How To Make Sure You Are Dealing With A Reputable, Licensed Broker
Insurance brokers can be very helpful when you are shopping for a tailored policy and at a good price. A licensed broker can give educated advice so that you are adequately covered at the best rate. They are also able to continuously provide their service and expertise throughout the duration of your policy. All of these at no additional cost.
Unfortunately, there have been incidents where some ill-intentioned ‘brokers’ have been charged with fraud. As an insurance brokerage, we’re here to help you determine whether you are dealing with a licensed and reputable broker. We have compiled tips from CBC and Economical on how to be sure that your broker is legitimate and reputable.
Tip 1: Confirm their license status on the website of your provincial regulator
You can do a search on a broker or brokerage that you want to verify. Visit the Registered Insurance Brokers of Ontario (RIBO) website. Click Broker/Brokerage Search at the top right of the website. Search for a brokerage by firm name or license number.
Alternatively, you can search for a broker by first or last name or license number. For example, searching ‘Prime Service’ will display our registration number, address, phone number, and the name of our Principal Broker. If you search a broker’s first or last name, the website will display a list of brokers. You can then select the broker you are looking for. You will find their license number, firm name, and a note that they are registered.
RIBO regulates Ontario insurance brokerages for licensing, professional competence, ethical conduct, and insurance related financial obligations. If you live outside of Ontario, you can visit your provincial regulator’s website to verify their license.
Tip 2: Ask for recommendations from trusted friends or family
Your friends and family are always a good source of referrals. You can ask them if they have worked with a good insurance broker.
Tip 3: Check Brokerage Google reviews
Check the Brokerage’s reviews on Google to determine whether it is highly recommended by many. There’s nothing more reliable than what other customers have to say about their personal experience!
Tip 4: Never Send payments to an individual — only send payments through the Brokerage
You have to always make payments to the brokerage instead of to the broker! You should be sure to write your payments to the firm name and not the name of the broker.
Tip 5: Ask for a receipt or invoice
A broker should provide you a copy of your receipt or invoice. You must always ask for a receipt or invoice for every payment you make on your premium.