Maybe you’ve just finished up the grueling, long process of purchasing your new home, or perhaps you’re on a new venture to start your own business? In either case, both of these life changes have one thing common: the need for insurance. So how do you decide who to work with for your insurance needs? The great part is that you have plenty of options to choose from.
Your insurance policy can be purchased from an insurance company directly, from an agent of a particular insurance company, or lastly through a trust insurance broker in your area.
To better understand your options, let’s take a look at some of the key differences between each:
Direct sellers are basically insurance companies that sell their insurance options directly to the end consumer. For instance, a bank who sells insurance online would be considered a direct seller; there are no brokers or agents involved at all, as their staff will work with you directly. While in some cases pricing can be better, there are several other factors to consider with this option. In fact, there are some limitations when going this route that you might not be aware of. The biggest limitation? Lack of choices available to you. Direct sellers only push their specific products and services onto you. There is little flexibility, and often if a product doesn’t match your needs, you’ll receive a close second or be directed to work with a different company who can help. This can raise concern however, when it comes to ensuring your assets are protected. What if you need to make a claim? The reality is that no two families are the same, and therefore appropriate coverage should reflect this; not the other way around.
The way in which your claim is handled by a direct seller is also a component to keep in mind. If you have any concerns or are unhappy with the terms of the settlement, it may be more difficult to resolve the matter. Generally, making an appeal to the company won’t solve anything as direct sellers act as both the judge and jury so-to-speak. Unfortunately this this scenario may mean that you’ll be required to hire a lawyer to resolve the particular matter.
When it comes to Insurance Agents, these professionals can only sell products of the companies they represent. For instance, if you were purchasing a Tim Hortons franchise you’d only be able to provide donuts from Tim Hortons and nowhere else. As a customer, these restrictions might mean insurance choices, much like the choices you’re provided with from direct sellers.
Independent Insurance Brokers
An independent insurance broker represents several different companies, and their role is to locate an insurance option that best meets your specific needs. Their concern is ensuring you are satisfied with the insurance coverage available to you; what company you purchase it from isn’t an issue, as they have trusted partners they rely on for the best selection. Their main priority is to obtain products from a variety of insurance companies to ensure you receive the best deal, and the best coverage, at the best rate. Furthermore, when you buy insurance through an independent broker, you also gain an advocate; someone who will speak on your behalf should you need to file a claim. Your broker will be more objective about the fairness of a specific claim, than what you would expect with a direct seller; plus they will speak up for you if needed.
The best part? A broker’s services go beyond just the sale of the policy; their commitment to you begins prior to the sale and continues until any of your claims have been entirely settled. For instance, an Insurance Broker will help you determine what your risks may be and provide suggestions to prevent these risks; you may even need less insurance than you realized.
At Will Marshall Insurance, we work with you to offer you insurance policies that are unique to your needs. Our insurance brokers take pride in providing a personal approach to our consultative partnerships with clients. We work to forge a working relationship with our clients.
Our team provides quality and extensive coverage, all at very competitive rates. and we advocate for you when you have to make a claim. Get in touch with us today about your personal insurance needs. Call us in Orillia, at 705-326-5664 or in Barrie, at 705-726-2551. We’re here to help.