Stuff You Should Know When Buying Business Insurance In Canada

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Stuff You Should Know When Buying Business Insurance In Canada

The commercial or business insurance marketplace is no different than any other marketplace in that it has it’s own very unique features, attributes and dynamics and there definitely is some stuff you know when buying business insurance in Canada. Some of the stuff you should know when buying business insurance in Canada isn’t obvious and quite frankly is quite odd and poorly understood by many small and large organizations alike who are buying business insurance in Canada.  This post will hopefully help explain some of the stuff you should know when buying business insurance in Canada, but for a more fulsome explanation of any or all points around stuff you should know when buying business insurance in Canada we’d strongly encourage you to connect directly with one of the many business insurance brokers at the commercial insurance brokerage ALIGNED Insurance.

So…What Is The Stuff You Should Know When Buying Business Insurance In Canada?

  1. There are very few insurance companies in Canada.  There are just over 100 federally licensed insurance companies in Canada.  Most of them only offer personal lines and there are around 60-80 that are able to, and interested in, writing commercial insurance.
  2. There are over 36,000 insurance brokerages in Canada and over 100,000 licensed insurance brokerage in Canada who are all trying to sell the same products from the same 100+ insurance companies.
  3. All insurance brokerages and brokers are different.  Take the time to evaluate the brokerage and broker you connect with to ensure they are a good fit for you and your organization before getting a quote. Click here for a list of some of things to consider when selecting the best brokerage for you and your organization.
  4. Almost all insurance companies won’t provide multiple quotes to multiple brokers for your organization.  There are a limited number of insurance companies in Canada and as a rule they don’t provide multiple quotes to multiple brokers for commercial insurance.  As such, out of respect for your own time and that of the insurance broker(s) you approach have a discussion and be clear on the insurance companies they have access to and propose to approach on your behalf.
  5. There are important differences between an insurance broker and an insurance agent – there are countless organizations, people, websites animals, amphibians etc. that want to sell you insurance, but they are not all created equal and don’t all provide choice to their consumers.  In Canada insurance agents and many online insurance providers only sell one insurers product which is contrast to business insurance brokers who represent multiple insurance companies.  For instance ALIGNED Insurance works with over 50 of the top Canadian insurance companies. Click here to learn more about the benefits of working with an insurance broker
  6. Insurance brokers like ALIGNED Insurance do the shopping around for insurance so you don’t have to!  You have better things to do than input your information into a bunch of different websites.  The value of working with an insurance brokerage like ALIGNED Insurance is that they are experts in commercial insurance, it’s actually all they do, and they will secure the best options available in the market place for you.

There are many other subtleties to the Canadian commercial insurance marketplace and numerous tactics and strategies brokers and clients use.  To discuss these in more detail we’d encourage you to connect with an ALIGNED Insurance broker today.

To Discuss Stuff You Should Know When Buying Business Insurance In Canada Or For A Business Insurance Quote Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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