It is no secret that we are in the midst of a hardening insurance market cycle. Given that these increases may continue to occur in the years to come, we thought it was important to remind our customers what steps they can take to help minimise these potential increases:
1. Risk Management
The more controls a company has in place, the greater confidence it will be provide the insurers’ with.
For example, your Trident Broker will present each insurer with the measures your business has gone to, in order to prevent claims from occurring.
This will also assist to differentiate your business from your industry peers.
2. Start the renewal process earlier
In order to access all of the available insurers, this takes some time. We also like to provide the insurers with a few weeks to review and analyse the information provided. If the information is supplied last minute, then insurers’ will view this in an unfavourable way.
With most information now being available to be sent via cloud based software, we are now furnishing the insurers’ with as much information as possible. This could include, property surveys, audit reports and claims trends.
4. Set a strategy
There are ways to restructure your insurance program to achieve your desired premiums levels. This could include increased deductibles (policy excess), decreased policy limits, or removing non-essential coverage. Your Trident Broker could also split a policy up between a number of insurers, rather than just one. This will achieve greater insurer confidence, as they will be sharing the risk, rather than covering 100%.
By setting a clear strategy from the onset, this will provide the relevant stakeholders with a greater understanding of what the final outcome may look like. This will also avoid making last minute decisions.
Whilst the current insurance market conditions are challenging, the above steps can enhance the attractiveness of your overall business risk.
Should you wish to discuss the above with one of our staff, please reach out at any time.