How Hiscox is aiming to simplify small business insurance

For the average small business, insurance is rarely at the top of the priority list. Aren’t there a thousand other things to be getting on with?

However, there are plenty of arguments for focusing on insurance, even (maybe especially) when you’re growing fast. As SMEs scale, the variety of risks they may be exposed to also swells. Changes to your company’s circumstances could mean that your policy needs to be augmented regularly. But how to keep on top of your policy in a complex, crowded market?

In recent years, slick online purchasing options have made life easier for buyers who are happy to purchase their policy direct. Other small-and medium-sized enterprises (SMEs) may prefer the guidance of brokers, who often know the market well and can point out the some of the best deals.

Whichever way insurance is purchased, it will always be vital for business owners to have as much personal oversight of their policy as possible. Hiscox insures more than 200,000 businesses in the UK and Ireland and aims to play an active role in helping its customers understand and adapt their policies.

Commercial Client Manager Alex Wheal thinks that small businesses need more help from their insurers. He says: “At Hiscox, we aim to help SMEs take control of their policies. No-one understands businesses better than their owners, and in companies that are growing and changing quickly, they should be in the driving seat when it comes to their insurance.”

Many different factors might prompt insurance policies to be examined and re-evaluated. Just a few of these might be: significant changes to turnover or payroll; rounds of investment or acquisition activity; regulatory changes; opening up in new locations, or changes to contracts with clients.

To assist businesses in keeping on top of these different circumstances, Hiscox has developed specialist teams that provide proactive account handling. Regular outreach can help prevent clients from going too long without an assessment of their policy.

Meanwhile, Hiscox has also launched its Commercial Client proposition. This team aims to bring underwriters closer to the customer when policies are being designed, which has the potential to give business owners unparalleled oversight, both of their insurance and of the potential ramifications of changes to their businesses.

Alex argues that there are many benefits for business owners that involve themselves with insurance decisions. He says: “When you’re speaking to stakeholders, customers or investors as a business owner, having a secure grasp of the details of your insurance policy is only going to be a good thing. Being familiar with your key exposures - and with your company’s plan to mitigate them - communicates stability, which is always vital for small businesses.”

Alex believes that Hiscox could be one of the only insurers in the UK offering this kind of service. He hopes that it can address some of the factors stopping small businesses from addressing insurance, which could include apathy or simply a lack of time. “We’re advocating better-informed businesses: if we can increase the average business owner’s knowledge of their insurance policies, that has to be good for UK business more generally.”

Hiscox hopes that this approach will result in longer-term partnerships with business owners who appreciate the support they’re given by Alex and his team.  “We’re looking to be trusted advisors to growing businesses - it’s as simple as that.  Sharing how their policy has been underwritten and priced is the first step to giving business owners the ammunition they need to make informed decisions.”

Chris Weller, Growth Street Commercial Director, adds: “It’s great to see established players like Hiscox thinking about ways to improve companies’ knowledge of the insurance market. Alex’s team offers growing businesses a differentiated process, and that’s exactly what we’re trying to do at Growth Street. The booming alternative lending market in recent years shows that more and more business owners are taking a fresh approach to their operations.”

At Growth Street, we give SMEs the tools to grow. Our flagship lending product, GrowthLine, is a uniquely flexible line of credit. We also offer tools that help businesses improve their financial management. To see how Growth Street could help you, check out our website or get in touch.

Alex Wheal can be contacted via alex.wheal@hiscox.com, or on +44 020 3321 5571.

 

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Growth Street Exchange Limited is registered in the UK, company number 09495712. Growth Street Exchange Limited is an Appointed Representative of Resolution Compliance Limited, which is authorised and regulated by the Financial Conduct Authority (no. 574048).

Written on in Business Insights