5 Things You Didn’t Know About Insurance For 2017

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About Insurance

When you think of insurance what do you think of? Car, Business, home or Life insurance? Pretty basic right? You buy an insurance policy and if something happens to you or your belongings, the insurance company gives you money. Simple right? Well not really. Insurance is complicated…really complicated. Most insurance professionals spend the careers learning new information the insurance industry. That’s why I thought I would share with you these 5 Things You Didn’t Know About Insurance.

While this may not make you an expert on insurance, it will educated you on some of the “lessor know facts about the insurance industry.

Related: Definitive guide to business insurance

5 Things You Didn’t Know About Insurance

1.   Insurance Brokers and Insurance Agents are not the same thing.

Insurance brokers are licensed to sell insurance on the behalf of several insurance companies. Insurance Agents work directly for the insurance company they sell for.

2.   Insurance Agents/Brokers have hundreds-thousands of clients.

One of the most common complaints about insurance professionals is how difficult they are to get a hold of. The biggest reason of this is because of the volume of policies that insurance agents/brokers look after. If an insurance broker/agent has 1000 policies in the book of business, even just one phone per client can make for a very busy year.

3.   House Insurance is not mandatory.

Most people aren’t aware that they are not required by law to purchase house insurance. Before you call your insurance provider to cancel you policy, mortgage lenders still require that you carry house insurance while your financing your home.

4.   Clients who are dissatisfied with their insurance providers have a third party who may help.

The General Insurance Ombudsman is a free service that helps consumers resolve issues they have with insurance providers. These issues may be;

-Price
-Availability
-Dispute settlement procedures

5.   Insurance creates a lot of jobs

The insurance industry creates over 100,000 jobs in Canada! As much as we hate to pay for insurance, it does wonders for the economy by creating thousands of jobs.

Now! over to you, let me know what you think, kindly use the comment session.

 

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