With A Broker, Your Needs Take Priority
Agents are authorized to sell only the products of the companies they work for. An independent broker, on the other hand, maintains relationships with several insurance companies. He or she will carefully assess your insurance needs, then search for the product that best meets your requirements. If your circumstances demand it, your broker will negotiate a tailor-made policy for you.

Your broker will make every effort to ensure you receive the most extensive coverage possible for the price paid.

Simply put, working with a broker allows you to purchase customized insurance that would be impossible to access on your own, or to comparison shop for the product that gives you the best possible coverage.

Brokers Are Experienced in Assisting You, Should a Loss Occur
Independent brokers pride themselves on offering personalized, caring service to their clients. They understand the confusion and stress felt when a loss occurs. They will help guide you through the claims process.

Brokers Protect Your Privacy
Both the ethical code of conduct and laws under which licensed brokers operate stipulate that they are obligated to uphold your privacy. When you work with an independent broker, confidentiality is guaranteed. To read the Code of Ethics that IBAO member brokers agree to uphold, please click here.

Broker Point of Sale Protocol
Broker disclosure commitments are made in the best interest of you, the consumer.

Regardless of who you use to assist with your buying decisions, be certain you are well informed. When dealing with an Agent or Direct Writer, make sure you understand the relationship they have with their insurer, as most work for only one insurer and are not able to provide you with alternatives. When you are dealing with a call center or 1-800 numbers, ask them where they are located, where you are calling, will they visit your home to discuss your needs; if you call back, who will you speak with if you have a problem?

The role of the broker is to provide you with the best insurance value that combines coverage, service, and price. Brokers also provide personalized, quality service that includes professional insurance advice, ongoing policy maintenance and claims support. When any issue arises regarding your insurance coverage, brokers are your advocate using their professional experience to best represent your individual interests.

As a consumer, you must ensure you are knowledgeable of the relationship that exists between your Broker and the Insurer being recommended. Understanding brokerage compensation is an important part of your buying decision. Brokerage compensation is part of your insurance premium. The level of compensation that is included in your premium will be provided to you by the broker at the point of sale. Every Broker in Ontario will provide you with a statement on broker compensation. At the point of sale, the Broker will show each of their insurers by class and include range of commissions for each insurer the Brokerage represents. In addition, should commissions be increased, you will be notified.

Below is an example of the information you should be provided with each new policy at the point of sale:

For commercial insurance, the Point of Sale document will include commission schedules for those companies writing the class of business being offered similar to a personal lines document.

Brokers in Ontario will also declare if they have any other financial links that could be considered a conflict of interest such as:

Any direct or indirect ownership interest by an insurer or financial conglomerate
Any loan, credit facility or other financial relationship direct or indirect with an insurer represented by the brokerage, and
They may advise that they have no ties whatsoever as noted above

We encourage you to also consult the commitments made by the insurance industry and individual companies by consulting their websites or other available information.

“Your Best Insurance is an Insurance Broker.”

Remember, "Your Best Insurance Is An Insurance Broker"