Protecting employers just got harder...
Many Insurance companies are dumping their commitment to policies in markets exposed to the worst effects of recession and litigation culture.
As ACAS notifications are currently running at 150,000 per annum (and rising) employment protection insurance has become hard to find at sensible terms. To quote two well-known insurers:
“At this time, we have no appetite for new business with an economic, recessionary exposure such as for legal fees arising from employment disputes”
“Adequate premium levels would be a significant worry moving into a period of recession where employment disputes will inevitably rise means there is a big downside risk for only a limited upside”
Those insurers that have continued to write new business have applied huge price increases and draconian underwriting measures such as excluding claims in the first 180 days, a 20% co-insurance clause or even denying cover to all leisure/ hospitality trades and care homes.
It’s a testimony to our service and the quality of our products that Straight Solutions can boast several hundred clients that have been insured with us for 10 years or more. Our business partners are also equally confident in us and they know that we will continue to trade successfully through these difficult times.
Throughout this we have not changed our general underwriting criteria and we remain able to provide a range of employment cover options across the whole of British industry. We have only made some very modest price increases which are the first in 7 years.
There has never been a better time to sell employment retainers backed by insurance and you will never find a better business partner to work with.
Please call Brian Dunk or Mark Baker on 01935 389812 and let’s get working together.