How We Are Compensated

At Garrett Agencies, we operate as a consulting insurance brokerage, with our primary earnings derived from commissions. These commissions, set by the insurance carriers, represent a percentage of the premium you pay for your policy. It's the responsibility of these financial institutions to compensate our office for the professional advice, distribution, management, and fiduciary duties we provide throughout the life of your policy. The premium you pay includes our fee, which is structured to not affect the pricing within the highly regulated insurance industry.

*Note: The method of our compensation does not influence the high-quality education, advice, and expertise we offer.

For complex plans that necessitate additional professional resources (such as Actuaries, Accountants, Lawyers), their fees will be clearly outlined in a proposal and require your approval.

Should unique resources be needed (for example, independent actuarial assessments and fair market valuation of policies), these fees will be transparently communicated in writing.

*Note: We value and apply specialization where necessary and appropriate!

In some instances, we may receive commissions or client-paid fees for our professional advice. We commit to full transparency by disclosing any such compensation arrangements to you in writing, well in advance.

For services like third-party administration of employee benefits, we may establish fees with our clients based on mutual agreement and tailored to the specific services provided.

Our access to products and services spans every insurer in Canada and beyond, thanks to our capability and resources. We prioritize a select number of carrier relationships to offer an optimal mix of products, service, and value, ensuring we maintain capacity.

Our strategic partnerships with the most respected national and international insurers, our "Strategic Carriers," allow us to meet many of our clients’ insurance needs effectively. While we maintain a broad network of insurance company relationships, we foresee fulfilling most insurance requirements through these Strategic Carriers.

Our foremost aim at Garrett Agencies is to be your consulting insurance brokerage of choice. Recognizing the variety of options available to you, we strive to be your preferred resource and provider.

Earning and maintaining your trust is paramount to us, achieved by adhering to the highest service standards and regulatory compliance. Our commitment to excellence is detailed in our Client Commitment document, underscoring our dedication to superior consultation services.