As we emerge from the ravages of the pandemic there are definite signs that businesses in Bournemouth are getting back to normal. Local insurance entrepreneur and owner of Coversure Poole, Weymouth and Maidstone, John Palmer shares his thoughts on this. As the owner of a string of insurance brokers with specialisms in everything from business to landlord insurance, John is ideally placed to tell us how the local economy is faring. And, as you can see from the following, he feels that there’s plenty of reason to be believe that 2021 will not just be a year of recovery, but of growth.
How has business been seen we came out of lockdown? Have you seen a rise in activity?
We’ve never been busier. Since early March when plans for easing restrictions were announced we seen a flood of quote requests. From taxi drivers to tradesmen, everyone’s been gearing up to get back to normal.
Has covid changed the way your customers work? What does the ‘new normal’ look like for SMEs do you think?
It’s had an impact on everybody. For some, like our taxi insurance customers it’s been relatively slight in terms of day-to-day operations – facemasks, cleansing interiors between fares and the like. For others, such as our business insurance clients, its been much more significant. Many have decided to make remote working a long-term option and we’ve seen a lot more request for homeworkers’ insurance. I think overall the new normal will be all about flexibility when it comes to office-based work, though for many others – like us – face-to-face service will remain the ideal.
There’s been a lot of talk in the press about people moving from the south east to places like Bournemouth – which offers coast and countryside. Have you seen more activity in the property insurance sector?
The property market has gone nuts! I read on Zoopla the other day that prices have risen by 14.79% in the last year in Bournemouth. We’ve never seen so many requests for home, holiday home and landlord insurance quotes. The whole working from home thing has turned Dorset into a Mecca for those seeking the perfect work-life balance, and who can blame them?
Tourism and hospitality are key sectors for the Dorset economy and both have had a tough time this year. Are there signs of this improving?
We have a lot of hospitality and event clients and when the first lockdown hit they were really worried. Furlough saved a lot of them from going under, but its not been easy. They had some respite in the summer, which was madly busy around here, but loss of the Christmas trade was another blow. The limited reopening has given cause for optimism and if our holiday let clients are to be believed we’re in for an incredibly busy summer across the county.
Insurance, like advertising, is a good barometer of the state of economy. What’s the consensus on the future of the Dorset economy? Are local businesspeople optimistic about the future?
Yes and its growing. I think most business owners just wanted to weather the storm and come out the other side. As restrictions have lifted everyone’s seen a surge of pent-up demand and the biggest problem now is being able to service everyone’s needs. The surge of new people coming to the area will fuel this growth and I think we’re in for a golden age.
Commercial vehicle insurance is a big part of your business and that’s a market that’s changed rapidly in the last few years thanks to the death of diesels and the rise of electric vehicles. Are you seeing taxi drivers and fleet owners looking for EV cover?
It’s still a relatively small part of our business, but it’s growing and will soon or later be the only game in town. From what I hear sales of new electric and hybrids are racing up and even CV drivers like taxis and couriers are choosing them owing to the cost savings and the increased restrictions on polluting vehicles. Time will tell, but if it means cleaner air then its good by me.
What are your hopes for 2021 for both your business and Bournemouth?
For me I just want to have a period of calm in which I can do my job and continue to grow my business. 2020 had more than enough drama for me and I’ll be happy to see us getting back to normality. As for the town – and the county for that matter – I think its an incredibly exciting time. More and more people want to be here, businesses are opening up all over the place and it seems the sky’s the limit!