Freedom secures business insurance for members
A group business insurance deal has been secured for members of independent agents consortium Freedom.
The group has arranged a group policy through KMT and Castle Insurance, which is underwritten by Norwich Union and Sun Alliance, to cover members with Fidelity, Public Liability and Professional Indemnity insurance.
Premiums are calculated on annual turnover and an agent generating £500,000 a year will pay £37 a month while, an agent earning £1 million a year will pay £73 a month.
The bespoke policy provides members with a Fidelity guarantee of up to £50,000 on any one claim, the Public Liability for up to £5 million on a single claim and Professional Indemnity for up to £1 million on a single claim.
Freedom Travel Agents’ Consortium general manager Trevor Davis said: “A lot of people don’t realise a travel agent needs this to trade. It’s tough enough with increased competition from the internet, direct sell from tour operators, reduced commission rates and business overheads without even thinking about business insurance.
“We have got agents who are finding it almost impossible to get quotes from insurers so we have used our collective negotiating strength to get a good deal. Members can trade safe in the knowledge that they are covered and Freedom, as an organisation, also knows they are covered because we are responsible for our members.”
Freedom is making the insurance policy mandatory for any new members but recognises many existing members will already have a policy in place. However, it hopes that as existing policies come up for renewal, they will switch to the group policy.
The insurance is being offered to members from this month and members will have the flexibility to pay in monthly instalments to spread the cost.
Report by Phil Davies
Phil Davies
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