The risk
Prior to utilising our services, this customer was insured with an insurance company through a non-specialist local broker. They were covered for Employer’s Liability, Public Liability, Malpractice and Property Insurance. However, we had concerns about the levels of cover in place.
Our review of the customer’s business operations and their existing insurance portfolio prompted us to re-present a detailed outline of the services provided to the insurer. We felt the current scope of protection could lead to claims being declined for activities which had remained undisclosed to underwriters.
The solution
Following our appointment as the broker we took over management of the existing policy with the insurance company. Our understanding of the care sector allowed us to identify that the customer had several unprotected risks.
These included the need to:
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Add Directors’ and Officers’ Cover
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Add Professional Indemnity Cover
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Change the Business Interruption from Revenue to Additional Cost of Working
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Increase the Sums Insured to adequate levels
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Change the business description to include cover for their supported living services
The customer’s existing insurance company were unable to meet all of the customer’s specialist requirements; therefore we recommended a transfer of the customer’s insurance programme to another insurer.
We offered our customer the option to pay us a broker fee rather than us taking insurer’s commissions. This provided a more transparent way of dealing with us and the ability to measure our worth. The customer also made a cost saving on the previous commission element as insurance tax does not apply to the fee.
The customer has benefited from our regular review meetings in which we are able to discuss their ever-changing and developing needs and ensure they have the appropriate covers in place.
Read more about the products and services CARE offers community care providers.
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AA6 CARE 109 110 v1.1
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