Disclosure Statement
Commission Disclosure | Broker Compensation
We are so happy to hear you are choosing Brokerzone Insurance Inc. As your trusted insurance broker representative we want to be your source of information, here to aid you along your journey of buying the right insurance products and services, most suited for your needs in regards to coverage, value and price. We want to be able to provide you with the most personalized professional service which will include advice, ongoing policy maintenance, claims and client advocacy.
Part of our line of business is also transparency so we want to make sure we are conveying everything clearly. Brokerage compensation is a part of your annual insurance premium that your broker gets paid a certain percentage directly from the insurance companies. This commission is paid for all new business and renewing policies, falling within a range, each company or line of business have different percentages, outlined below:
Brokerzone Insurance Inc. is an independent and privately owned company, there aren’t any indirect/direct ownership interests by any Insurance Company or financial institution. Any of our overall insurance related recommendations to you are all based on our understanding of what would fit your personal needs.
To maintain strong relationships with quality insurers, we work with each of them regularly to provide the type of business they desire. The Insurers with an asterisk (*) noted above recognize our efforts through a Contingent Commission contract. Payment of this Contingent Commission depends on a combination of growth, profitability, volume, retention and increased services that we provide on behalf of the insurer, and is NOT guaranteed. It is based on our entire portfolio of business with that insurer, reviewed on an annual basis, and not on individual policies. For detailed information on the Contingent Commission, please visit your Insurance Company’s website.
From time to time our insurers may offer sales contests to our Sales Advisors. Also on occasion insurance companies may also invite us to an invitation only sales convention. Again, this does not impact the advice and recommendations that we provide, as they are based on our understanding and assessment of your needs, and the suitability of available coverage.
Should there be any increase in the commission schedule we receive from your insurer, or any other material change that impacts our compensation agreements, we will notify you. Should there be any change in our ownership or financing from which any potential conflicts of interest may arise, we will notify you.
Your Insurer will be providing you with a Customer Code of Rights and responsibilities, which will be forwarded to you with your new business policy. If you have and questions regarding this or any other aspect of your insurance please contact us.