I was approached this week to help a start up business with their business insurance. They had been trying for a while to find suitable insurance, but every business insurance broker they had spoken to had been unable to find an insurance company that would quote for them, due to the type of work they do.
Their business is repairing and maintaining non-road-legal racing cars, which most conventional insurance companies won’t insure. At the moment the business is starting out small, with one mechanic and one office worker.
Why finding a specialist business insurance broker is the way forward
They went on to say that one insurance broker told them they could get them a quotation but it would cost them £10,000! When they told me who the insurance company was, the price didn’t seem right to me, and I got the feeling they were being ‘fobbed off’ for some reason.
So I spent some time getting to know their business and went looking for quotes. Where other business insurance brokers had drawn a blank, I managed to get a couple of quotes for the business to choose from.
The best part is I managed to get a quote of £4,500 from the very same insurance company that (apparently) would charge £10,000!! So it seems like I was right to follow my hunch that the £10,000 figure was being used more as a detterent than anything else – do some companies just not want the business?
It just goes to show that the quality of customer care you can get from a business insurance broker can vary. Sometimes it’s just about specialisms – not all insurance brokers have experience in certain areas, and some can have a tendency to avoid saying so but just give you slow/poor service instead, hoping you’ll go away.
I’d suggest if you are a start-up business or existing business that does something quite unique or specialist, find a specialist business insurance broker that can tailor their service and the insurance they source to meet your needs – at a sensible price!