This is a good question and one that deserves an easy straightforward answer. The chart below provides a good comparison summary of the differences between a broker and an agent.[half]BROKER[/half] [half]AGENT[/half] [half]
Works on behalf of the client[/half] [half]
Works for the insurance company
Advocates for the rights of the client[/half] [half]
Advocates for the rights of the insurer[/half] [half]
Has the ability to offer choice of insurers to their clients[/half] [half]
Only able to offer one insurer’s product[/half] [half]
A licensed Broker is required to obtain continued education annually in order to provide high quality, knowledgeable advice to their clients[/half] [half]
There are no requirements for an insurance agent to continue their education in order to service their clients[/half] [half]
Has access to a number of regulatory bodies, i.e. RIBO and FSCO, to assist with the rights of consumers[/half] [half]
Has access to just one regulator, FSCO, and generally that is to exercise their corporate rights[/half] [half]
Works closely with the client during the unfortunate occurrence of a claim[/half] [half]
The insurer takes over the claim as there is no intermediary to assist the client since the agent works on the insurer’s behalf[/half] You can see that an Independent Insurance Broker is a highly educated professional that can offer you much more choice, as well as be an advocate, working on your behalf when needed.
Now that you have more details, you can rest assured that you made the right choice. The decision becomes easier when you have the facts, especially when you know you’re working with a licensed professional – an Independent Insurance Broker.