To celebrate the launch of Business Insurance services on the Isle of Wight, we had the pleasure of sitting down with Senior Commercial Insurance Broker, Kelly Burke! With a wealth of experience and a passion for helping businesses safeguard their futures, Kelly promises to bring a fresh perspective to the local financial services landscape.
In this chat, we find out a bit more about Kelly's background and the unique challenges and opportunities he anticipates in this thriving community.
Thanks for joining us for a chat Kelly! Can we start by hearing a little bit about your background in providing insurance on the island?
I've spent the best part of a decade working in insurance on the island. I worked at another broker and prior to that was a mortgage broker, so financial services were kind of my thing for a while. I got into personal and business insurance and ended up being given the opportunity to join CG, which I can honestly say is the best move I ever made!
That sound like a really good introduction into the businesses on the island!
Definitely. I've spent most of my life here. So, I know a lot of people and a lot of businesses because I'm part of the community, which I think is always key. What it’s allowed me to do is build some great relationships with businesses, business owners and consumers around the island and really understand their needs and requirements.
How have you found becoming part of the team at Cherry Godfrey?
When I got the opportunity to come to Cherry Godfrey, I jumped at it. I really like the organisation and its work ethic and values; there’s a nice ethos towards the community and the people that support us. Until now, I've been working exclusively for the Jersey team as a Senior Commercial broker. Along with my colleague, Tim, I’ve been heading to Jersey every three months, spending a week over there meeting clients and spending time with the team. I’ve loved working with the Jersey team, but I’m very happy to launch on the Isle of Wight and get back into the community that I'm part of. Exciting times!
Exciting times indeed! Can you fill us in a little on some of the differences or nuances between businesses on the Isle of Wight as opposed to the mainland UK or the other islands?
I've always said that the only people who think there's no difference between the mainland and the Isle of Wight are people who don't live on the Isle of Wight. There are differences with regards to the way business is transacted on the Isle of Wight: it's much more personal, much more human, which provides me with lots of opportunities to help the community. You've got added complexities of things like ferries as transport for the tourist industry. Everybody that comes in as your customer has got to pay to get here and pay to get back again. So that's an added complexity. Same with materials and equipment for builders, etc. It usually incurs an extra cost. That is another thing with regards to insurance that doesn't necessarily impact on premiums, but it is something that affects the businesses in their world.
And, as you say, it’s a world you know very well. So, what type of business insurance coverage are we offering?
Pretty much everything - that's what makes it so exciting! Cherry Godfrey has got decades of experience and relationship building with insurers, which has allowed us to drive this forward on the islands. So, with regards to business, the list is endless, but the headlines really are: Public Liability, Employers Liability, Fleet Cover for vehicles, Directors and Officers, Professional Indemnity, Goods in Transit Cover, Cyber Cover… it just goes on and on! Coverage for shops and salons, restaurants, hotels, and the marine industry - which is perfect because we're surrounded by water!
And if a smaller business comes to you and perhaps is not sure what insurance they need, what's your approach?
With insurance, you should never assume anything: everybody is a blank page when we first meet them. Our job is to be an expert on your insurances. We're a pretty friendly bunch with lots of experience. You can come in and see us or you can do it on the phone, online or via email - but we prefer the face-to-face. Come in and see us and we'll run through some questions and have a chat, find out what it is that you do, what the potential risks are, and your exposures. Then our job as brokers is to try and find policies and covers that cover those risks for you appropriately. Obviously, we want to be competitive - and save you some money if we can - but the priority is to make sure that you’re covered.
Great stuff! And are there common risks that businesses overlook in their insurance in your experience?
Small business owners do sometimes overlook things they think don’t affect them. For instance, a hairdressing business may automatically know they need to cover public liability, but may not assume they need cyber cover, thinking, “I'm just a small hairdresser, why would anybody attack me?”. In fact, most attacks on businesses are on small businesses, not large ones. Also, Directors and Officers insurance is something that nobody ever really talks about. Basically, if you've got key people within your business, and they do something that somebody disagrees with - for example, to do with a dismissal or redundancy - that person can, in theory, sue you. If you've got Directors and Officers insurance, that cover is there to pay for your defence costs (if, by any chance, the worst happens). People also sometimes overlook Employers Liability Insurance: as soon as you've got employees, or more than one director in the business, it's a requirement by law that you have Employers’ Liability. 10 million pounds is the standard - which sounds huge! It is a lot of money, but it doesn't necessarily cost a lot of money on policy. If you've not got it, you should have it (as, if you don’t, the government could fine you).
That’s fantastic advice. Any other insurance that is essential for businesses, in your opinion?
In this day and age, people should have to have public liability, but it's not actually necessarily a requirement by law. In my experience for what the potential pay-out is, it's so cheap compared to what you might have to find in your own pocket. Follow the words of a broker: if they give you a recommendation, there's a reason for it.
Well said! And are there standard factors that affect premiums across the board?
The industry and the trade are going to be quite key, as is the number of employees that you have. The turnover of the business has a significant impact on insurance premiums. We get a lot of people who come to us and say, “My friend does exactly the same job, I want exactly the same policy, why have I been quoted a different premium?”. One of the reasons it will be different is because the credit score will be different; so a client’s individual credit rating can have an impact.
And are there any common exclusions that businesses need to be aware of?
Everyone thinks that - on a lovely island like the Isle of Wight, Jersey, Guernsey or the Isle of Man - terrorism is never going to be an issue. Thankfully, it isn’t, by and large - but it could happen anywhere. For example, Mortgage companies may well say that they need a property covered for terrorism, damage will usually be excluded if related to terrorism on the normal policy. There are ways around it because you can buy a terrorism policy, which is great value and inexpensive for what it is.
Whether you're a local business owner seeking tailored insurance solutions or curious about the intersection of finance and island life, we would be delighted to help you explore your options. Submit a callback request today, give us a call or feel free to pop in for a chat at one of local branches.
