There are two main areas where direct action can be taken by the individual Company to reduce their exposure to increased premiums.
They are :
a. Risk Management and Loss Control,
b. Higher Deductibles.
Considerations applied by Insurance Companies to this aspect of Risk will include your Company’s attitude towards :
3. Fire Protection,
4. Burglary and Theft Protection,
5. Housekeeping / Waste Control / Pollution,
6. Hazardous Goods Storage,
7. Contractors – On own Premises,
8. Contractors – Away from Premises,
9. EPS or “Sandwich” Panels
10. Manufacturing Processes,
11. Electricals and Lighting,
13. Risk of Adjoining Properties,
15. OH & S Legislation and Compliance,
16. Quality Control Program,
18. Management Attitudes,
a. Includes being proactive and learning from Claims / Losses.
b. Commissioning your own Risk Management / Survey Reports.
The more positive the presentation of the above information the greater the chance of securing very competitive terms. However there is a specific format Insurers look for and the Underwriting and Marketing experience of your current Broker will play a very large part in being able to secure favourable terms and conditions.
It is usually prudent to seek out specialist advice.
This area allows you, the Customer, to exercise control over how the Insurance Company will view your Risk.
Increased Deductibles is an effective way of “Sharing the Risk” and sends a powerful message to your Insurer that you value your Risk, have taken appropriate steps to display a willingness to identify and manage your Risk and actively manage your Risk to avoid unnecessary losses.
The trend within the Higher Risk Classifications is leaning towards higher deductibles with the usual minimum currently around the $10,000 mark.
However, deductibles of $20,000 up to $50,000 are becoming more commonplace as various Industries seek ways of reducing the financial burden of Insurance through the use of new technologies and services available to them.
VeriSure are Specialists Risk Advisors.
Our commitment to providing the very best Policy Terms and Conditions at the most competitive Premium together with our professional Claims Advocacy is paramount.
Contact us for an extensive Risk Assessment today.
Knowledge then Security.