We’ve got ourselves all excited… about INSURANCE

Luke
7 days ago
3 min read

Insuring your business. One of those things that, as a business owner, you know needs to be done, but doesn’t get anyone jumping out of bed in the morning to tackle.

Well, there’s a new player in the market that’s here to make insuring your business easier, cheaper, and make sure you have the level of cover you need.

And it’s got us quite excited too!

We’re now working with the broker Meshed as our preferred partner for business insurance contracts, to save you money and ensure your business is properly covered.

We are also working with Nexus to get you the best deal on utilities, details are below on how we do this 💡

All we need is your policy agreement to get the ball rolling ⛹️‍♂️

50% of UK businesses are under-insured 😲

Recent studies show that around 50% of businesses are underinsured. That means if something goes wrong, those businesses don’t get paid the amount of cash they’re expecting, or that they need.

How does this happen? The level of cover is based on what you told the insurer when you got the original quote back in the day… But since then it hasn’t been updated to reflect the growth of your business. Higher revenue, additional sites, more employees… all of these affect the level of cover you need, but are often based on out-of-date info.

How does Meshed solve this problem? 🤔

Meshed connects with your existing financial data in Xero, so they can assess your business to make sure your cover is based on accurate and up-to-date info.

It uses an AI technology to regularly look at your business data and flag if you’re at risk of being underinsured. It will actively suggest coverage changes in real-time when your business grows or changes.

Sounds great, but what about the cost? 💸

Typical insurance brokers charge a ~35% commission on top of the fee that’s quoted by the underwriter. This covers the cost of manually completing all of the paperwork, plus a no-doubt-healthly profit margin.

With Meshed, the fee is capped at 10%, because they use technology to replace the human labour cost of traditional brokers.

We here at CloudCFO can manage the process for you free of charge, as Meshed pays us a portion of their commission for sourcing the lead and handling the information requests.

Benefits to you 🙌

This service is designed to save you money while giving you confidence that your business is properly covered.

Lower cost: Typical brokers charge ~35% commission. Meshed charges 10%.
Time saved: By connecting with Xero, Meshed can assess your business without you needing to spend time manually typing in data or speaking to a call centre
Added peace of mind: Lower risk of under-insurance as your business data is monitored to keep your cover up to date

By the way… We can also sort your utilities! ⚡

Renewing contracts for electricity and gas - another task that fills absolutely no-one with glee!

You need to devote hours to searching for a better quote, typing in usage data, and figuring out which is the best deal. Or you leave it to renew due to the hassle and miss out on potential savings.

We can automate the whole renewal process by…

Obtaining your current usage and price data from your most recent invoice
Searching the market for the best deal on your behalf to save you money
Save you time and hassle, so you can invest your efforts elsewhere!
If you have just renewed, don’t worry, we can keep this on a tracker to look into when your contract is due to expire 👍

Next steps 👣

If you work with us already, just send us a copy of your current insurance policy and / or latest utility bill (if not sent to Dext already!) and we’ll get to work 👷‍♂️

If you don't currently work with us and are intrigued to know more please contact ops-team@cloudcfo.uk