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What Insurance Brokers Do, And How They Can Help You Get The Best Coverage For Your Budget

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April 1, 2021

Updated March 5, 2022


Insurance brokers work to bridge the gap between you and the big insurance companies selling you policies. They can advocate on your behalf, support you with claims, and they’ll use their extensive knowledge and connections to get you the best available coverage options at the most affordable prices.

In our opinion, if you need insurance, then you need an insurance broker!

What is an insurance broker?

An insurance broker is someone licensed to sell insurance, and who does so as an intermediary—on behalf of their clients. We sell, solicit, and negotiate insurance policies with multiple insurance companies in order to best serve our clients.

As Insurance brokers, we have access to a wide range of products, coverage options, and prices. This lets us shop around and compare different options, so we can get you the best possible coverage at the most affordable price.

When you work with a broker (like one of our Insurance Advisors), you’re working with someone who knows what they’re doing and who will do all the legwork, ensuring they’re getting you the best coverage to meet your needs. We’ll advocate for you with an insurance company—both when you’re shopping for a policy and when the time comes for you to file a claim.

Do you need an insurance broker?

Securing insurance coverage can be confusing! With so many insurance companies, policies, and coverage options out there, it’s almost impossible to navigate on your own—which is exactly what drives so many Canadians to work with insurance brokers each year.

The advantages of using an insurance broker

In most cases, you do technically “have to” work with an insurance broker, because there aren’t many insurance companies that work direct-with-consumer. But, it’s not just a “have to”—you should want to, too!

Insurance policies form legal documents, so it’s important that you work with a professional who knows the ins-and-outs and who can make sure you’re getting the coverage you need. The last thing you want to do is find out how good or bad your coverage is AFTER a claim has happened. (When you could be in for a big, bad surprise!)

There tons of other advantages to using an insurance broker, too:

  1. Brokers have access to many products through different insurance companies.
  2. Their primary objective is to get you, the client, the best product and price to meet your unique needs.
  3. A broker will do all of the work for you, including advocating on your behalf.
  4. Your broker will help you with quotations and claims.
  5. Brokers have extensive experience working with different insurance companies. They’ll be able to give your business to the company that best suits your needs.

At the end of the day, as a client, you can feel good knowing that your broker has your back.

Do insurance brokers handle all kinds of insurance?

Mostly, yes.

At Winnipeg Insurance Brokers, we handle auto insurance, property insurance, travel insurance, commercial insurance, and personal health insurance policies. We also have a licensed Life Insurance Advisor to take care of your Life, Disability, Critical Illness, and mortgage insurance needs.

We can also help you determine the best insurance for your needs, regardless of your situation. If you’re a young adult looking to get your own insurance for the first time and not sure where to start, check out our Young Adult Resource page.

Here we list all the different types of insurance policies you may want to consider and why they may– or may not– offer the right coverage for you.

Do brokers handle insurance claims?

Yes, brokers can work with and advocate for you when it comes time to file a claim. As a client, your broker can provide you with information and put you in touch with the claims department of your insurance company. They will also follow up with you, and provide as much advocacy as they can as your claim advances.

However, it’s important to note that insurance brokers are not the ones who will decide whether or not your claim is paid. That decision lies solely with the insurance company itself, and it’s subject to that company’s policy guidelines.

How to find the right insurance broker for you

The role of an insurance broker is similar at most brokerages, but that doesn’t mean every broker — or every brokerage — is the same. Your insurance broker could be by your side through tough times that require filing insurance claims, so the qualities you would look for in any trusted relationship apply here.

We recommend looking for a brokerage that:

  • You connect with
  • Has values similar to yours
  • Is trustworthy and reliable
  • Works with integrity

You may also want to find a brokerage that represents a multitude of insurance companies so that they can provide you with the most competitive options.

The difference between an insurance agent and a broker

The primary difference between an insurance broker and an insurance agent is who they represent. Both brokers and agents are licensed to sell insurance products, but a broker represents their clients, so they can work with a variety of different insurance companies, whereas an agent represents only one insurance company.

Bottom line: As a client, working with an insurance broker has many more benefits!

The Winnipeg Insurance Brokers difference

At Winnipeg Insurance Brokers Ltd, we call our brokers Insurance Consultants, because they’re here to support you and consult with you on the insurance you need for every stage of life. We’ll work with you to determine your unique needs and provide recommendations and consultation on what’s best for you. Read up on our vision, values, and why to see if we might be the right fit for your needs.

Already sold on us? That’s great! Whenever you’re ready, feel free to get in touch. Together, we’ll get the ball rolling, and get you the insurance coverage you need