In a first for the insurance sector, Groupama Insurances is offering Tradesman cover for part-time workers at a reduced per capita rating through its Optima Trade Plus policy. This, combined with Groupama’s variable commission option creates a powerful combination for brokers targeting the UK’s sole traders, partnerships and small limited companies. The development comes as the ONS recently revealed an upturn in part-time positions as businesses have cut back on full-time workers to reduce costs during the recession.
At the same time, Groupama has increased the maximum number of employees to 12 for Contracting trades and 20 for Professional trades without referral and can now cover contract works for speculative builders. In addition, brokers can take advantage of a new online premium negotiation facility for preferred contracting and professional trades, helping them to secure business on the spot.
Malcolm Smith, Commercial Lines Director for Groupama Insurances said: “Firms with less than 9 employees represent 89% of all UK businesses. It’s a substantial sector of our economy yet it’s also the most vulnerable and many are struggling to meet their costs. These developments to Optima Trade Plus are as a direct result of broker feedback and will provide fairer premiums to these businesses whilst providing brokers with a real competitive edge.
The part-time cover is particularly suitable for firms such as cleaning businesses who have a high proportion staff working 10-15 hours a week. This, along with variable commission and the online negotiation facility offers brokers much more flexibility over the premium they can offer their small business customers.” The part-time cover is available for employees working less than 16 hours in one week and calculated on a per capita basis but at a lower rate than full time employees. Optima Trade Plus per capita rated policies cover public liability, employers’ liability, tools, trade contents, contract works, business interruption and personal accident.
Malcolm Smith concludes: “These changes are a further example of Groupama Insurances innovating and responding quickly to market dynamics and the needs identified by our brokers. Optima Trade Plus is already a highly popular product and these latest enhancements will keep it front of mind for brokers targeting the millions of businesses in this important segment of the UK’s SME community.”
