The world has drastically changed since we began building our new Professional Select product in 2019. A pandemic unlike anything the world has seen has brought life as we knew it to a halt. Many businesses have closed their doors, employers are making drastic decisions about their staff and we are all learning how to adapt to a world where social distancing is impacting our daily lives and businesses like nothing before. True, it might therefore seem like a strange time for Gresham Underwriting to launch our new product….
However, if there is one thing which has been proven already through this situation, it’s that we as a nation are not only resilient, but innovative. The wheels are still turning, albeit at a slower pace and perhaps going in a different direction, but they are moving, nonetheless. People are changing the way they do business; they are adapting their services – they are in survival mode. Our new Professional Select product covers over 300 trades ranging from Accountants to Caterers, Home Tutors to Fast Food Delivery Services, Marketing Agencies to Financial Advisory Services. These are just a few of the trades which are still active and thriving in this climate. They still need the protection that insurance offers them whether for their stock, their public liability or the responsibility they owe to their employees amongst other things.
Professional Select offers this protection to the sole trader and the small business owners. Whether a profession such as an accountant working from home, a cartoonist or a cartographer, a delivery service company to a journalist or a property management agent to a zoologist – this product is designed for the smaller business employing up to 8 people from all walks of life – many of whom are still operating right now. Our trade list is extensive with over 300 trades – just think small businesses that aren’t typical Tradesperson types of risks (eg builders, electricians, bricklayers that are specifically catered for by our Tradesperson product, available by clicking here). Please take a moment to review our 300+ trades under Professional Select by clicking here.
The product also provides a marvellous Legal Expenses extension which for a small additional premium provides cover for legal advice for many scenarios such as debt recovery, tax issues, customer disputes, employee injury and so much more. The peace of mind that this cover gives is exceptional and should be considered by every person running their own business. Click here for product information.
Not only is this a great policy providing comprehensive peace of mind for your clients, but we have also introduced a new commission flex slider which allows the broker to choose how much commission to charge per policy. The authority to do this allows you flexibility and a competitive advantage over the price, should it be required.
We understand that for you as an insurance professional these times also bring about uncertainty for your business. We have been speaking with many of our brokers on a daily basis and it is marvellous to see the true resilience of them and their clients. From these conversations we have some tips to share with you which have proved to be a success for some of our brokers. Their feedback has been invaluable at this time and we hope that by sharing they may benefit you in conversations with your clients:
- In some cases, brokers have been able to offer reductions in cover or alternative business ideas for their clients resource. Clients have to be careful here as there are certain covers such as Employer’s Liability which are still essential covers, but the resourcefulness of brokers has allowed clients to maintain protection at an affordable price through this period.
- Use this time to further cement the relationship you have with them. The brokers who handle their clients well during this time are the ones who are already seeing upturns in renewal retention and client loyalty. It is a scary and unnerving time for many. Strong professional advice and guidance can really help cement long-term relationships. The reverse is also true.
- Has your client made changes to their business? In these challenging times many are diversifying or innovating to survive. If so, they may need a different type of cover. Make sure to ask these questions at renewal instead of repeating the same as last year. Checking in on them before renewal to find this out can also present you with new opportunities. For example, we are seeing many people who ran restaurants now offering delivery services from home, a Pilates instructor now offering on-line Pilates classes rather than from her studio and home tutors now working via webcams and the internet. All businesses adapting to survive and maybe having new insurance requirements.
Our Professional Select product covers many different occupations for a wide range of cover – you may be amazed at the varied trades we cover, and we are sure that many of your clients will benefit from the flexibility this product provides. This is a time when many companies, including no doubt your own, face great uncertainty. It is a troubling time for all but so many people are adapting to survive. Our job is to provide products that suit the ever changing face of business and to support you, the broker, as you look for solutions for your clients.
We wish you all well and urge you and your clients to all stay safe.
Our Professional Select product is available via our online quote system here.
You can download further product information including a treatment list and full trades list via out website here.