We regularly review our products to make sure they continue to reflect changing market conditions and the needs of brokers and their clients. As part of our latest review, we’ve made a number of enhancements to our SME package, giving our underwriters greater flexibility, widening our appetite and helping brokers get more risks quoted quickly.
Our SME package encompasses Licensed Trade, Food & Eateries, Hair & Beauty, Retail, Petrol Stations and Hotels & Guest Houses. The latest review has introduced a range of changes across these products, from wider acceptance and fewer referrals to rating and underwriting enhancements designed to make it easier for brokers to place SME business with us.
We’ve made a number of changes designed to give brokers greater flexibility when placing SME risks with us.
Liability-only cover can now be considered, while changes to our approach to discounts give our underwriters greater flexibility when looking at individual risks. We’ve also reviewed our rating and referral requirements, helping us to provide more competitive terms and allowing more risks to progress through our quotation system without referral.
A number of the changes relate to specific products and types of risk within our SME package.
For Food & Eateries, we’ve widened our appetite to include cooking at third-party premises. We’ve also changed our approach to Scores on the Doors ratings and may now be able to accept ratings of below 2 where appropriate. Minimum premiums for restaurants have also been amended.
For Hotels & Guest Houses, minimum premiums for guest houses have been reduced, helping us offer more competitive terms. We’ve also provided greater clarity around fire alarm requirements where staff aren’t on site.
Within Retail, we’ve widened our approach to work away where this would normally be expected as part of the trade. We’ve also moved a number of trades into more favourable rating categories, helping us to offer more competitive premiums.
For Hair & Beauty, additional treatments have been included within our existing trade categories, widening the range of risks we can consider.
We can also now consider events with more than 1,000 attendees, further extending the range of SME risks our underwriters can look at.
The needs of businesses continue to change, as do conditions within the insurance market. Regularly reviewing our products, appetite and rating allows us to respond to these changes and make sure our products continue to meet the needs of brokers and their clients.
We’re also continuing to make it easier for brokers to send business to us. We now accept manual submissions for Pubs, Food & Eateries, Hotels & Guest Houses and Petrol Stations, using our AI submission technology to extract the information provided and populate our quotation system ready for underwriter review.
Have an SME risk to place? Get a quote through our portal or send your submission to our team at quotes@nbsunderwriting.co.uk
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