The support of a good insurance broker can mean the difference in your business receiving insurance to continue / start trading or not.
We have compiled three case studies of how in recent months we have helped existing and new clients, in varying industries, in getting the cover they require.
Simcox Brokers was delighted to recently help a new client, who held a professional indemnity combined policy for their tour operator and educational technology business but were struggling to obtain renewal terms from their previous broker. Upon reviewing the policy documentation and extracting an accurate and correct risk profile of the business from the directors, Simcox Brokers un-earthed that their previous policy was not fit for purpose, and they were vastly under-insured.
We put together a comprehensive presentation of our client’s business and approached a wide panel of insurers. This was a complicated risk, with many overseas domiciled subsidiary companies, tour operators’ liability requirements and a high turnover. Obtaining terms that would allow our client to continue trading as it had been, but with the correct covers in place, was a challenging exercise with most insurers declining to quote.
After working extremely closely with the insurer who we felt was the right fit for this client, we managed to obtain terms on a policy that covered their unique risks, allowing them to continue running their business, safe in the knowledge that they are covered.
Simcox Brokers has recently been working on acquiring professional indemnity insurance terms for a new business start-up, a UK branch of a larger international company, offering quality assurance, quality control and inspection services to the offshore wind sector.
The business planned to use qualified sub-contractors as it built a regular client base and the revenue to employ permanent staff and grow the UK business.
After approaching a wide panel of insurers and the London insurance market Simcox Brokers was initially struggling to obtain terms due to the industry, the proposal of using contractors rather than permanent employees and the lack of any initial tenders – which the client was unable to get without the insurance in place (a catch 22)!
We felt this was unfair on the client who had a comprehensive business plan and the support of a larger well established international company. We pushed back to our preferred insurer within their sector, who had previously declined to quote based on a full presentation.
After clarifying the client’s intention to grow the business with employees when financially viable and offering sight of the initial tenders for review, Simcox Brokers successfully managed to secure provisional terms which allowed the business to start trading.
Simcox Brokers were recently approached by a manufacturing, wholesale and distribution company who were looking for a new broker to manage their cyber insurance policy. The client was experiencing poor service from their current broker and were in the process of reviewing their IT and cyber security requirements to ensure they were meeting best practice.
To continue providing cover, their cyber insurers required them to put in place several controls to mitigate the impact of a cyber event. When doing so they discovered some key areas where the business was falling short regarding the standard of controls their cyber insurers needed to see. Working closely with the clients IT service providers, Simcox Brokers was able to successfully help our client implement these risk improvements. This not only ensured best practice but meant their cyber insurance providers could continue to offer renewal terms where the business benefited from comprehensive coverage and access to a range of risk management tools to help them manage their risks. A great result all round!
Contact our friendly team today to see how we can help your business.
Bristol: 0117 325 0560
London: 0207 183 2750
Harrogate: 0142 374 0968