As your local insurance brokers, we always put your interests before those of the insurers, we work for you. Not only does that mean helping you find coverage that fits your lifestyle, but it means helping you understand insurance in Ontario. Take a read below to learn the importance of choosing a registered insurance broker in Ontario.
Understanding the Role of an Insurance Broker.
An insurance broker is a licensed and trained professional who acts as an intermediary between individuals or businesses seeking insurance coverage and insurance companies. Their primary role is to help clients assess their insurance needs, source appropriate policies from various insurance providers, and assist with claims and ongoing policy management. Insurance brokers work to find the best coverage options at competitive prices for their clients.
The benefits of choosing a registered insurance broker in Ontario.
In Ontario, insurance brokers are required to be registered and licensed by the Financial Services Regulatory Authority of Ontario (FSRA). As your broker, it is our job to help you find the best insurance coverage, handle your claims, compare market offerings each year to ensure you still have the best policy available, and make sure that your policy details remain accurate and up to date. Here are the top 5 reasons to work with a VLG Insurance Broker:
- It is the broker’s job to save you money by finding the best policy at the best rate available to you.
- Access to a large selection of top insurance partners in the country, many of whom only offer coverage through brokerages.
- We’re experts! We offer free advice and want you to take advantage of our years of acquired knowledge, it’s what we love to do!
- Flexibility to communicate in the way you are most comfortable with, in person, over the phone or via email, we’re here for you.
- Insurance brokers always put your interests before those of the insurers, we work for you.
The importance of regulatory oversight in the insurance industry.
The Financial Services Regulatory Authority of Ontario (FSRA) is the regulatory body for Ontario’s life and health insurance sector, including accident & sickness insurance. As with any consumer business, regulatory oversight in the insurance industry is crucial to protect consumers and ensure the stability of the market. It helps:
- Ensure insurance companies are financially sound and capable of meeting their obligations.
- Set and enforce standards for fair business practices.
- Monitor compliance with laws and regulations.
- Provide a mechanism for dispute resolution.
- Safeguard the interests of policyholders.
How to verify the registration of an insurance broker in Ontario.
One of the easiest ways to make sure your insurance broker is registered is to use the FSRA’s free online tool that allows you to check their registration directory. By doing this, you can be sure that your broker’s licenses are up to date, and that they are providing the best service possible. If you have concerns, you can also ask your broker for their registration number and verify it through FSRA’s other official channels.
VLG Insurance Group is a member of the Insurance Brokers Association of Ontario (IBAO), and our brokers are licensed with Registered Insurance Brokers of Ontario (RIBO).
The risks of working with an unregistered insurance broker.
In Ontario, any insurer not licensed under the Insurance Act is referred to as an “unlicensed insurer” but that does not mean they cannot provide insurance to you, there are certain risks. To obtain coverage for an unlicensed insurer, the consumer must first ensure there are no other licensed brokerages that will provide coverage to them. If there are licensed coverages available, the consumer must give priority to those companies.
The main risk of working with an unregistered insurance broker in Ontario is that consumers who do so are not protected under the Insurance Act and the regulations that govern Ontario’s licensed agents and insurance companies. In fact, RIBO, the Registered Insurance Brokers of Ontario, stipulates that any unlicensed or registered insurance brokers must complete an Unlicensed Insurance Client Consent and Acknowledgement of Risk Form when advising consumers on placing coverage with an unlicensed insurer.
If you have concerns about working with an unregistered broker, give our team a call. We can advise you on the best steps to take to ensure you are fully covered.
Questions to ask when choosing an insurance broker in Ontario.
While many of your questions should be suited to your specific coverage needs, here are a handful of helpful questions to ask potential insurance brokers:
- Are you registered and licensed with the FSRA?
- What is your experience and expertise in my specific insurance needs?
- Can you provide references from satisfied clients?
- How are your fees structured?
- How do you handle claims and disputes?
- What insurance companies and products do you have access to?
The advantages of working with a local insurance broker.
When working with a local insurance broker (like VLG), we understand your needs because we are your neighbours. With years of experience and knowledge, we’re able to put our skills to work to find the coverage that fits your unique life. As your insurance broker, we put our expertise to work for you, we compare options from our insurance partners to select the coverage and plans that are right for you. Best of all, you can take advantage of all our industry knowledge and never pay us any fees.
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Want to learn more or take advantage of our expertise? Talk to our team today! We work with top insurers to find the best rates and coverage options for you.
