What does good insurance advice really look like?

If you search for “What does good insurance advice look like?” the general gist is that good insurance advice prioritises your financial protection over simply finding the cheapest premium.

Great. But how do you know if your financial protection has been prioritised? How do you know what you don’t know? And what about the risks you might not have thought about?

At Macbeth, we’re so concerned about people having access to good insurance advice, we’re happy to advise you even if you end up going elsewhere. Here are some real stories about advice we’ve given to clients and prospects to show what good insurance advice looks like (and in case the advice helps you too):

The unknown liability (thinking about the things you don’t)

Advice from Lynsey Sanders, Client Manager, Commercial & Technology

Client A had moved out of their office and wanted to cancel their office insurance. They hadn’t realised that their business would still legally be tied to the office through an active lease. We explained that they would remain the legal occupier until the lease was formally terminated and advised them to keep their public liability insurance in place until that point.

Client A was very grateful as they’d have been liable in the event of a claim even though they were no longer tenants.

The car insurance conundrum (being there when things change)

Advice from Rachael Bromham, Client Manager, Private Clients

Client B couldn’t understand why his prestige car insurance was more expensive than his partner’s, especially since his car was older. He’d been comparing their policies and was convinced something didn’t add up.

So, we broke everything down and reviewed all the rating factors used to calculate premiums. Higher annual mileage, business use, different overnight postcodes, driving history and experience and even the car’s power and insurance group ratings were all having an impact.

But as we talked it through, we also reviewed his circumstances to make sure the policy still reflected his current usage. A few details had changed since his last renewal and when we updated them, his premium reduced.

By the end of the conversation, client B understood why the two policies weren’t directly comparable, and felt confident that his cover was accurate, up to date and good value.

The drone dilemma (closing gaps before they become problems)

Advice from Richard Wright, Client Director, Corporate

Client C uses drones for surveying work but wasn’t sure if insurance was compulsory. We confirmed that public liability insurance is legally required when a drone is used for commercial purposes.

We managed to get Client C a quote that day and he was instantly reassured that he was meeting his legal responsibilities. He was also pleasantly surprised at the low cost of the premium.

The load lightener (giving expert advice when you need it most)

Advice from Danial Wright, Client Director, Marine & Logistics

Client D is a freight forwarder. Despite contracting on BIFA’s terms where freight liability is 2SDRs per kg (around £2,100 per tonne), client D believed their subcontractors’ RHA liability at £1,300 per tonne was acceptable. We explained that their existing freight liability insurance policy required subcontractors to match the forwarder’s higher liability. Which would have meant uplifting every subcontractor to 2SDRs to stay compliant.

Instead, we managed to secure cover under a policy that allowed subcontractors to operate with lesser liability, removing the exposure and the administrative hassle.

The client was genuinely grateful to have peace of mind and relieved they wouldn’t have to ask subcontractors to increase their limits (and potentially charge more as a result).

The all-in-one policy (saving you money and hassle)

Advice from Mandy Everest, Client Manager, Private Clients

Client E was looking for renovation insurance. But several questions and conversations later, we realised he also needed contents insurance and cover for valuables as well as the insurance to cover the existing structure and renovation works.

So, instead of having lots of separate policies, we explained he could have one policy to cover everything. Client E was thrilled. His all-in-one policy has saved him money and, more importantly, admin time.

The ‘settling outside the insurance’ scenario (spotting risks you might not see)

Advice from Stuart Adamson, Claims Manager

Clients regularly say “we’ve had an accident, the damage is minor and we’re at fault, so we’re going to settle directly with the other party instead of going through the insurance.”  And we always give the same advice: “we still need to inform your insurers.” Here’s why…

Even if you’ve settled outside of your insurance and paid the third party directly, they could still try and make a claim. And then out of nowhere you’d be hit with a claim, a bill for credit hire and additional repair costs. Plus, if your insurer isn’t aware of the incident, they could potentially decline subsequent claims. You can still settle directly, but we always advise you to get guidance from your insurer, make sure everything is in writing and avoid discussing liability.

The “unsure if I should self-insure” (helping you make informed decisions)

Advice from Mark Pinfield, Client Manager – Employee Benefits

Client F was wondering if it would be more economical to ‘self-insure’ and put aside money each month for staff medical costs rather than paying group medical insurance premiums.

We always encourage clients to make informed decisions, so we gave Client F examples of private treatment costs including specialists, equipment and facility fees so they could evaluate costs against the money they might be able to build up.

When client F realised the full (eye-watering) extent of medical costs for just one individual or medical incident, they decided to continue with group health insurance.

The out-of-date driver profiles (exceeding expectations)

Advice from Michael Mures, Client Adviser, Commercial

Client G hadn’t reviewed their driver profile on their motor fleet insurance policy for several years. We suggested a review and asked lots of questions about their drivers and staffing arrangements. After getting a range of new quotes that better reflected their risk profile, we secured a lower renewal premium.

Client G came away feeling reassured and confident, with a clearer understanding of their risk and a better-fit insurance policy.

At Macbeth, we advise people on how to risk less NOT react to loss. If you want a long-term relationship with a broker that’s got your back and will give you advice, not just quotes, we’d love to chat.

Need risk advice right now? Email info@macbeths.co.uk or call 0118 916 5480