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Even before the onset of the current pandemic, the UK general insurance market was experiencing rate increases not seen in almost two decades.
Over the past 12 months, insurers have been taking action to address the unprofitability of their accounts brought about by a combination of unsustainably low premiums, increasing frequency and severity of property and liability claims coupled with rising litigation/award costs.
Whilst this situation is challenging there are several things you can do help get the best possible outcome for your business’s insurance renewal.
1.Early engagement
Start your insurance renewal early, we recommend 4 months ahead of renewal. This can help secure better renewal terms and conditions.
2.Choose your broker wisely
Working with a broker who has specialist knowledge of your sector will help to present your business clearly, they will know the right insurers to approach in the market, presenting your business correctly to avoid an incorrect understanding of the risk.
3.Commit to the exercise
Work together with your broker, be clear and transparent about your business, investing the time in the process will provide a better result for you.
4.Risk Management
Work with a broker who offers risk management support, this will not only improve the safety of your business but can help reduce your insurance costs. Pro-active risk management is a key factor in Insurers’ considerations.
5.Service
It should not always be about the price you are paying but the service you are receiving. A good broker will always tell you if you have the correct cover in place.
David Martland is Regional Director at PIB Insurance Brokers North West & Scotland, PIB Insurance Brokers are one of the leading independent insurance brokers in the UK. They have 24 offices across the UK and are part of PIB Group who were recently named in the 2020 Sunday Times Virgin Atlantic Fast Track 100 of growing businesses.
If you would like further advice, get in touch:
t. 0330 058 9863
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