Why fee-for-service matters when you insure your business in Canada
If 1501 million people do it every day, there must be a reason why. If you’re one of the 150 million people who subscribe to Netflix, you pay a fee for a service. Competing directly against Hollywood, Netflix keeps breaking new ground as a fee for service company. They know how people want to consume services. Airbnb and Über have also figured out how to get people the services they want, when and where they want them. Fee-for-service matters when you insure your business in Canada.
Insurance is a whole different story. The industry itself is built on tradition. Insurance companies are slow to change and inherently risk adverse. When it comes to insurance, we know that one-size-fits-all isn’t what people want any more. You want to get insurance products and services when, where and how you want them. This is because you need insurance aligned with the needs of your business.
What happens when you try to insure your business
Typical insurance policies are written on commission. This means that when the costs increase, a typical insurance broker makes more money. Insurance costs can increase for many reasons. A catastrophic flood, industrial accident or ice storm might cause millions of dollars of damage to insured properties.
A company might expand, grow sales and acquire more assets that need to be insured. When the Canadian insurance market hardens, insurance companies may decide to increase rates. Rate increases are passed along to the insurance consumer – you.
Why it can cost more to renew your business insurance
We know that the cost to insure commercial property and liability risks will always ebb and flow. A single change – one that may be well out of your control – may mean that the exact same policy will cost more when you renew your business coverage.
Our clients believe their broker shouldn’t automatically earn more commission if their insurance costs increase. That’s why we have a 0% commission / fee-for-service option at Aligned.
How Aligned delivers a different business insurance experience
In life and business, alignment matters.Costs always change and knowing that you can control costs upfront is important. Our president and CEO Andrew Clark founded Aligned because he wanted to deliver a different kind of business insurance experience.
Unlike typical brokers, Aligned insurance brokers across Canada work on a fee-for-service model. We know our job is to get your business aligned with the best coverage options. And it’s why we have a 0% commission / fee option at Aligned.
Fee-for-service matters when you insure your business in Canada
Fee-for-service means that you control of what services you get and what you pay when you work with Aligned. You pick the service level that you want. And our commission aligns with the specific choices that you make for your business insurance.
Fee-for-service. It’s one of 18 ways Aligned Insurance clients get what they want.
From coast-to-coast-to-coast, each Aligned insurance broker is also an owner. Together, we deliver a different insurance buying experience for Canadian businesses. We believe that aligning insurance experts to business needs is one of the most important things we do to support you and your business.
Source(s):1 www.statista.com/quarterly number of netflix streaming subscribers worldwide
| ALIGNED Across Canada. The ALIGNED National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers recognize us as one of the best insurance teams in Canada – consistently. We’re also one of the fastest growing insurance brokerages in the country. |
