CASE STUDY 1
Jo has a growing haulage business. Her previous insurer hadn’t been in touch with her since her last renewal. Last year, Jo’s insurance premium was £35,000. Imagine her shock when she opened her renewal and saw that the policy cost had made a £40,000 jump to £75,000!
Jo came to Squared Insurance Brokers and told us what had happened. We took the time to get to know Jo and her business, to really understand her passion – and who can speak more passionately about your business than you? By taking that time, we were able to put together a presentation that really reflected Jo’s business to take to our insurers.
By bringing the client into the process, and getting to know her business, we were able to present Jo with a new insurance premium that fitted her business needs perfectly, and saved her £25,000 on her new policy.
CASE STUDY 2
One of our clients opened a new business. They estimated in their first year that their turnover would be £250,000, with wages of £90,000. Their insurance for that year cost them £1,500.
Our client’s business had unexpected growth. This year, their turnover reached £1.5 million with a wage commitment of £250,000. While conducting their pre-renewal catch-up we found that they also had another £30,000 of tools, plus stock of £10,000.
Anticipating an increase in their premium, Squared carried out a marketing exercise and we were delighted to secure them a deal for a lower premium with all the extra cover and increased exposure.
CASE STUDY 3
One of the services that Squared Insurance Brokers offer involves reviewing contracts for our clients. When our client has a contract and they are uncertain if their current level of insurance is adequate, they send the wording to us for review.
In doing this, we give our clients the opportunity to re-negotiate the contract which dovetails with their insurance (as much as possible).
So, as an example, one of our clients had a contract for some new work. The original wording allowed the third party to limit their liability to £10,000 and it stipulated that our client had to hold insurance for a period of 12 years after completion of the project.
After our review and based on our suggestions, our client was able to negotiate up the level of cover offered by the third party plus reduce the requirement for Professional Indemnity from 12 years down to 6 years.
We also suggested improved wordings which would be to our client’s advantage.
This gave our clients a larger safety net, and saved them the expense of a further 6 years of Professional Indemnity insurance premiums.
CASE STUDY 4
Our client ran her business by herself for 12 years, before bringing her partner onboard as a co-director. In those 12 years, as well as bringing on the co-director, her company became a Limited Company, her turnover increased and her activities had changed.
Her previous Insurance Broker hadn’t held a conversation with her for several years, and hadn’t conducted any renewal interviews, so wasn’t aware of the changes in the company and our client didn’t know that the changes would make any difference (that’s why we’re here, our clients don’t need to know these things because WE DO!).
Our client didn’t have any Employers Liability cover built into her policy. She was placed at risk because she didn’t know that if you have more than one director of a limited company and don’t have Employers Liability cover you could possibly be fined by HSE up to £2,500 for EACH DAY since the additional director was in place!