Insurer plans 50,000 SMEs in three years; new pest control scheme
Specialist insurer Hiscox has announced a major drive to grow its existing book of commercial insurance schemes.
With an aim of building a portfolio of scheme business of up to 50,000 SME sized companies over the next three years, Hiscox is looking to add to its existing commercial schemes.
These include a recently acquired facility for pest control contractors which, in partnership with broker Bradshaw Bennett, covers more than 500 contractors. Other schemes up and running include doctors’ surgeries, electrical contractors and museums.
Many smaller, niche professions can find it difficult to buy appropriate business insurance and, in response, Hiscox has been working with a number of brokers to bring new commercial schemes to the market.
These schemes are designed to provide tailored and good value insurance coverage with the added benefits of dealing with underwriters and claims handlers who build up an ongoing knowledge of the particular demands of each profession covered.
John Heaney, Head of Professions and Specialty Commercial commented: “We have seen an increase in demand both from existing commercial schemes looking to transfer to Hiscox, as well as the introduction of new schemes from niche professions looking to access tailored and better value insurance. Our quality of service from underwriting expertise through to our claims performance makes Hiscox an ideal home for many of these schemes.
“We are open to approaches from brokers looking for an underwriter for existing and proposed schemes and also from organisations such as trade associations who might be exploring the possibility of setting up a scheme,” Heaney concluded.
Andy Bray, Director at insurance broker Bradshaw Bennett Ltd, added: "Hiscox were quick to respond and keen to work with us as partners to ensure that our Scheme developed and maintained its position as the market leader within the industry."