insured, this might include performing an insurance valuation, taking photographs or obtaining an inspection report.
- Comparing the coverage of different insurers to get you the best rates and conditions in an unbiased manner and making recommendations.
- Searching for opportunities to reduce overall premiums by combining different types of insurance for discounts.
- Explaining premiums, terms, conditions and any small print that you don’t understand.
- Providing administrative follow-up, such as mortgage changes, certificates of insurance.
- Providing advice and revisions at policy renewal or mid-term if material changes are necessary, such as a move or the sale of an asset.
- Being available to answer questions after purchase. The vast majority of brokerages are well established in their community and insurance is their primary business.
- Ensuring claims are fairly handled. They help you with the process and ensure a fair and speedy settlement. Brokers make a positive difference to an insurer’s payout in a substantial number of claims.
There is no extra cost to you for all the services that a broker provides. A broker is paid a commission through the insurance company that you place your business with, and believes in complete transparency in this regard.
Brokers are licensed insurance professionals. In the province of Nova Scotia brokers are licensed through the Office of the Superintendant of Insurance. Licensing is contingent on the successful completion of courses such as the Canadian Accredited Insurance Broker (CAIB). This ensures that the public’s insurance needs are being met by truly educated professionals. IBANS members are also bound by the Federal Privacy Act as well as our very own Code of Ethics.
We have the expertise to navigate you through the insurance marketplace and to aid you in the purchase of an insurance product that best fits your needs.
At the time of a claim is when brokers truly shine. Brokers have the expertise to guide you through this stressful time ensuring that you are treated fairly and empathetically throughout the process. Remember we work for you, not an insurance company.
Brokers are located in every small town across Nova Scotia. We are proud of our “main street” presence and are pleased to provide personal and professional service to our clients, whether that be during the buying process, day to day servicing, or guiding you through the claims process.
The broker advantage is unique. Place your trust in a local broker, a person who works and lives in your community, who is more able to understand your specific needs.
For information on various Types of Insurance or Frequently Asked Questions vist the following pages:
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