If you’re looking for a Leicester insurance broker to help to buy insurance, relax with Cornerstone as we guide you through some of the requirements and pitfalls you need to avoid.

Firstly – which type of insurance buyer are you?

• Starting up in business for the first time?
• Has your boss asked you to get a comparative quotation for a forthcoming insurance renewal and you’ve never looked at the insurance before?
• Have you been given a new role along with the insurance responsibility?
• Are you a Finance Director under pressure to save money and you’re targeting the insurance for a cut and you’re looking for options but worried you’ll get it wrong?

Cornerstone’s first piece of advice with regards to buying insurance is to choose a local broker and here are our thoughts behind this advice:

1. A local broker should have the experience of knowing the area and this comes in handy when negotiating with insurers or advising on risk improvements. Cornerstone advised one of our Leicestershire clients on their factory layout as it was built near to a flood plain and with some simple improvements to move stock off the ground we had potentially saved the client hundreds of thousands of pounds in water damage flood losses.

2. It would be ideal in all situations for your broker to get to know you, the customer and your business. There is a danger that without a site visit by your broker you could miss vital cover that isn’t flagged up during the information gathering process if it was conducted by the telephone. Cornerstone recently identified a situation where stock was stored in parked trailers and this had been missed by the previous insurers.  We were able to extend cover to the clients satisfaction and this could only be picked up from a physical survey of the business.

3. If you’re new to the job or looking for insurance for the first time there is nothing better than to have a broker assist you with the review. Choosing a Leicester insurance broker will help with a step by step process of explaining the cover, identifying the risks and assuring you that the cover can be arranged face to face may give you a greater sense of security. Meeting minutes are often supplied along with confirmation of the main discussion points. At Cornerstone our clients like the copy presentation documents we issue so that they know what we’re saying to insurers about their business is correct.

4. It’s a given that nobody wants to pay more for their insurance that necessary. If you are the financial controller the insurance is a target of cost cutting. At Cornerstone we completely understand this necessity and we work with new clients to set a goal for the cost of the cover along with highlighting what risks the client can self insure to save more money. In a recent exercise our prospective new clients set us a tough 20% saving target which we were delighted to better. On appointment we were also asked to arrange Directors and Officers cover, motor breakdown for the fleet and commercial legal expenses to meet the clients additional needs highlighted in our review.

5. Getting the basics right. You are not buying a piece of paper to be brought out in emergences, you are paying for a legal contract. The contract has various duties of disclosure, warranties and conditions. If you choose to arrange your insurance over the phone or internet there is a possibility that important information may be missed. At Cornerstone we have 30 years experience in asking the right questions and take time to explain the importance of the policy conditions and warranties. In two recent cases we uncovered information about Company Directors relating to liquidations and this was not considered relevant to the clients but it was to the insurers. Cover was arranged without difficulty but a non disclosure could have affected the acceptance of the risk or settlement of a claim.

6. Claims are the key. Settle a claim without fuss and to the clients satisfaction is our first priority. Cornerstone will visit all of our clients to assist them with the claim formulation and appointment of contractors to get the reinstatement work started. A seamless approach that amazes our clients in the speed of response much to their relief that they are not dragged away from their busy routines. Everything from windscreen replacement to floods can be dealt with by our staff & approved contractors making life simple for you.

If you are buying insurance for the first time or in unfamiliar territory, or if you have been asked to review insurance that you are too busy to understand or if you need to save money on your insurance call a Leicester insurance broker who cares.

Relax you’re covered with Cornerstone Insurance.

Tim Lee

Director – Cornerstone Business Insurance Ltd