Member Article

New Commercial Insurance Broker Can Beat IPT Blues

A new insurance brokerage is urging businesses to allow it to shop around for competitive insurance protection on their behalf, following the November 1 hike in Insurance Premium Tax (IPT) from 6 to 9.5%, which has affected all premiums.

Gauntlet Lancashire has opened for business across the county and is confident it can save commercial customers money, whether they are buying motor fleet or motor traders’ combined insurance, contractor’s all-risks cover, professional indemnity or private medical protection, or property owner’s liability cover.

This confidence comes from Gauntlet Lancashire being an insurance brokerage run and managed by its director, Tim Hinchcliffe, but also supported by the vast resources of commercial insurance broker and risk manager, Gauntlet Group.

As an appointed representative of Gauntlet, Tim is responsible for all dealings with customers and day-to-day matters, but also has a team of back office staff in Leeds who look after aspects such as IT and marketing, claims handling and finance, so he can focus on sales and service.

With this comes the distinct advantage of being able to tap into insurance markets that Gauntlet can access, having established and grown many robust insurance relationships over its 20-year history.

Rather than being able to shop around for customers with just a few insurance companies, Gauntlet Lancashire can place risks with a wide spectrum of insurers, sourcing the best price in the market.

The increase in Insurance Premium Tax has meant that for every £100 spent on commercial insurance, the insured will pay £9.50 in IPT - £3 more than previously. Given the nature of business insurance, many premiums are significant. On a £2500 commercial insurance policy, the IPT increase will see the customer paying £237.50 in tax, rather than £150.

Despite the hikes, Gauntlet Lancashire is confident that, with the resources at its disposal, it can more than make up for the tax increase, by reducing the premium in the first instance.

Tim Hinchcliffe has vast experience in the world of personal finance and has previously worked for brokers such as Willis, Reynolds, Barnetts, Giles & HSBC, before joining Axa insurance in 2010. He is passionate about offering face-to-face contact to all businesses, of all sizes and this commitment to personal service is already attracting customers to Gauntlet Lancashire.

Tim says: “I go to where the customer needs me to be, listen and establish what it is they want from their insurance. I can then use Gauntlet’s insurer relationships to place risks where I know I can not only save the customer money, but also get them the best all-round protection for their individual needs. My message is to not fret about IPT, but to shop around and level things out by paying a lower premium.”

Businesses can find more information about Gauntlet Lancashire at www.gauntletlancashire.com or by calling 01772 492183.

This was posted in Bdaily's Members' News section by Jane Hunt .