Moving Forward in 2021

Commercial Insurance with Julie Heatley-Thomas - Senior Account Executive - Prescott Jones

As this is the first article for 2021, we would like to wish all our clients an improvement on 2020 with hopefully a return to more normal practises in 2021. We will also see many of us embracing business changes that have been positive, such as flexible working and innovating use of IT developments in the workplace. This may create benefits for many businesses. 

Julie Heatley-Thomas and the team at Prescott Jones pride themselves on being prepared to see clients face to face to discuss their insurances. Covid clearly makes that more difficult. So how has Julie responded?

“It is possible for us to respond to a review for small businesses by phone and exchange of information over e-mail. However, for larger businesses we have used Zoom virtual meetings to examine in depth the risk requirements of that business. In some cases, we do need to view the premises and operations and here we ensure our visits are Covid secure, responding to the safety requirements at the location. Overall, we are flexible in our approach. Our expertise is needed more than ever and there is no need for businesses to put off a review because of Covid.”

 Latest News – We are facing the most difficult insurance market for 20 years, which has coincided with Covid-19. Businesses need independent advice more than ever but there are challenges facing brokers.

Let us remind ourselves of the reasons behind the difficult market conditions: Insurers had been losing money on property insurance for some time. Then storms Dennis and Ciara hit, costing up to £400m. Further pressures from governmental changes meant that liability losses were massively increasing. Add the effect of Covid, which has been described as the most expensive market event in history, you then see large premium increases and some covers being difficult to access at all.

We are also digesting the news relating to a court judgement relating to Covid Business Interruption Claims. Insurers will be making more announcements on this matter shortly, we will give you more feedback in a future edition on how this is progressing.

Prescott Jones Insurance Solutions

Caswell House, 53 Walter Road, Swansea SA1 5PW 01792 459898

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