FAQ's

Why should I use a broker?

Insurance can be a complex matter and the experience of an Insurance Broker can be invaluable. A broker will be best able to assess the risks that your business faces, and tailor a package to meet these needs.

Whether you are considering buying insurance for your personal needs or those of your business it is always preferable to insure through a broker, as by definition he is “primarily the agent for his client”,- not the company. In simple terms this means in the event of a dispute i.e. an unacceptable settlement offer or a claim declinature, for whatever reason, you have someone to help fight your corner.

A Broker will have access to many different markets and will be able to approach a wide range of different underwriters. This ensures that you have competitive cover designed to suit your business.

What is Risk Management?

Risk management involves assessing the risks faced by a business and providing a solution to meeting these risks. This can be achieved in several ways, including taking out insurance protection, and managing these risks ‘in house’. These features can include risks from physical loss or damage to property, financial risks to the business, or risks associated with the employment of staff.

Insurers will always reward good Risk Management features with more competitive rates and terms.

I am just starting my business what insurances do I need?

Every business has different insurance needs and these need to be prioritised. Some may be a legal requirement, some essential and some desirable. A discussion with an experienced broker will quickly ascertain your requirements. Certain trades may have the following requirements;

  • Accountants, Solicitors, Architects, and Consultants should never trade without Professional Indemnity Cover. This gives them protection against wrongful advice and the legal costs that may be associated with this.
  • A Builder or Tradesman should not trade without Public and Employers Liability Insurance. This covers against legal liability for damage he might cause to third parties or an injury sustained to an employee. Cover for tools, hired in plant and contract works could also be considered.
  • A manufacturing business would need not only property insurance for his premises, stock and machinery, but also Public, Products and Employers Liability cover. Business Interruption insurance would also protect the business in the event of an insured disruption to the business, and can ensure the survival of a company after a major loss occurring.
  • A Haulage Contractor will, in addition to compulsory motor insurance, also need to insure his legal liability for the goods he is carrying or is responsible for.

The above is intended to offer a brief overview of insurances for certain trades, we would be happy to speak to any prospective client to offer a specific solution.

I am currently insured through a broker. Why should I change?

You may have been insured through a particular broker for many years, and be quite happy with their service and the cover arranged. However, you may well benefit from a ‘no obligation’ review of your insurances where we can identify areas where cost savings may be achieved and cover enhancements made, where appropriate.

Who are the GSI Group?

The GSI Group was established in 1978 and fundamentally consists of 5 separate businesses, namely:

Geoffrey Simmons Insurance Consultants LLP - (Personal Insurance)
GSI Commercial Services LLP - (Commercial Insurance)
UK Special Risks Ltd - (Bespoke Schemes for Businesses)
GSI Wealth Management Ltd - (Financial Services)
Rothwell Premium Finance Ltd - (Insurance Premium Funding)

What should I do in the event of a claim?

Our opening hours are 9.00am to 5.30pm Monday – Friday.

You can contact us by phone, fax or email at any time; if this is out of business hours then we will respond to you on the next business day.

For existing clients requiring immediate assistance in the event of an emergency, your policy documents, or insurer’s own website will have the relevant contact details.

For our corporate clients you will generally have a designated Account Executive, Adviser, or one of the Partners to deal with your enquiries during normal working hours.

What if I need to make changes to my policy outside business hours?

We will be pleased to act upon any instructions given after business hours on the next working day.

I would prefer to be insured through a large broker or my Bank.

There has been so much change in our Industry that we are finding that many businesses are not receiving the service or personal attention that they require or have received in the past. Frequent staff changes mean that they never speak to the same person twice, and relationships that they may have had in the past are now long gone. We feel that we are different and are able to provide a personal service to our clients and to develop a long standing business relationship over a number of years. This gives us a far better insight into an individual business, and an understanding of what makes their business work.

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