What is an insurance broker?
An insurance broker acts as an intermediary between a business and an insurer. The insurance broker is there to utilise their knowledge of risk and the insurance market in order to arrange cover and find an insurance policy which protects the business. They also represent their clients in the event of a claim and can give risk management advice.
Do I need an independent insurance broker?
Insurance brokers are independent of insurance companies and are impartial. Businesses with more complicated requirements or higher risk cannot get off-the-shelf insurance policies so insurance brokers can create a bespoke and tailormade policy when needed. Simcox Brokers have built long lasting relationships with many underwriters where they have access to specialist Lloyd’s of London insurers.
Is an insurance broker the same as an insurance agent?
As an insurance broker, Simcox Brokers has access to a wide range of insurance companies where they are not tied to a single insurer. On the other hand an insurance agent traditionally works on behalf of one major insurance company.
What do insurers look at when calculating the premium and terms of the quote?
Every business is unique, and a number of factors can determine how the premium and terms of a policy are calculated by insurers. Some of the key factors include:
Company’s fee income
Risk profile / Split of work
Business size & employees
Experience & qualifications
Levels of risk-management
Can I increase the limit during the policy period?
Yes. All policies can be adjusted but we advise all businesses to provide us with reasons as to why they would like to increase or decrease their limit. We can then submit this to the insurer.
Can I get insurance if I am a new start-up business?
Yes! Simcox Brokers work with an increasing number of SME start-ups. We will need to see financial projections, a business plan and the Director’s CVs with qualifications and experience.
My business can’t get insured! How can you help?
We do our best to help businesses with their insurance needs. We can advise on your proposal, which is crucial and can often determine whether you are accepted for a policy or not. We have access to specialist insurance companies and Lloyds of London Syndicates and should you require a higher limit of liability we can present your business to multiple insurers and build a layered programme which involves a series of insurers sharing your overall risk.
Will I need to deal with the insurance companies?
As the broker, we will act as your agent and represent your interests in the marketplace. However, from time to time many underwriters welcome the opportunity to meet with their policyholders and we can help facilitate this on your behalf. In the event of a claim, we are also on hand to provide our full support where we can help our clients process their claim from start to finish.
How is Simcox Brokers remunerated?
We are remunerated by way of commission from the insurer which is built into the premium. We may also charge an additional fee or agree to work on a fee only basis. Any fee payable will be advised and agreed prior to inception of cover and any adjustment / duplication / cancellation request received. For further details, please refer to our Terms of Business and Key Facts.
What if I need to make a claim?
For more info, please refer to our Claims page.
Which businesses need Professional Indemnity insurance?
Traditionally, any business that is paid to give advice needs to have Professional Indemnity insurance. In the event a third party brings a negligence claim against the business for alleged wrongful advice, this policy will cover any legal costs incurred as well as any damages or costs which cover be awarded against you if it was alleged that you caused your client a financial loss.
Find out more about PI Insurance.
Can I also get financial advice for my business?
We have access to trusted partners, such as Independent Financial Advisors, should you need them.
Visit our Additional Services page for more info.