From our research one of the main reasons a client leaves their broker is due to service standards. “Not pro-active” and “lack of communication” seem to be the top pet peeves we hear on a regular basis!
The market is hardening more than it has for an entire generation, and, as a result, it's an insurers market making the job of a broker much more difficult. There are numerous reasons for the market changes as discussed in our blog post ‘The Insurance Cycle: Hard vs Soft Market’. As a result of a hardening market, the appetite for certain types of insurance risk is dwindling and changes the way a broker must approach the insurance market on behalf of their clients.
Certain classes of business are finding it increasingly difficult to get adequate cover at affordable premium levels and sometimes even to get cover at all! Insurers are adding more exclusions and are only willing to offer less favourable, risk-averse terms. It is a broker’s job to do what they can to limit exclusions for their clients and challenge the insurers where appropriate.
Never has it been more important to instruct a diligent broker who is going to present your business risk in an accurate and detailed manner.
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 they deemed to be 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 and 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.
At Simcox Brokers we delve deeper, ensuring we present our clients risk clearly and in detail to the underwriters we work closely with. Communication with all potential and existing clients is key and our services are impartial, honest and fully transparent.
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