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Q. What is an Insurance Broker?
An Insurance Broker is a professional who represents you in
an insurance purchase. In Canada, The vast majority of all
insurance purchases are accomplished through a broker, whether
it be a simple automobile insurance policy, or a sophisticated
Corporate Liability policy.
Q. What is the difference between
an Insurance Broker and an Insurance Agent?
Technically none. An Insurance Broker is an Insurance Agent.
It is important to make a distinction between an insurance
company and an insurance agent. An insurance agent is the
representative that the consumer consults with to make a purchase.
The insurance company is the provider of that coverage. A
"Captive" or "Direct" Insurance Agent is an individual who
is an employee of an insurance company, and works on their
behalf. A Broker, on the other hand is INDEPENDENT of an insurance
company, and makes purchases on YOUR behalf. In other words,
a Broker will help you determine your insurance needs, and
then suggest the best policy and Insurance company to meet
those requirements. Not being an employee of any insurance
company, they may search through many companies to find the
best fit. During the term of the policy, the broker is available
to make changes or additions to your policy if the need arises.
Q. What is our company
philosophy?
Our mission is to provide superior insurance and financial
service products to our customers and to maximize shareholder
value for our investors. We intend to lead the Canadian insurance
industry in business growth, and to increase shareholder value
by providing complete solutions for our customers' insurance
requirements. By matching the diverse and unique needs of
our clients with the complete spectrum of insurance and financial
service products , we will create clients for a lifetime.
Q. What kind of insurance can
I purchase through your office?
We provide the broadest spectrum of products available. From
auto insurance, home insurance, and life insurance to corporate
liability, bonds, commercial fire coverage and fleet insurance,
we do it all. Period.
Q. After I purchase coverage
through your office, how will I be served on an on-going basis?
It is our responsibility to maintain a premium level of advisement
and service as long as you are our client. We bragg about
our high retention (the number of clients that renew their
insurance with us , year after year) which substantiates our
high customer satisfaction rate.
Q. What does the term "all-risks"
really refer to?
The term "all risks" describes insurance for losses due to
a wide range of causes. Instead of listing each insured peril,
such as fire, lightning, and so on, the policy covers all
loss or damage to insured property that is the result of any
"risk" that is not specifically excluded. "All risks" is a
confusing insurance term and does, in fact, incorporate some
listed exclusions which allow coverage to be tailored to individual
needs and priced more fairly. Perhaps a better description
would be "all common risks"!
Q. I am a small business
owner, how can "Risk Management" help me?
Risk management is an essential part of every business. Large
companies can often afford the services of a full-time risk
manager whose job, includes looking after the firm's insurance
needs. In a small company, unfortunately, risk management
may be yet another chore to cram into a busy working day.
The need for business insurance, however, is just as important
for a small company as it is for a large one... perhaps even
more important, since smaller businesses may have fewer resources
to fall back on. Of course, as the owner or operator of a
small business, you will know instinctively that a program
to manage risk is essential for your business to survive and
prosper in today's competitive economy. The trick is to find
the time to do something about it.
A worthwhile first step is to shop for a commercial insurance
broker who knows your type of business or is willing to invest
the time and effort to study it with you. You are familiar
with the operation of your company, and your broker should
be familiar with cost-effective ways of handling risks. A
good insurance broker is a valuable asset for your company.
When planning your insurance coverage, an important first
step is to identify those potential losses that could cripple
your business, and insure against them. Don't worry much about
items which pose little threat. But then be sure to consider
carefully everything in between the two extremes; that's the
difficult part, and it requires much creativity and perseverance.
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