Despite being far too busy to be distracted by the upcoming general election, Prescott is firm in his mind in believing that the financial services sector needs more support.
Who are you and what does your business do?
I am Ed Prescott, CEO of independent insurance broking business Prescott Jones. With offices in Swansea, Cardiff and Bristol, we are one of the leading insurance brokers in Wales and the west and advise businesses from micro enterprises through to SME and larger corporate organisations on a range of insurance and risk management issues. We hold particular strengths within the property and construction sectors, and have the only specialised professional indemnity team in Wales.
How has your business changed over the last five years?
We have seen steady, sustainable growth over the past five years, which has enabled us to expand our workforce.
The company has experienced new challenges under the recent government, as clients faced tough decisions against a difficult economic backdrop.
Clients’ budgets have been tight and coupled with greater business uncertainty, we have had to spend more time advising clients on the best policies that provide effective cover at affordable prices. Businesses cannot afford to cut corners when it comes to insurance and so it has become imperative to carefully educate clients.
What are your growth plans for the next five years?
We envisage growth across Wales and the West Country, led by particularly strong growth in South East Wales.
The continued improvement in the economy should benefit our clients in all sectors but a strong rebound in the construction sector will assist our growth.
The insurance market responds to emerging risks and one such area that that will see strong growth over this period will be the threat to cyber security. In its relative infancy at present, we anticipate cyber security insurance to be a standard purchase by businesses of all sizes as they begin to understand the potentially devastating nature of a breach of security.
What kind of government would you like to see elected?
The policies that I am particularly interested in are around the economy, education and business tax.
I would like to see a government that will carefully manage the economy, invest in valuable education and provide a stable and consistent business taxation environment.
In terms of our business, we would like to see the financial services sector further supported and see a proportionate approach to regulation in the insurance sector.
Read other “I’m voting as…” features:
Do you think government in general is doing enough to support businesses of your size?
While we have not sought direct support from government as a business, we have been encouraged by some of the training support initiatives, particularly apprenticeship opportunities for young people.
Has the impending general election caused any uncertainty regarding how you run your company?
We are so busy right now, that we cannot even contemplate taking our foot off the gas so the looming election does not affect us.
Looking at the election from a macro level, the sooner the new government is in place, the better for everyone.
In one sentence, please finish this line: “I’m voting as…”
I’m voting as a business owner who wishes to see our business continue to grow so all my colleagues can benefit from our success.
Do you agree with Prescott Jones? Is there anything you’d like to add? Please let us know in the comments box below.
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