The Role of a Broker
Put simply, the role of an Insurance Broker is to work as an intermediary between their clients and insurer/s to arrange Insurance Policies which are suitable for their clients’ needs.
Here at CentriCity we do so much more, delivering service excellence with regular reviews and robust support throughout the lifecycle of your policies, we manage your claims proactively and add quantifiable value as if we were part of your own in house team.
Choosing a broker that not only understands your business, but has extensive experience of your sector is vital to ensure your Risk Programme responds when you need it to the most.
Our independence also allows us to place policies with the most suitable insurer for your needs, choosing from our vast panel of options, rather than constraints from shareholders and investors.
Any business employing people to work under their direction, supervision & control are legally required to hold Employers Liability Insurance.
We would also recommend a minimum of £2M Public & Products Liability Insurance to protect your exposure from Damage or Injury caused to Third Parties.
There are then countless products and covers which may be appropriate for your unique business and our construction specialists are here to guide you through them all.
If the new structure you're working on is destroyed or damaged before the job is completed, you could lose the work, materials and labour costs that you’ve already paid for.
Contract Works Cover provides Insurance for your financial loss, allowing you to restore the project to its status before the damage occurred. Whether the damage occurs as you’re laying the foundations or the day before hand over, you’re covered.
Contractors All Risks Insurance, often referred to as CAR, can include various covers, the most common being Contract Works, Own Plant, Hired in Plant, Hired Out Plant, Business Interruption and Speculative Buildings Cover with the option to also package the Combined Liability together.
Business Interruption Insurance covers the potential loss of income for your business in the event of a fire, flood or other disaster. The idea is that your business will be no worse off than it was before the accident.
There are numerous types of Business Interruption, the most common are Loss of Gross Profit and Increased Costs of Working. Calculating the correct level of Gross Profit is imperative as in the event of a loss average will be applied if you are underinsured.
Professional Indemnity Insurance is a core cover for any firm involved in offering professional services, recommendations, design or advice. For other businesses who are not involved in any design themselves, there’s often a contingent risk and Professional Indemnity Insurance would be required to cover the costs of re-direction and initial legal defence. This contingent exposure is particularly common within the Design & Construct arena.
Fleet Insurance Policies allow businesses to insure all their vehicles under the same policy for ease of administration.
Under a Motor Fleet Policy you would commonly see cover for Any Driver Over 21 or 25, which makes it far easier if you have multiple drivers within the business.
Usually you will need a minimum of 5 vehicles to arrange a Fleet Policy although some insurers will consider fewer.
Insurers will take in to account the number of vehicles and their types, usually charging set rates for each category of cars, vans and HGVs depending on their GVW. They will then look at the Confirmed Claims Experience which details all claims over the last three to five years in order to calculate the rate they require for the risk.
Insurers will always consider claims history when deciding if, and at what price, they wish to write the presented risk. Many other factors are of course taken into account such as post-loss improvements (e.g. following a theft an upgraded alarm has been installed) along with the overall frequency and severity of losses.
Using a broker like CentriCity to convey all relevant information correctly can make a huge difference to your premium, especially when coupled with our pro-active claims management.