A Shropshire-based insurance firm is urging companies to make sure the cover they take out is right for their business needs.
The advice from independent commercial broker Beaumont Lawrence & Co Ltd comes after the firm sorted out a complicated insurance policy for another local company – giving them much better value for their money.
“We were using a national insurance broker but they weren’t helping us at all,” said James Wood, director for Saxonby, based next-door to Beaumont Lawrence at Sweetlake Business Village, Shrewsbury.
“We needed to increase our cover mid-term in our policy. Our existing insurance broker said the only way was to take out a brand new policy.”
Mr Wood turned to next-door-neighbour Beaumont Lawrence for help.
“They came to see us and rearranged our same policy when we had been told specifically that was not possible.
“When it came to the policy renewal, that was even more competitive. We increased our cover so the policy cost more but if you look pro-rata, we are definitely getting better value for money now.
“We found out our previous policy did not necessarily cover us for all eventualities. We were disappointed because we put a lot of time into ensuring we did have the right cover. There’s no point having insurance if it won’t pay out when you need it to.”
Mr Wood said Beaumont Lawrence offered a personal touch as a local business.
“Now we can get hold of someone and see them face-to-face and we are getting much better advice.
“Our policy is always to acquire materials and labourers locally. We want to put finance back into the local economy and Beaumont Lawrence employs local people. The money isn’t going into the ether of a big national company but helping the local economy,” he said.
Ben Lawrence, Beaumont Lawrence managing director, said Saxonby’s previous policy was not right for the business.
He said: “You may as well just set fire to the money you pay for insurance if it’s not doing what it’s meant to be doing.
“The previous policy was not right for the business. We went in, listened to their requirements and their needs and we created an insurance policy for them which fits with what they need. It’s a much better rate.
“We provide really good value with competitive prices and make sure companies are covered for what they need to be covered for.
“It’s not always about finding the cheapest rate but making sure you have the right cover should disaster strike and you need that insurance to pay out,” he said.
