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Broker Not Talking Your Language? Here Are Your Options

Startups, this one’s for you. Are you tired of only hearing from your broker around renewal dates? When was the last time they asked where your business is heading or whether your existing cover is fit for purpose?

As you experience rapid growth or secure new investment, the speed at which your business expands directly impacts your insurance needs. The risks you’re facing today may vastly differ from day one. With evolution comes the need to take a look at your insurance policies and check if they still align with your current operations, assets, and liabilities?

Take charge of your journey

If you feel like you and your broker aren’t on the same page, you’ve got two options. You could wait until renewal and go through the hassle of gathering quotes from other brokers – a process that typically doubles your workload.

Alternatively, you can take charge of your insurance by signing a ‘Letter of Appointment’ (LoA) with an insurance partner that truly gets it. And the best part? It won’t cost you a penny – or take up any of your valuable time.

For startups and scale-ups, the latter option tends to work best. Surprisingly, however, many business owners are unaware that it’s even on the table. Let’s explore why it’s worth considering…

Why switch?

You might not necessarily have the wrong policies or even the wrong insurers – it’s just that your current broker doesn’t proactively manage your cover. The likelihood is they don’t keep track of you or your progress – like securing investment, growing a team, or expanding into fresh markets. As a result, they can’t know whether the policies you have in place still serve your best interests.

In particular, high-growth startups and scale-ups can’t afford a broker who doesn’t understand their changing needs. Ultimately, it costs too much in the long run – in real terms and the risk to your organisation. Not only will premiums creep up over time, but you could find yourself underinsured as you grow – or worse, with new areas of your business completely without cover.

Keep in mind that this also limits your productivity. Dealing with insurance matters eats into your time – diverting your focus from what truly matters: growing your company. The right insurance partner will give you that time back.

So, if your broker only contacts you once a year and fails to grasp the fast-growth nature of your business, don’t sit around waiting for renewal. Not sure if this is you? Ask yourself when your broker last contacted you in advance of an event rather than reacting to changes that you told them about.

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What can a proactive insurance partner do?

Insurance partners like Capsule understand the needs of high-growth startups at every stage of their journey. And to appoint us, all it takes is a simple signature on a digital letter. We’ll even handle the transition from your old broker – it’ll feel just like switching energy suppliers (or even easier than that).

It’s an evolution rather than a revolution – especially if you’re happy with your existing policies. We’ll work behind the scenes to make sure you have everything in place. Then gradually, we’ll make the necessary improvements to your insurance program as we prepare to conduct an ‘open market’ process ahead of your upcoming renewal. We’ll ensure you’re paired with the best insurer on the best terms and at the best price.

We’ll also:

- Check you’re properly covered, both now and ahead of future risks

- Bring all renewal dates into one common date

- Consolidate insurers where possible and appropriate

- Match you with insurers that fit your values and ambition

- Remove admin, such as hand-written proposal forms

      Issuing an LoA keeps your insurers on their toes, too. It sends a clear message that you’re taking your cover seriously. Either they provide a better deal, or you’ll take your business elsewhere. Often, this also leads to a reduction in insurance spend over time – no more creeping costs.

      Oh, and did we mention that we’ll act for free until renewal? We take our commission from the insurer when a policy is purchased or renewed. Initially, your premiums will stay the same – but as soon as the term ends, we’ll dive into the market to explore ways to bring down your costs. Even better, we won’t charge you for our efforts.

      Get insurance confident

      Here at Capsule, we understand the unique challenges that come with scaling up – and we leverage our own experience to enhance your policies, negotiate with insurers, and keep you protected as you grow. It’s what turns insurance from a headache into one less thing to think about.

      Switching to us takes seconds – literally. Reach out to us today, and we’ll do the rest.

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      Capsule Insurance Services Limited Festival House, Jessop Ave, Cheltenham GL50 3SH

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      Capsule Insurance Services Limited t/a Capsule are an Appointed Representative of James Hallam Limited who are authorised and regulated by the Financial Conduct Authority (FCA), under Firm Reference Number (FRN) 134435. Capsule's FRN is 948838. Registered in England and Wales company number: 13340821. Registered office is 48 Belle Vue Terrace, Malvern, England WR14 4QG.

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