Until you need to make a claim, do you really know how good your insurance is?
Can you be certain that your existing policies provide the right protection and importantly, are competitively priced with limits and excesses?
The risk of not having the protection you need from any insurance portfolio has always been important, as has getting this protection at the right price. But the current financial climate is bringing this to the forefront more than ever before. We recently spoke about how the cost of living crisis has impacted consumer buying behaviour when it comes to insurance where the temptation to cut corners and reduce or cancel protection has never been higher.
This is why we offer a process called a silent review, helping you to get the answers you need to the questions you should be asking when it comes to insurance.
A silent review can give you peace of mind and reassurance that the cover you have in place will protect you in the way you expect it to, should the worse happen. A silent review involves engaging specialists and insurance experts to undertake a full review of current insurance arrangements, without disrupting existing arrangements or making existing brokers or insurers aware that the review is taking place.
A silent review is particularly useful when business circumstances change; such as upgrading systems or operations, expanding, acquiring or selling. Similarly, they can be of value if there have been changes to who handles the insurance, either at the company or the broker. Changes to claims trends may also warrant a review. If the insurances have just been renewed, a silent review can provide peace of mind, and in some cases, identify important coverage issues that were not addressed at the last renewal.
A silent review will take into account trade process, Risk Management and Health & Safety procedures to ensure that positive risk features are reflected in the premium that is being paid.
Business, industry and commerce moves at a pace, but we often find insurance programmes don’t adapt or evolve to match these developments. Complacency and apathy are unacceptable.
Typical reviews will address the following areas:
From a risk support perspective, a review would generally include:
At Towergate, we do not charge for silent review and there are no hidden fees. Our aim to is impress you to a level where you may consider working with us in the future; we believe we will demonstrate our value as a trusted advisor.
Your primary Towergate contact will conduct the review with support from our numerous in-house specialist teams. Our colleagues are all market leading practitioners and come from multi-national broker backgrounds with relevant trade and industry experience.
We are a business and risk advisor, who are experts in insurance service and placement. We lead with Risk Management and our driving motivation is to help clients best protect their brand, reputation, balance sheet, cashflow, assets and people.
We understand that it can be difficult breaking away from long-established relationships with insurance brokers. This is why Towergate offer ‘silent reviews’ – which are exactly that. A completely confidential review is conducted in the background in the strictest of confidences – not disturbing your existing broker relationship or the insurance market generally.
We offer a range of corporate insurance policies and risk management services including:
Date: February 09, 2023