How we are compensated
An overview of how Garrett Agencies Ltd. is compensated for its work.
How we’re paid
You don’t pay more for our advice
Insurance products in Canada are priced to include compensation for a licensed advisor. Your premium is the same whether you buy through us or directly from the insurer, so you may as well have an advisor working for you.
Diagram of how we’re paid. Usually: you pay your premium to the insurer, which provides your coverage, and the insurer pays Garrett Agencies, your advisor, a commission from your premium. Only for complex cases: you pay Garrett Agencies a fee directly, agreed with you in writing first.
Usually
Commission
Paid by the insurer from your premium. Our advice and ongoing service are included.
Sometimes
A fee
Only when a plan needs significant extra work or outside specialists, and only with your written approval.
Always
Disclosed
You’ll know how we’re paid before you commit to anything.
Your questions
The details, in plain terms
Does how we’re paid affect our advice?
No. As licensed insurance advisors, we’re required to act in your best interests, and we work in a regulated industry. We recommend what fits your situation, whichever insurer that is.
When would I pay a fee?
Rarely. Commission usually covers our work, including tax and estate planning.
If a plan needs significant additional planning, or outside specialists such as actuaries, accountants or lawyers, we’ll set out the fees in a written proposal for your approval before any work begins. There are no surprises. For services such as benefits administration, fees are agreed with you up front.
Do we receive anything else from insurers?
Sometimes. Beyond commission, insurers and our managing general agency may pay bonuses or other incentives based on the business we place, such as volume-based commissions or conference qualifications. We disclose these arrangements, and our recommendations are always based on what suits you.
Which insurers do we use?
As an independent brokerage, we can place business with any insurance company in Canada. In practice, we place most of it with a select group of strategic carriers, chosen for the mix of products, service and value they offer our clients.
How do we earn your trust?
By meeting high service standards and every regulatory requirement, and by being open about how we work. Our standards are set out in our Client Commitment.
About us
More about how we work
A question about your coverage? Ask us.
No obligation. We’ll tell you plainly what we think, including when you already have what you need.