The latest news from Peach for you;
Roots Contractor Insurance (RCI) has partnered with niche commercial insurer Peach to provide the capacity for its range of market-leading contractor business insurances. RCI’s products, available to customers via its proprietary online portal, have been tailored for the exact requirements of professional contractors, to offer total peace of mind against the most common risks faced on a day-to-day basis and at competitive prices. RCI currently has over 5,000 policyholders purchasing its insurances via their online system.
Evidence of PI, PL and EL cover is a typical contractual requirement for limited company contractors engaging with a client on a project. RCI’s online system allows its customers to obtain quotations and bind this cover on a self-serve basis in real time. Pete Willcocks, Co-Founder and Director of RCI parent company Vestura Group, expands: “Our business insurances can be quoted and then purchased via our website within minutes. Individual occupations within these categories have been given ‘accept’ or ‘decline’ status. Where a quotation triggers a ‘refer’, our highly experienced and friendly in-house staff are able to review these manually, off-scheme and advise on the most appropriate products and levels of cover required by a specific contractor.”
RCI’s range of contractor business insurances were originally launched in 2020, when the company was established by the Vestura Group. Willcocks – who has previously held board positions at Qdos and Kingsbridge in addition to founding, scaling and selling Larsen Howie, and where he has been involved in the management of similar schemes for almost two decades – felt that in order to grow its contractor scheme, RCI needed to work with a niche insurer who understood what it was trying to achieve and had the flexibility to support the product as it evolves. He comments: “Since launching our contractor business insurances five years ago, our original capacity provider changed its appetite and was no longer able to meet our underwriting requirements. So, we started looking for an insurer who would be consistent in its appetite and coverage. It might sound corny, but within a day of meeting the Peach
team we knew we’d found the right partner for us. And I continue to be hugely impressed with their agility, speed of turnaround and attention to detail. It’s so refreshing to be able to have a personal relationship with the key decision makers who have the authority and expertise to make things happen.”
Finding the right capacity partner has been particularly crucial, as RCI’s online portal has now been linked to its Contractor Compliance Portal (CCP). The CCP is a unique system in the market, which gives recruiters who are placing contractors in this sector a one-stop-shop for contractual IR35 compliance. As from 2025, data captured by the CCP will now link with the RCI online platform and deliver ‘no-touch’ quotes for PI, PL and EL underwritten by Peach. The CCP is the only portal in the market which facilitates a proactive and real time online audit for recruiters to check whether contractors have the necessary insurances for a particular engagement and allows the contractor to purchase any required covers online via the RCI platform.
As a niche commercial insurer focused on co-creating schemes for specific sectors, Peach views the opportunity to partner with RCI to provide capacity for its contractor products as an exciting one. Ryan Bendelow, Director of Commercial explains: “We are delighted to be collaborating with RCI to provide a PI led insurance product aimed specifically at contractors. The scheme is tailored for independent, professional/white collar contractors who are set up as limited companies with a maximum turnover of £350,000 and with no more than two employees. This is one of our sweet spots and while it is currently a small scheme, with the launch of CCP, it has the potential to significantly grow and be a lucrative revenue stream for RCI and Peach. And it has been hugely rewarding to be able to support RCI in its plans to provide the sector with a unique, joined up proposition to help recruiters ensure that contractors and their end clients are fully protected.”
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