Although I only opened my new insurance broker in Peterborough last month, I’ve already been asked, ‘Why Peterborough?’ on several occasions. My answer’s always the same: it’s a great city with plenty of opportunity for a commercial insurance broker like us, as it’s got plenty of businesses in need of competitive commercial vehicle, business, property, and fleet insurance.
Having thought about it a bit more, though, I’d add that Peterborough as a city has a bright future. Despite all the uncertainty that’s been swirling around the economy over the last few years, levels of growth in Peterborough have been amazing. In the last ten years, the local economy has grown by 10.73%, making it one of the fastest-growing cities in the UK. It’s also seen its population grow by 17.5% in the past decade, which is set to fuel even greater growth in the future.
So, by way of introducing my business to the Peterborough business community, I’ve compiled my 5 reasons why Peterborough has a bright future. I know I’m an optimist by nature, but when you look at the growth numbers, the levels of investment that are pouring into the city, it’s fantastic transport links, and its growing, youthful population, it’s hard to argue against Peterborough being in a great bet for a growing business like mine.
Reason 1: A Diverse Economy
Unlike many insurance brokers which specialise in what we in the industry call ‘personal lines’, so things like pet, home, or car insurance, we’re a commercial insurance broker. Our business is about insuring businesses and helping them to protect things like their fleet of vehicles, providing their public liability insurance and helping firms like hauliers find competitive truck insurance. This makes Peterborough the perfect place for us to do business.
The top five industries in the city are manufacturing and engineering, agri-tech, food and drink, digital and creative, and energy and the environment. These are all industries the team know well as we’ve dealt with them through our sister office, Coversure Hull, for nearly twenty years. This is important as when you’re working with the likes of specialist firms to find them the engineering or manufacturing insurance they need, you’ve got to have a good understanding of what they do and the risks they face. Having such a diverse range of sectors also improves the area’s growth potential and allows them to help each other. In Hull, we’ve seen firms like KCOM grow to be a huge concern by coming up with solutions for the likes of manufacturing and green industries, while green technologies have, in turn, created opportunities for KCOM. It’s easy to see that Peterborough’s sectors are also working together to the benefit of all, and that’s exciting.
Reason 2: A New Business Boom
Over the last three years, Peterborough has seen an average of around 1,345 new businesses founded each year, according to Invest In Peterborough. There are now over 7,500 businesses in Peterborough, a number that grew by 50% between 2010 and 2020. Thanks to its young population, many of these businesses are in creative, digital, and high-tech industries, all of which are seen as prime sectors for growth in the coming years. We’re well-set to help protect these businesses as we have great experience in covers for emerging technology firms and can provide the professional indemnity insurance and cyber insurance. Cyber-attacks are dangerous, costly, and on the rise. Half of UK businesses and around a third of charities have reported having experienced some form of cybersecurity breach or attack in the last 12 months. This is even higher for medium-sized businesses and firms working in digital, IT, and hi-tech sectors, over 70% of which have been attacked, large businesses, 74% of which have been targeted, and high-income charities, 66% of which have been victims, (Source: to The Department for Business, Innovation and Skills 2024 report).
Given these worrying statistics, it’s no wonder that cyber insurance is considered as being an essential business insurance, especially as cyber insurance covers you against the costs of ransomware attacks, data loss, reputational damage, malware, and the cost of infecting another organisation’s systems.
Reason 3: Education And Skills
There’s been a growing skills gap in the UK that dates back decades, and it’s getting worse. A 2023 report from Oxford University revealed that 20% of the working population could be under-skilled by 2030. With its burgeoning hi-tech and green sectors, it’s vital that the city’s workforce is properly trained, and when I was doing my research on setting up an insurance broker in Peterborough, I was pleased to hear that there’s a thriving network of organisations making it happen. Initiatives like the Youth Guarantee and Youth Trailblazer schemes, as well as the Cambridgeshire & Peterborough Local Skills Improvement Plan (LSIP) are bridging the gap between young people and the skills employers need by collaborating with businesses, educators, and training providers. I’m already recruiting, and as the business grows, it will be good to know that there’s a skilled workforce on my doorstep.
Reason 4: A Growing Population
People are the lifeblood of any city and any business, and Peterborough is the fifth fastest growing city in the UK. The population is forecast to grow from 201,041 in 2018 to 214,800 by 2028, which will help sustain its impressive 1.7% annual growth rate. While many cities are losing people thanks to high housing costs, poor transport connections, and a lack of economic opportunities, Peterborough, which scores highly on all these factors, is growing fast.
Reason 5: New Investment
Investment in Peterborough is coming thick and fast. It will be a significant beneficiary of the government’s £7.9bn infrastructure initiative, which will see investment in water, transport, and building sustainable growth. The private sector is also pouring money into the city. Last week, National Gas announced a £350 million investment in the UK with new equipment to be installed at its site in Gasworks Road. Initiatives like these will ensure that Peterborough’s future isn’t just bright, but also sustainable and ensure long-term benefits for all.
Coversure Peterborough: Proud To Be Part Of The City’s Business Community
I couldn’t be more excited about opening Coversure Peterborough. The city reminds me of Hull in that it’s managed to transform its fortunes through enterprise, hard work, and a belief in a sustainable future. For our part, we’re looking forward to working with the business community, especially in sectors like construction, manufacturing, green tech, and engineering, which we know so well.
Like Some Local Independent Insurance Help?
If you’d like some independent insurance help or a competitive commercial, liability, property, or fleet insurance quote, then contact Coversure Peterborough. You can call the team on 01733 915050, request a callback, or get an insurance quote here.
