Want to purchase insurance, review your coverage or make a claim? Let’s see the difference between an insurance broker and an insurer by exploring the role of each.
What is an insurance broker?
The broker looks for the best insurance policy for you. This is his job. He’s a seasoned industry expert who can analyze your needs, negotiate with insurers, and recommend coverage that fits your budget. It is important to emphasize that the broker does not sell insurance: he negotiates the contract between the insurer and you.
The insurance broker does not work for any insurance company: he represents you. In Quebec, it is required to offer you policies from three different insurers, if you so request. This gives you the certainty that it truly represents your interests. In fact, Intact Insurance does business with a network of more than 6,000 independent brokerage firms across Canada.
Your insurance broker will find the best policy for your particular situation, update your coverage if your needs change, and answer your questions about your policy and the different protections available. It can also help you decide whether or not to submit a claim, but only your insurer can confirm that you will receive compensation once the claim is submitted.
And what role does the insurer play?
Insurance companies sell products that protect you by providing compensation for loss or damage to your assets, such as your car, home, or business. This is the role of an insurer: to help you bounce back when difficulties arise.
You can contact your insurer to obtain a quote or to answer your questions about claims, but their services will be especially useful for you to obtain a settlement. Has your car been stolen, a pipe burst in the basement or an employee was injured on the job? Your insurer protects you and helps you get your life back to normal as quickly as possible.
Now that you have a better understanding of the role of the insurer and insurance broker, it’s easier to find the help you need, when you need it.