Is your insurance broker worth their weight in gold?
Updated: Jan 27
Is your insurance broker adding value to your businesses? And do you know if they are considering the market when your policy comes to renewal?
It's a hard admission, but historically, our clients who move over to us admit that they do not see any real value from their insurance broker.
The market is hardening more than it has for an entire generation, and as a result, it's an insurers market. There are numerous reasons for this, from recent economic and socio-political concerns such as Brexit and Grenfell and global health concerns such as COVID-19 and even the increase of Cyber Crime, it appears that insurance companies have their pick of premiums. As a result of such an abundant market, the appetite for certain types of insurance is dwindling, especially in legal, engineering and surveyors, design and architecture.
Certain businesses are finding it increasingly difficult to get adequate cover at affordable premium levels. Insurers are adding exclusions left, right and centre, only willing to offer less favourable, risk-averse terms. Never has it been more important to instruct a broker who is going to present your business accurately and favourably.
We've helped numerous high-risk businesses with complicated insurance proposals. In one case, an architect faced difficulty when their insurer attempted to apply a blanket exclusion (removed a clause in the policy on renewal) with high excess in respect of work performed they deemed high risk (basement work). As soon as our brokers got on the case and understood the architect's exposure in this area, we knew exactly how we could demonstrate their ability to reduce the perceived risk. We presented the new, more in-depth analysis. We satisfied the insurers to such an extent that they were happy to reword the exclusion to the satisfaction of the client and reduce the excess demand.
Simcox Brokers can help because we delve deeper, have cut our teeth in the industry as underwriters and we speak the lingo. Our service is impartial and fully transparent because we are not attached to any insurance companies. We can present businesses in a more favourable light because we understand business and underwriters risk perception.
Contact us today to see how Simcox Brokers can help.
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