We recently caught up with our Head of Commercial, Sam Budak, to learn more about her role and what attracted her to M & C Risk Solutions. Sam’s been with us for several years now and is a well-established member of the team. And with almost 19 years’ experience in the sector, and a keen eye for detail, she’s quite an authority when it comes to insurance.
It wasn’t always destined to be this way though. It was originally a different kind of authority that caught her eye for detail, as she had intentions of putting her Criminology studies to work in the Police force.
As is often the way though, interests change and Sam started working for a composite insurer and she continued to work in the company market for over 12 years. In 2018, Sam took the plunge into the brokerage pool and hasn’t looked back since. We’re fortunate to have Sam on the team, as are our clients, given her extensive knowledge and experience from both sides of the insurance fence.
But what was it that drew her to M & C Risk Solutions?
Sam says: “It was a mix of the personal, the practical, and the philosophy of M & C that attracted me. I already knew and got on with the Operations Director, so there was a conversation going on there. And I can’t lie, there was a need for some flexibility around childcare arrangements, which was important to me. But above all, it’s the whole ethos here. M & C is very people-focused, whether with their own, their clients or the causes they support. There’s a warm vibe here and the office is based in a close community. It can’t be taken for granted and having worked for large corporates; you don’t get this everywhere.”
Sam goes on to expand on the culture at M & C Risk Solutions: “I’ve never worked somewhere that’s so passionate about putting the client first. Yes, sometimes we may find ourselves working late or occasionally over a weekend on something. But that comes with the territory of responding rapidly to go above and beyond for our clients. That’s why they keep coming back to us and referring us to new clients. But just as I’m prepared to be flexible, so is the company. Everyone wins by everyone being treated the best way possible.”
As Head of Commercial, Sam is responsible for clients ranging from SMEs up to large national, multi-site organisations. As well as all the obligatory insurances such as Employers and Public Liability, there is a growing demand for Directors & Officers cover; Professional Indemnity; Credit Insurance, and of course Cyber Insurance.
And although the demand for optional cover is on the increase, it can be the basics of the legally required insurance catching some businesses out.
Sam says: “Although the impact of increased rebuild costs Vs the premiums paid, has grabbed headlines over the last 18 months, a similar situation applies to the sum insured for contents. Inflation has hit the replacement cost of everything, but it’s also easy to overlook replacing contents when a company has enjoyed expansion.”
Let’s consider the following scenario:
A client advises they have £50k of computer equipment. There’s a break-in and everything is taken. A loss adjuster is appointed, visits the business and finds the value of the computer equipment is worth £100k. The business owner is therefore 50% underinsured and insurers will ‘apply average’ and are only obliged to pay out 50% of any amount claimed. The client receives £25k yet has to find another £75k to replace their computer equipment.
That could mean the end of the business in some situations.
Thankfully a good broker will help guard against this situation and will always spotlight this scenario to their clients.